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Insist On Guaranteed Replacement Cost Coverage And Always 'Insure To Value'

Why would you insure your home for more than you paid for it?

Many people mistakenly believe the amount they paid for their home is the same as its replacement cost. Unfortunately, this is not always true.

Depending on where you live, the cost to rebuild a total loss home can be significantly more than its market value.

Some of the factors that drive up rebuilding/reconstruction costs include:


Property losses are not planned as a new construction project. When they do occur, there is a need to rebuild as soon as possible. This means the cost of labor, materials and other services required are often significantly higher.


Major losses, require the removal of partially damaged property and debris. Costs increase if there are environmental issues such as soil contamination.


New and more demeaning building codes may need to be met when rebuilding or restoring a damaged home.


At reconstruction sites, there is typically less room because of debris, landscaping, fences and other building in the vicinity. This causes more work and material storage to be done further away from the site, thus extending the project time and cost. In some cases, physical access requirements result in collateral damage to existing property on and beside the insured's property.

It's easy to see how the cost to rebuild your home could be much more than you paid for it.

Don't get caught in a situation where your loss exceeds your coverage limits. We can provide you with advice to help you determine the correct amount of insurance you need on your property. And, we'll recommend coverage like Guaranteed Replacement Cost.

It's wise to re-evaluate your home's replacement cost every 5 years to reflect changes in the cost of construction, including building materials and labor. And, if you've made any recent renovations upgrade or alterations to your home, we can help you establish a new replacement cost value.

If you have any doubts, please contact us.
We'll help you insure your home to its proper value.

Insurance Risks for Rideshare Drivers & Passengers in Canada

Ridesharing has quickly become an affordable and time-saving alternative to hailing a traditional cab for Canadians in Ottawa, Montreal, and Toronto where Uber now operates. But before you install the app to your smartphone and start scheduling rides, it is important to understand the insurance risks that come with ridesharing.

Risks for Uber Drivers

One of the most significant insurance risks for Uber drivers is that their personal auto policy does not cover ridesharing. If you use your personal vehicle to carry passengers who pay you for the ride, you need a ridesharing policy. Without one, you could be held personally liable for damages to your vehicle and injuries to yourself and your passengers.

In addition to that out-of-pocket expense, your insurance company could drop your policy for failing to disclose that you use the vehicle to carry paying passengers. Getting dropped by your insurance company could make it more difficult and expensive to get covered by a different carrier in the future.

In some areas, Uber drivers can also face steep fines for carrying paying passengers without a taxi license.

Talk to your insurance broker about properly insuring your vehicle with a ridesharing policy to protect yourself in the event of a collision or other accident. You should also contact your local municipal licensing office to determine whether you need a taxi license to legally carry passengers for hire.

Risks for Uber Passengers

Like Uber drivers, passengers also may be putting themselves at risk when ridesharing. If you are involved in a car collision while ridesharing with a driver who does not have a valid ridesharing auto policy, you could be left with the time-consuming and costly task of going after the driver to reimburse you for any property damage or medical bills that result from your injuries.

Passengers also run the risk of sharing a ride with an Uber driver who is not subject to as extensive of a background check as a licensed taxi driver. While Uber claims to do thorough background checks, investigative news reports have found that in certain U.S. markets, Uber drivers with criminal records involving domestic assault, drug trafficking, and burglary slipped through the system.

To protect yourself when using Uber, before the ride begins, ask the driver to see their taxi license and proof of proper insurance.

What Impact Do Pets Have on Your Homeowners Insurance?

As a pet owner, you love your pet no matter what and treat it like another member of your family. Your insurance company, however, has to take a more objective view of your furry little friend in order to protect you from unforeseen risk.

Despite your best efforts to properly train your pet, animals are unpredictable. When determining your rates, your insurance company must weigh the likelihood that your pet will pose a risk to others, either in your home or somewhere else. The higher the risk, the greater your chances are of needing more liability coverage, which means higher rates. In certain cases, it could even mean getting denied completely for coverage.

Insuring Man’s Best Friend

Dogs have certainly captured the hearts of Canadians. At least 32 percent of homes in the country have at least one dog. In addition to being so lovable, man’s best friend happens to also be one of the riskiest pets to insure. Approximately 4.5 million people suffer from dog bites every year according to the Centers for Disease Control and Prevention. Of those, some 900,000 require medical attention.

Thankfully, the majority of homeowners insurance policies provide coverage for dog bites and dog-related incidents. Because of that, however, owning a pet may bump up your premium slightly. In the long run, this coverage keeps you from paying out of pocket for someone else’s medical bills in the event of an unfortunate attack.

What Role Does Breed Play?

The breed is an important consideration for your insurance company when determining rates. Breeds known for inflicting serious injuries from one bite may be restricted from coverage by some insurance companies. Talk to your insurance broker if you are thinking about buying an aggressive breed to see what impact ownership will have on your premiums.
While it is tempting to think only of breeds like Rottweilers or Dobermans as risky, keep in mind that almost any dog with teeth is capable of causing injury to another person.

Exotic Pets

If dogs and cats are not your style, you should be aware of the impact that owning an exotic pet will have on your policy and premiums. Exotic pets are wild animals such as apes, big game cats, and the like that can be tamed. Most home insurance will not cover wild exotic pets. To protect yourself from out-of-pocket liability, talk to your broker about exotic pet insurance.

Other Domesticated Pets

If you own horses, pigs, chickens or other domesticated animals that have been bred to live in harmony with people, your homeowner's insurance premiums may also be higher. Like dogs, they pose a degree of risk that your insurance company must take into account. 

The best way to find out how your particular pet will impact your policy and rates is to talk to your broker and request a quote.
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Toronto, ON M8Z 5H3
Call us: 416 745 4622