What to Know About Real Estate Insurance Valuations

By Ari Rush General Info Home Insurance Home Sharing Landlord Insurance Oracle Info No comment

Whether you’re insuring your home or your small business, having an accurate real estate insurance valuation matters. Keep reading to learn more.

What is a Real Estate Insurance Valuation?

Just like the name says on the tin, a real estate insurance valuation appraises how much a property is worth. This is important because in the event that your personal or your professional property is damaged by an insured peril, you’ll get back what you need from your insurance payout.

On that note, here’s what you need to know about real estate insurance valuations:

 

1. The Numbers Might Surprise You

The valuation you get back from your insurance company or your real estate appraiser may differ from the number listed on your annual property tax bill. 

Why?

Because insurance companies will often use Actual Cash Value or replacement value to calculate their numbers. As such, your property’s market value and/or the local market for repairs likely won’t be considered in the calculations made by your insurer.

2. Valuations Can Change Over Time 

Many businesses expand their operations or add second locations as the years go by. During the same timeframe, it’s not unusual for homeowners to renovate and make upgrades to their properties. Either way, if you’ve made significant changes since your last real estate insurance valuation, it may be worth your while to make a point of getting a new appraisal every few years.

3. The Wrong Valuation Can Have Major Financial Implications

When it comes to real estate insurance valuations, accuracy is essential. If your house is undervalued, for example, you may get the benefit of cheaper home insurance, but the payout may not cover the cost of repairs and restoration.

Similarly, if your company property is overvalued, your commercial insurance plan could see you making larger monthly payments that don’t necessarily result in a larger payout. That’s why it’s important to make sure that your valuations are correct.

4. The Type of Insurance You Take Out Still Matters

Getting an insurance valuation is half the battle when it comes to protecting your property. It’s essential that you combine those valuations with a well-crafted insurance policy. 

Your trained Oracle RMS professional will be able to assess your circumstances and recommend the right insurance package to you so that your business and your property can be fully protected.

Make Sure You Have the Right Coverage

Whether you’re renewing your policy, taking out a new one, or adding an existing policy to your current one, it’s always a good idea to periodically explore your insurance options. Get a FREE home insurance quote, a FREE commercial insurance quote, or both. We’re here to help!

Be Thankful For Insurance This Thanksgiving

By Blog Editor Auto Insurance Home Sharing Travel Insurance Uncategorized No comment

The Thanksgiving long weekend is almost here!

While the majority of us will be with friends and family indulging in a delicious feast at the dinner table(s), some of us may skip out on the festivities. Thanksgiving is one of the best times to get away and travel on a mini vacation. For others, they are returning home from school or work to reconnect with family. Whichever way you decide to celebrate this Thanksgiving, keep in mind that you should also be thankful for insurance.

Although insurance may not be on your top list of things to be thankful for, it is definitely one that you should consider having, especially during the Thanksgiving long weekend.

Below are the main types of insurance that will be very useful to have:

  1. Travel Insurance.

If your travel plans involve visiting home or leaving the country via plane, train or car, it’s important to have travel insurance. Should an unforeseen circumstance occur such as needing to cancel your travel plans, medical expenses or theft, travel insurance can cover these types of interruptions. It is definitely one of the necessities needed when going on a vacation, no matter how long you’ll be away.

  1. Car Insurance.

If your mode of transportation is your vehicle, it’s more than obvious that car insurance is one of the most important coverages to have. Students driving home for the long weekend should especially be aware of this. As temperatures start to drop around the autumn season, road conditions could be unfavorable. If they are involved in an accident or their car is stolen, car insurance will cover loss or damages.

  1. Home Sharing Insurance.

This is an additional coverage that homeowners can include in their current home policy if they are looking to rent out their home or a portion of their home on a short-term basis to new guests throughout the year. Since Thanksgiving is a three-day weekend, some homeowners may consider sharing their home with guests for the time being. Coverages include loss or damages to your home, intentional or criminal acts, or failure to act by a guest, liability arising out of the short-term rental and many more.     

  1. Ride Sharing Insurance.

Ride sharing is very popular during long weekends as people make the responsible choice to drink and not drive, carpool with others, or take rides back home from school. Ride sharing is an additional coverage that drivers will include in their current auto policy if they are an Uber or Lyft driver using their personal vehicle to transport passengers. It applies from the moment the driver turns on their app, to the moment the passengers exit the vehicle upon completion of the trip. If you’ve opted out of dinner and a mini vacation for the Thanksgiving weekend to ride share, then protecting yourself with this type of insurance is important.

Ensure you’re insured this holiday. Call your insurance broker today to discuss your insurance needs. All in all, with the amount of coverage and protection you’re receiving, there’s no doubt you’ll be extra thankful!

5 ways to make your home more secure

By Blog Editor General Info Home Insurance Home Sharing Landlord Insurance No comment

Content courtesy from the Economical Insurance website.

Protecting your humble abode from unwanted guests is easier than you might think. Keep these tips in mind to help prevent break-ins and keep your space safe:

1. Lock your doors — even when you’re at home. While it might seem unnecessary to lock your doors when you’re inside, doing so can help prevent any nasty surprises (like finding a stranger in your living room when you come up from the basement). It can also get you into the habit of locking your doors, so you’ll be less likely to forget to do so when you leave the house.

2. Do a little landscaping. Trees and shrubs that surround your windows and doors can make perfect shelters for burglars who are trying to break into your home without being seen. Consider tidying up larger plants around first-floor and basement windows and doors to minimize the amount of coverage they could provide to thieves (and enhance your curb appeal while you’re at it!).

3. Keep electronics and other valuables out of sight. Thieves love to window shop, and sometimes all it takes is a view of a shiny new flat-screen TV or laptop to tempt them to break in. Head outside and walk around the perimeter of your home. How many valuables can you see by peeking in through your windows and doors? While it might not be convenient to re-arrange your home to keep those valuables out of sight, consider making a point of closing your curtains when you leave the house to keep them hidden.

Bonus tip: Another way to tip off thieves about your shiny new flat-screen TV is to leave the whole box on the curb beside the rest of your garbage. When you get new electronics, break down the boxes and put the pieces in your recycling bin (under other items if you can).

4. Make sure your home always looks lived-in. Any time you’re headed out of town — even just for a few days — take some simple steps to make your home look lived-in:

  • Set timers to turn on your indoor and outdoor lights at the same time you’d normally turn them on each evening.
  • Don’t let mail or newspapers pile up in your mailbox or sit out on your stoop. Arrange to have a neighbour bring them in for you each day.
  • If snow is in the forecast, arrange to have someone else shovel your property to make it look like you’re home (and prevent any liability claims that could come up if someone slipped on your sidewalk).

5. Invest in a quality home security system. Both self-monitored and company-monitored security systems can enhance your home security efforts and help deter or catch unwelcome guests. Take a moment to learn about the pros and cons of different kinds of security systems before you decide which one best suits your needs.

There are plenty more ways you can protect your home (both from break-ins and from other emergencies) when you’re away over the holidays or moving down south for the winter. Your insurance company may even have specific measures you need to take to make sure your home insurance policy will keep you covered if you should experience a break-in when you’re out of town (like having a trusted adult check in every couple of days, for example). Contact your licensed home insurance broker to learn more.

Home insurance and short-term rentals

By Keith Revie Home Insurance Home Sharing No comment

Content courtesy from the Economical Insurance website.

In today’s sharing economy, peer-to-peer rentals are making their name as cheaper (and trendier) alternatives to traditional hotels. But if you’re considering entering the short-term rental market as a homeowner, there are a few things you should know.

Always talk to your broker before taking the plunge

Any time your situation changes, it’s important to talk to your licensed home insurance broker to make sure you have the right coverage to protect you in an emergency.

Here are three examples of home-sharing situations your broker needs to know about, no matter what:

  1. The home-sharing website or app. You’ve heard that listing your apartment (or even just your spare room) on a home-sharing site could be a great way to make some extra cash. You travel a lot for work, so you decide to list your home on a popular peer-to-peer rental app so others can come and stay while you’re away.
  2. The online classifieds. Your kids are moving out of the province for school and their bedrooms are sitting empty. You plan to rent out their rooms to local students on a buying and selling site.
  3. The house swap. You decide to trade houses with your Paris-dwelling friends and tackle Europe for the winter break. Your friends agree to feed and walk Fido if you water their plants, and both of your families will be able to explore new places without paying a cent for accomodation – it’s a real win-win.

These are just a few common home-sharing scenarios that might impact your coverage. Any time you’re planning to invite someone to stay in your house (whether or not they’re paying to stay), it’s important to get in touch with your broker. Even short-term changes like renting out your apartment for a couple of weekends could affect your eligibility for coverage or the outcome of a claim — so it’s always worth having a quick conversation with your broker ahead of time to make sure you’re covered.
Get the right protection

Some online home-sharing networks may offer insurance coverage for physical damage caused to your home — but it’s important to note that this built-in coverage comes with limits and often excludes liability or theft claims. If you plan to rent out your home through a service that includes some kind of insurance, ask your broker how your own policy will protect you if the built-in coverage falls short.

If you’re planning on renting out your home (or part of your home) through an online classified site that isn’t specific to home-sharing, be sure to read the terms and conditions carefully before publishing your listing. Many of these sites provide no insurance coverage, so you’ll have to rely entirely on your own insurance company and may need to purchase additional coverage.

Don’t compromise your coverage. No matter what kind of home-sharing arrangement you’re considering, remember to contact your licensed broker beforehand. Your broker can connect with your insurance company and find out exactly how your own policy will respond, depending on what you’re planning — and they’ll always be there for advice when you need it.