Buildings Under Renovation Are at Risk for Theft

By Ari Rush General Info Home Insurance

During the warmer months, contractors and renovators across Canada often find themselves dealing with a problem that has nothing to do with costs or builds:

Construction site theft.

What causes it? How can you keep your tools safe while protecting your bottom line? 

We’re about to answer these questions and more. All you have to do is keep reading.

Why Are Thieves Targeting Construction Sites?

In 2021, CTV ran a story on the increasing amount of lumber thefts occurring on construction sites. As it turns out, there are several reasons why renovation and construction projects often seem to be vulnerable to theft. 

For starters, job sites are often busy. Between staff members, temp hires, and random people passing by, there are plenty of folks in and around the area who have the means and the opportunity to walk away with building materials and other equipment in hand. When you factor in the rising cost of lumber, it becomes even easier to see why construction projects are such favourable targets for thieves.

Here’s How You Can Protect Your Projects

  • Secure Your Site Perimeter: Theft on job sites is often a crime of opportunity. A simple fence can go a long way towards making tools and building materials less accessible to thieves.
  • Lock up Your Valuables: Sometimes the best way to protect your valuables is to put them under lock and key. If transporting tools off-site isn’t an option, a storage container may be an option worth exploring.
  • Maintain Solid Records: When a piece of equipment has disappeared, every second counts. By having a system that keeps track of serial numbers and inventory, you can quickly and efficiently get a hold of law enforcement or file an insurance claim as necessary.
  • Take Out Builder’s Risk Insurance: Even when you’ve vetted employees and tracked equipment to the best of your abilities, on-site theft can still happen. Builder’s risk insurance works by insuring buildings during the construction process. Depending on what has been stolen, these thefts can cause project delays. Having the right insurance policy can help you avoid having to cover expenses out of pocket.

Protect Your Construction Site With Oracle RMS

Theft is a costly reality that Ontario-based contractors and renovators are increasingly having to contend with. Having the right insurance coverage can go a long way towards keeping projects running smoothly even if materials are stolen. Your Oracle RMS insurance professional will be able to go over the particulars of your project. Contact us or request your free builder’s insurance quote today.

Got a renovation or a new construction project underway? Theft is a possibility that you may have to plan for. Find out more here.

Rise in commercial auto thefts

By Ari Rush Auto Insurance Commercial Insurance General Info Home Insurance Oracle Info No comment

Although much has been made about the rise of personal vehicle thefts, the Toronto Police Service has observed that commercial car theft has gone up as well in recent times.

Why have thieves started targeting commercial vehicles? And what can you do to protect your company vehicle? 

If your business has a commercial fleet or a company car, this article is for you.

Why Does Commercial Auto Theft Seem to Be On the Rise?

By our count, there are three potential reasons for the uptick in commercial auto theft:

1. The Impact of the Pandemic on Commercial Vehicle Use

During the COVID-19 lockdowns, many companies that would have needed six cars to function only needed three to be operational. Many cars were left on lots and were more vulnerable to theft as a result.

2. The Relative Higher Value of Commercial Vehicles

Commercial vehicles often have catalytic converters. Because these converters are made with rhodium, platinum, and palladium, car thieves can cash in on three rare metals in one go. On top of the parts, work vans and trucks also often have industrial-grade tools that can be sold for significant amounts of money.

By our count, there are three potential reasons for the uptick in commercial auto theft:

3. Increased Unemployment

With more people facing unemployment, there are more people out there with enough time on their hands to start stealing vehicles and parts.

3 Tips That Could Help You Avoid Becoming a Victim of Commercial Auto Theft

We’ve talked about the reasons why commercial auto theft seems to be on the rise, but none of that explains how you can protect your vehicles. Here are our top three tips for business owners that have commercial cars.

Protect Your Company Vehicles With Oracle RMS

Tip #1: Park in Well-Lit Areas

Even when you’re dealing with personal vehicles, car thieves don’t want to be interrupted or caught on camera while breaking into your car. Busy areas with lots of light can be an effective deterrent to would-be thieves.

Tip #2: Review Your Insurance Policy

Ironically, this is advice that applies equally as well to standard auto insurance as it does to commercial auto insurance. If you haven’t renewed your policy in a while, you may want to speak with an insurance broker to make sure that you have adequate coverage.

Tip #3: Don’t Leave Cars Idling

Car theft is often a crime of opportunity. As such, it may be worth your while to have protocols in place that encourage staff members to be extra careful while leaving the company vehicles unattended.

Contact Oracle RMS for a free commercial insurance quote today! If you’d like to insure your personal vehicle, we offer auto insurance quotes as well.

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How rising lumber costs may leave your building uninsured

By Ari Rush Commercial Insurance General Info Home Insurance Oracle Info No comment

Has the cost of adding a new patio or purchasing hardwood been flooring you lately? If so, you’re not the only one who’s been noticing the rising cost of building materials.

According to CTV, the price of lumber has tripled since March of 2020.   

And to make matters worse, the increased cost of renovating everything from cabinets to windows and floors doesn’t just mean that remodeling the deck will be more expensive this year. 

Your property could be underinsured. Keep reading to find out more.

What Makes a Building Underinsured?

Generally speaking, a building is underinsured when the payout that would come from the insurance company isn’t enough to cover the cost of repairs or rebuilds. For most homeowners and commercial building owners, however, this doesn’t usually happen due to a lack of insurance. It’s often the result of not having enough insurance.

How does this happen?

In many cases, buildings are underinsured due to incorrect valuations. Sometimes new additions and renovations don’t get listed on the home insurance or commercial insurance policy. And in many cases, owners make the mistake of thinking that the insured value of their property is the same as its market value. 

Either way, if the cost of rebuilding or repairing your building isn’t covered by your policy limits, you or your company could be forced to cover the difference even in the aftermath of a covered loss.

Material Shortages, Lumber Prices, and Your Insurance

A big part of the reason why the Insurance Bureau of Canada has begun advising people to look into their insurance policies is the huge spike in the cost of lumber. 

In April of 2021, CBC talked about how two-by-fours had doubled in price since 2018. And thanks to the pandemic, costs have only gone up since then. 

What this means for both homeowners and building owners is that the cost of repairing or replacing a building has gone up as well. And if an insured peril was to damage your building tomorrow,  your policy limit might not be high enough to cover for the increased replacement value of your property.

Here’s How You Can Protect Your Property With the Help of Oracle RMS

Due to the lumber supply shortages that have occurred as a result of the pandemic, businesses and homeowners alike may find that their property is at risk of being underinsured in the event of a disaster. 

Consulting with your skilled and experienced Oracle RMS broker is one way that you can ensure that your building has adequate and up-to-date coverage. Request your FREE home insurance quote and/or commercial insurance quote today!

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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!

Construction Insurance: Types of Coverages to Consider

By Ari Rush General Info Home Insurance Life Insurance Oracle Info No comment

Winter is gone, and spring is here. And with the start of the warmer weather, it’s that time of year for construction companies: That’s right. It’s building season. 

Along with securing new jobs and managing your crew, the new construction season also means that now is a good time to upgrade your insurance. To that end, here’s a list of coverage options that you may wish to consider exploring for your construction company. 

1. Commercial Property Insurance

Few professions depend on having the right equipment to the extent that construction companies do. From saws to worktables, screwdrivers, and hammers, there are more than likely a few tools you can name that your crew depends on to complete jobs.

If an insured peril damages your tools or if your inventory ever gets stolen, having to replace all of that equipment would be difficult to manage financially. Commercial property insurance makes it possible to get the coverage you need.

2. Contractors Liability Insurance

Whether you specialize in residential or commercial construction, projects can easily run for six or seven figures. That’s why lawsuits related to construction and contracting work can be very expensive to litigate. 

Sometimes, even after the work is complete, customers can be unhappy or damage can be discovered after the fact. Contractors’ liability insurance can cover the cost of damages, litigation costs, and settlements.

3. Commercial Auto Insurance

As a contractor, you spend a lot of time traveling to and from worksites. When you add all those hours up over the course of a year, that’s a lot of time spent on the road. That’s why insurance professionals will often recommend commercial auto insurance to contractors that are relying on company vehicles to get around.

4. Business Interruption Insurance

Sometimes an insured peril can put a business temporarily out of commission. And every day you spend waiting on repairs and inventory is time you’re not able to spend on the site completing projects. 

In a field where work is often cyclical, losing work during construction season can be particularly devastating. Business interruption insurance can make it possible for you to receive compensation in situations where the company is unable to operate in the aftermath of an insured peril.

Protect Your Construction Company With Top-Notch Construction Insurance

When you’re running a construction company, you’ve got a lot of things on your plate. You’ve got staff and crews to manage, projects to bid on, and discussions with developers and business partners. 

Here at Oracle RMS, we’re committed to helping construction companies like yours get the insurance you deserve. Contact us for your FREE construction insurance quote. 

Stay Safe While Using Your BBQ This Spring

By Ari Rush General Info Home Insurance Life Insurance Oracle Info No comment

Winter is almost over, and spring is here. And along with the warmer weather, the summer holidays, and the increased relaxation time, many Ontarians are looking forward to getting together and putting a few burgers on the grill.

If you’ve been craving a good old-fashioned grilled meal, then you’ve come to the right place. We’re about to give you our top tips for using your barbecue safely.

Tip #1: Inspect Your Barbecue Before Using It if It’s Been a While

Although lots of people love eating grilled food during all seasons, braving the Ontario winter cold for a bit of barbecue isn’t on most people’s to-do lists. But if your grill has been sitting dormant during the cold winter months, you’ll want to check it for damage. If you see any damaged hoses, cracks, or leaks, your grill could be too much of a fire hazard.

Tip #2: Keep Your Grill Away From Flammable Materials

You never know when a sudden breeze or a brisk wind can direct the spark that starts a fire. How can you ensure that a quick look at your cooking won’t end with your home and your patio going up in flames? Set up your barbecue at a healthy distance from any flammable structures. If you make a point of grilling in a clear and well-ventilated area while looking out for hanging branches, you can do a lot to stay safe during barbecue season.

Tip #3: Avoid Grease Buildup 

That long winter period isn’t the only time that grease can become a fire hazard. Putting too much meat in the grill or failing to examine the burners before use can also contribute to grease fires. If you look for grease before turning the gas on and then are careful throughout your grilling, however, grease buildup is a problem that’s easy to avoid.

Tip #4: Have Updated Home Insurance

Sometimes, even when you’ve done everything that’s recommended, the worst-case scenario can still happen. That’s why it never hurts to make home insurance checkups a regular part of your routine. Even if an accident occurs, your insurance can help protect your finances and the financial investment that you’ve made in your home.

Conclusion 

Whether you’re looking to purchase or renew your home insurance policy, we’re here to answer your questions.

Request your FREE home insurance quote today.

Patio Renovation and Insurance Tips

By Blog Editor Home Insurance

Summer is officially around the corner and given the current global pandemic of COVID-19, many families may be enjoying the season at home. Although Canadian summers are typically short, there’s nothing like enjoying the outdoors while spending time with loved ones in the comfort of your home, specifically in your backyard patio.

A well-designed patio will not only make your backyard the spot to be this summer, but it allows you to take advantage of all the time outdoors. It can also be used when temperatures begin to drop.

Now, if you are already in the process of upgrading your backyard patio or plan to do so, below are a few patio renovation ideas and insurance tips.  These will ensure you have protective coverage for your relaxing, stylish and safe space that will be enjoyed from spring to fall.        

  1. Adding an outdoor kitchen

    By adding an outdoor kitchen to your patio, you’ll be able to continue socializing while cooking up a storm. It can also save plenty of time because you will no longer find yourself running between the barbeque and the indoor kitchen. When it comes to the decision of upgrading your patio with the installation of an outdoor kitchen, you’ll need to hire a professional contractor who can safely install outdoor electrical or gas appliances. This will depend on what you’re planning to install. In doing so, make sure that the hired professional works is always insured for the protection of both parties.

  2. Updating landscaping

    Landscaping is a great way to improve the look of your home, especially your backyard patio. It will create an inviting environment for friends and family. Updated landscaping can be done in many ways such as brightening your yard, adding paths, fountains or trees for a decorated outdoor design. For homeowners looking to upgrade their landscaping for their patio, hiring a professional landscaper will be essential. Like always, before you officially hire a landscaper, it is important that the employees coming to make upgrades are insured under their landscaping company. For more information on the type of insurance coverages landscaping businesses need, click here.

  3. Light installation

    Lighting provides a huge part in setting the tone of your home and helping create focal points to highlight objects or different areas in a room. Installing lights to your patio will not only add ambiance, but it will also provide safety for guests or children who may slip and fall in the dark. Whether you install solar lights, string lights, LED lights, etc., adding lights for walkways and steps will also prevent third-party liability claims.

  4. Fire

    For those cold summer nights, backyard fires will help keep you and company warm. If you decide to install a fire element to your patio such as a fire pit, gas fire table or chiminea, it is important to first check with municipal laws, since there are different rules about backyard fires. This also varies depending on the area that you live in. In addition, following fire safety precautions in your patio will prevent any potential fires from spreading within your home and possibly your neighbours and surrounding land. It will also prevent any party from filing a claim.

With that being said, any new changes made to your patio such as big renovations or upgrades should be brought to the attention of your insurance company and notified right before you begin. Before you decide to make the upgrades to your patio, you’ll ensure there are no surprises. This is due to the fact that big renovations or upgrades may impact your home insurance premium or require different/additional coverage to your home insurance policy. 

For more information about how backyard renovations could impact your insurance rates or if you have any other questions or concerns, contact your Oracle RMS licensed broker today.

Patio Renovation and Insurance Tips

Seasonal Tips to Open your Cottage

By Blog Editor Home Insurance

As social distancing is enforced under various Provincial states of emergency, all travel plans abroad for the summer have been cancelled. As travelling around the world is not an option, more people will be visiting their cottages this summer or in the middle of purchasing a cottage during the favourable housing market. As the start of summer is underway, we’re acknowledging that it’s a season that feels different for everyone, given the current circumstances. Driving up to the cottage to spend time with family will sure feel familiar and bring a sense of normalcy to those who usually spend the season there. It’s important to note that while traveling away from our homes, we should all be following safe social distancing guidelines! Parties and large get-togethers are prohibited but immediate family gatherings are allowed and considered safe. To prepare yourself and the summer months for cottage season follow these tips to de-winterize your cottage.

Inspect for damage

Firstly, take a look around your cottage, inside and out, and carefully inspect it for any new damages you haven’t seen before. Break-ins or vandalism could leave behind damage while you were away from your cottage. Over the winter months, unfavourable weather conditions could have caused damages especially to the outdoor property. Heavy snow, windstorms and ice could cause breakage, chips or decay that are usually found during the springtime. An empty cottage also means a potential home for insects or pests. If you see any evidence that any rodents or pests have been camping out in your cottage, ensure you reach out to pest-control to help minimize any damage and future issues.

Get on the roof

Common damages that are overlooked from homeowners is the roof as it is hard to recognize from the ground level. On your roof, you may find damaged shingles, areas missing roofing completely, water damage or parts caved in. These can all be a result of harsh winter weather wreaking havoc on your cottage. It’s hard to tell in the winter, but under the summer sun, you will be able to see how your roof is holding up.

Flush it out

It’s time to turn your water back on. After months of being off or have had limited use in the winter season, open a faucet before you turn the water back on as this will allow water that may have been in your pipes to be released. If you did your due diligence and drained your pipes before boarding up for the winter, doing this will rinse out the pipes that have been dry and collecting bacteria over the extended period of time. If your septic tank hasn’t had a check-up recently, contact a professional for inspection.

Reset your alarms

One of the most important things to do right when you get back to your cottage is to test your carbon monoxide detector and smoke alarms. If they are beeping and need new batteries, ensure you replace them as soon as possible. Also, ensure the batteries currently in the devices are not expired; although they are working for the time being, expired batteries can be faulty. Home alarm systems should be checked to guarantee they are working properly. Make sure your devices are in tip top shape to protect your cottage.

Refresh your first aid kits

When you return to your cottage, guarantee your first aid kits are fully stocked. First aid kits are a must in any home. Being prepared with the right supplies will come in handy if there’s an accident.

Let in a breath of fresh air

Open up the windows to let out stale stagnant air and recirculate fresh oxygen throughout your cottage. Oftentimes, the dust furniture, vacuum dust and bacteria in your cottage has been amounting over the winter months. When you turn on your air conditioning system, make sure to have the filter changed prior to using it. Also, look around for any insect hills, spider webs or mould. Clean these up immediately or reach out to a cleaning professional if you have a substantial infestation.

Give the go ahead

If you shut off your water or gas during the winter, call the hydro and gas companies prior to arriving at your cottage to guarantee they are up and running by the time of your arrival. They will be able to plan ahead in turning on your utilities, so don’t make the mistake of thinking that they can be turned on instantly. Doing so may leave you with no water or gas while you are staying in your cottage.

Check your coverage

Lastly, it’s important that your cottage insurance policy is renewed and effective. Contact your insurance broker to ensure your policy is standing and/or request to make any changes. If you do not have insurance coverage for your seasonal property, reach out to a licensed broker to protect your cottage should the unexpected happen. Here at Oracle RMS, we have many years of experience in providing insurance for cottage owners and we’ll be happy to create a custom tailored insurance plan for you. Check it off your list this summer to worry about one less thing and enjoy the warm months!

Seasonal Tips to Open your Cottage

Safety is a Pool Owners Responsibility

By Blog Editor Home Insurance Pool Insurance

On a scorching summer day, there’s nothing like kicking back and relaxing by the comfort of your own swimming pool. It’s days like these that we look forward to after those long Canadian winters. Now more than ever, as public places remain closed during this global pandemic, many people will be enjoying the summer season from the comfort of their own backyard. 

In a rush to relax and enjoy the sun, many pool owners often forget the responsibilities of creating a safe backyard pool environment. Have you ever stopped to think about the hazards and risks that could ruin these days? With that being said, there’s a reason why home insurance premiums are higher for homeowners with a swimming pool. This is because the risk of liability is higher too. It is important that homes with swimming pools have insurance protection that takes into account the hazards and risks related to swimming pools.

Ensuring you have insurance coverage for your swimming pool will protect you in two main ways:

  • Provides coverage to help repair costs and  damages to your swimming pool
  • Provides liability protection should a guest suffer pool-related injuries or death that results in medical costs or a lawsuit

By installing a swimming pool in the back of your home, the cost of your insurance protection will be reflected in your home insurance policy, which means that your premium could increase the following:

  • The cost of replacement for the home
  • The risk of liability

With liability protection comes safety requirements set in place by your insurance company. If you don’t abide by it, you may be refused coverage. Negligence accusations and injuries can be avoided by following standard safety guidelines and requirements. These include:

  • Maintaining the keep-up of the pool area and removing accident-prone obstacles
  • Consistently checking water pH levels to keep water clean
  • Installing a 4-sided fence around the backyard with the swimming pool and a gated locked door, as per City of Toronto municipal by-laws. Laws put the responsibility on pool owners for injuries obtained by anyone who gains access to your swimming pool – whether you know them or not.
  • Making sure that all parts of the pool are working properly. For example: Diving boards, slides, step ladders
  • Constant swimming pool supervision especially of children under your care
  • Adequate lifesaver flotation apparatus’ in close proximity to pool for use in emergency situations
  • The usage of alcohol consumption be prohibited in and around the pool
  • Posting safety rules regarding running/diving near the pool and enforcing these rules!

With decades of experience providing homeowners insurance, Oracle RMS is equipped with the necessary knowledge to ensure you are protected from risks. Request a quote for Swimming Pool Insurance that is uniquely tailored to your coverage needs or contact us to speak directly with one of our representatives who will gladly provide more information.

Safety is a Pool Owners Responsibility

Travel Health Insurance

Insurance Coverages for March Break Travelers

By Blog Editor Health Insurance Home Insurance Life Insurance Travel Insurance One comment

Since March Break is right around the corner, families are in the midst of preparing everything that goes along with traveling off to a new destination for the week, such as running some last minute errands needed for their trip, getting the whole family packed and getting to the airport as early as possible, since the Friday before March Break is usually the busiest travel day for all.

However, before even arriving at the airport, it’s important to have insurance to ensure that all individuals are protected and insured. Enjoy your March Break vacation with peace of mind knowing that you’re safe and secured with the following insurance coverages below:

  1. Travel Insurance

Travel insurance should always be purchased after you’ve booked and paid for your March Break vacation. In doing so, travel insurance will provide coverage for unforeseen travel situations such as medical emergencies, trip cancellation and interruption, baggage loss, damages, delays and flight and travel accidents. However, travel insurance coverage depends on the type of coverage you may want since there are different types of packages available.

  1. Health Insurance

By having health insurance coverage, it will protect you from healthcare costs that are not covered by government plans, should there be an unexpected illness that occurred while on your vacation. It should be noted that there are four types of health insurance products to provide protection that you may need such as personal health insurance, critical illness insurance, long-term care insurance and disability insurance.

  1. Life Insurance

Not many families will think of life insurance when going on vacation, but if an unexpected scenario occurs on your trip that’s a matter of life or death, then it’s definitely a type of coverage that should be considered. With life insurance, it will protect the financial security of the people you love by giving them a tax-free payment after you’ve passed away. Life insurance also depends on the type of coverage and amount that you want, since it is up to what the insured’s needs and budget are.

  1. Home Insurance

Although you’re away on your March break vacation, you should never leave your house without having home insurance. Oftentimes, there are unfortunate circumstances that leave homeowners with their house broken-into while on vacation. Due to this serious matter, home insurance will provide coverage for your contents, valuables and personal belongings that reside in your home. In addition, if your suitcase has been stolen while you’re traveling, home insurance will provide protection, but you must have an enhanced or comprehensive policy in order to be covered.

Don’t forget that it’s critical to know what your insurance covers before your vacation, especially with the current Coronavirus outbreak. For Canadian travelers considering cancelling their trip due to this pandemic should know that travel insurance does not provide coverage for your trip. Insurance carriers such as Manulife and TuGo recently announced that they will not be providing any refunds to consumers with regular travel insurance due to the coronavirus fears even if a travel advisory was issued after they’ve booked their trip. Even the National Post stated, “it’s important to keep in mind that fear alone of a rapidly spreading disease is not covered under most travel insurance.”

With that being said, before you go away for your March Break vacation, know that having these types of insurance coverages should be a top priority to have in order for your family to stay protected and secured. Contact Oracle RMS today to speak with a licensed broker who will gladly answer any of your questions and concerns regarding your insurance or to simply update your current coverage.