In recent years, Canada’s changing climate has provided the perfect conditions for long wildfire seasons. If you live in Ontario, you may have felt, smelled, and seen the effects of these frequent wildfires since the beginning of Spring.

Wildfire season typically runs from early April to late October. As wildfires burn through forests and grasslands, they produce smoke that becomes a significant source of air pollution for everyone in the province.

Because smoke can impact air quality in areas close to and far from a wildfire, it is important to understand how to prepare for wildfire smoke events. In this blog, we will delve into the symptoms and health effects of wildfire smoke exposure, and how you can stay informed and protected this season.

Checking The Air Quality Around You

The Air Quality Health Index (AQHI) is a scale designed to help people understand what the air quality around them means to their health and suggests actions that people can take to reduce the health impacts of air pollution.

The scale ranges from 1 to 10+. The higher the number, the greater the health risk associated with the air quality. Environment and Climate Change Canada (ECCC) monitors and reports air quality conditions and the AQHI in many locations through out Ontario.

You can find a summary of The Air Quality Health Index (AQHI) in  Ontario on this page.

Other important sources of air quality information include:

• InfoSmog

Similar to the weather forecast, the Info-Smog program provides air quality forecasts. Two air quality forecasts are issued daily at 5 a.m. EST (forecast for today, tonight and tomorrow) and at 4 p.m. EST (forecast for tonight and tomorrow). Amendments (forecast change) are issued as necessary.

• air quality advisories

• special air quality statements

 This information can be found on the Canadian Weather website, the WeatherCAN app, or local weather forecasts.

Symptoms and Health Effects of Wildfire Smoke Exposure

Breathing in wildfire smoke can lead to a range of symptoms, and how serious they are can vary from person to person. Some effects are pretty common and on the milder side, while others are more serious but happen less often.

The more common, milder symptoms include things like:

• Headaches

• A mild cough

• Irritation in your nose, throat, eyes, or sinuses

Often, these symptoms are manageable at home and don’t require a visit to the doctor. Less common but more serious symptoms can include:

• Dizziness

• Wheezing

• Chest pain

• A persistent or severe cough and shortness of breath

• Irregular heartbeat (heart palpitations)

If you notice any of the more serious symptoms, it’s best to get medical attention immediately.

Preparing your Home and Vehicle for Wildfire Smoke Events

Wildfire smoke can significantly impact indoor air quality, posing health risks even inside your home or in vehicles. Taking proactive steps to prepare your home and vehicle can help reduce exposure and keep your air as clean as possible during smoke events. The Government of Canada recommends following these measures:

• Consider purchasing 1 or more certified, properly-sized portable air cleaners for your home.

• Replace or clean your air filters in your ventilation system or portable air cleaner according to the manufacturer’s recommendations.

• Have extra filters for your ventilation system or portable air cleaner(s).

• Ensure you have certified carbon monoxide alarms in your home that are in proper working order.

• Change your vehicle’s cabin air filter regularly according to the manufacturer’s instructions to ensure your filter remains effective.

If you need more support during a wildfire smoke event, you can contact your local authorities for information on local cleaner air spaces. Always seek out local cleaner air spaces to take a break from the smoke.

As wildfire seasons grow longer and more intense, staying informed and prepared is more important than ever. By understanding the health impacts of wildfire smoke and taking steps to protect your indoor air quality, you can help safeguard yourself and your loved ones. Stay alert, follow local advisories, and take action early to minimize the risks of smoke exposure.

Whether you’re installing an inground swimming pool or a cozy hot tub, your work as a pool and spa contractor brings a whole lot of enjoyment to your customers, but it also comes with some serious risks. From accidental property damage to workplace injuries to allegations of non-compliance with local ordinances, these incidents can significantly impact your bottom line.

Imagine completing a beautiful pool installation, only to face a lawsuit due to a client’s injury on-site. Or consider the financial strain if specialized equipment is stolen or damaged. Unfortunately, these scenarios aren’t just hypothetical. These are real risks that pool and spa contractors often face.

Let’s dive into why spa and swimming pool contractor insurance isn’t just a good idea but a must-have for your pool and spa construction business.

Types of Risks that Spa and Pool Contractors May Face

Working in the pool and spa construction industry isn’t without its challenges. Between tight timelines, complex installations, and heavy-duty equipment, contractors in this space face a unique set of risks every day, both on and off the job site. Let’s go over some of the more common risks you might face as a pool and spa contractor:

Workplace Injuries

Construction sites can be hazardous, especially when working outdoors in the summer or dealing with wet surfaces. You’re looking at possible:

• Slips, trips, and falls
• Heat exhaustion
• Equipment-related accidents

These incidents can lead to costly workers’ compensation claims and lost productivity.

Property Damage

Whether it’s accidentally damaging a client’s landscaping or cracking a patio during an installation, even small mistakes can result in expensive property damage claims. Your work could impact nearby structures, underground lines, or even utility systems if you’re not careful.

Equipment Theft or Damage

Pool and spa contractors often rely on expensive, specialized tools. Unfortunately, job sites and trucks can be targets for theft, especially when left unattended overnight. Equipment can also be damaged during transport or by harsh weather conditions.

Legal Liability

You could also face disputes that could lead to lawsuits over things like:

• Project delays
• Building code violations
• Allegations of poor workmanship

Without proper liability coverage, these legal challenges can put your business finances and reputation on the line.

How Insurance Can Help Your Pool and Spa Business

Insurance isn’t just about meeting legal requirements. It’s also about protecting everything you’ve worked hard to build. Unexpected events can happen at any time, from a job site injury or a client claim to stolen tools or weather damage to materials. Any one of these could seriously disrupt your business and cash flow. That’s where comprehensive pool and spa insurance coverage comes in.

A tailored insurance policy can protect your pool and spa contracting business from third-party claims of injuries or property damage, theft, vandalism, employee injuries, collision, and more. It can even protect you from delays or disasters that force you to stop working temporarily.

Having insurance helps keep your business moving, even when the unexpected hits. It’s peace of mind that lets you focus on doing great work, without worrying about what could go wrong.

Types of Insurance Pool and Spa Contractors Need and Why

When you’re in the business of building pools and spas, protecting your crew, equipment, and reputation is just as important as the quality of your craftsmanship. From job site risks to transportation mishaps, the right insurance policies can help your business stay afloat. Here’s a closer look at the types of insurance every pool and spa contractor should consider:

Commercial General Liability Insurance

This is the foundation of most contractor insurance packages. It helps cover third-party claims for bodily injury and property damage, as well as your legal fees if you’re facing a lawsuit. If a customer trips over your equipment or claims your work caused damage to their property, general liability coverage can help cover the expenses.

Commercial Property Insurance

Whether you own a workshop, warehouse, or even just an office space, commercial property insurance protects the physical location (and everything inside it) against losses due to fire, theft, vandalism, or weather-related damage.

Business Interruption Insurance

What happens if a fire, flood, or other event forces you to temporarily shut down? Business interruption insurance can help cover lost income, rent, payroll, and other fixed expenses while you get back on your feet. This is often included in commercial property coverage, but it can be added separately.

Tools & Equipment Insurance

Your tools are essential for your work. This policy helps cover the cost to repair or replace specialized equipment and tools if they’re lost, stolen, or damaged, whether they’re on-site, in storage, or in transit.

Errors and Omissions (E&O) Insurance

Even with years of experience, mistakes can happen. E&O insurance, also known as professional liability insurance, protects you against claims of professional negligence, such as design flaws, failure to meet code requirements, or project delays that result in financial loss for a client.

Commercial Auto Insurance

If your team uses vehicles to haul materials, equipment, or get to job sites, personal auto insurance won’t cut it. Commercial auto insurance provides coverage for accidents, damage, and liability involving your business vehicles.

Installation Floater Coverage

Whether your materials are on the job site, in transit, or halfway through installation, they’re always at risk of being damaged or lost. The problem is that even if you don’t technically own those materials, you’re still on the hook for them if something goes wrong. Installation floater coverage helps protect materials while they’re being delivered, stored, or installed.

Workers’ Compensation Insurance

Installing pools and spas often involves physically demanding work, which means the risk of employee injury is real. Workers’ comp helps cover medical bills, lost wages, and rehabilitation costs if one of your employees is hurt on the job. In Ontario, most businesses are required to have it.

Additional coverages to consider

• Inland Marine Insurance
• Builders Risk Insurance
• Cyber Liability Insurance
• Pollution Liability Insurance
• Leased, Rented, Borrowed Equipment Insurance

Get Tailored Pool and Spa Insurance Today with Oracle RMS

Pool and spa insurance is essential for anyone in the business of designing, building, or installing pools, spas, and hot tubs. While your focus is on creating relaxing, enjoyable spaces for your clients, it’s just as important to protect your business from unexpected disruptions and costly risks. Choosing Oracle RMS for your pool and spa insurance needs means you’re backed by coverage designed specifically for your industry.

So, if you’ve ever asked yourself, “Do I really need pool and spa insurance?” consider this: could your business afford to cover the costs of property damage, equipment loss, or a client lawsuit out of pocket? If the answer is no, there’s no reason to wait.

Get your free pool and spa insurance quote in Ontario from Oracle RMS today.

We are thrilled to announce that Oracle RMS has earned a spot as one of Canada’s Best Workplaces™ for 2025, securing an impressive rank of 13 in our very first year of GPTW! This prestigious recognition is based on direct feedback from our employees, who are at the heart of what makes us great. The rankings reflect the quality and consistency of the workplace experience across all teams and roles, evaluated by the Great Place To Work® Trust Index™ employee survey.

 The Trust Index™ delves into the core aspects of a great workplace—such as trust in leadership, camaraderie among colleagues, and loyalty to the company. It also takes into account the diversity of responses across different demographics, ensuring that our workplace stands out for its inclusivity and equitable culture.

 “Our people are the heart of Oracle RMS,” said Melanie Durante, Manager of People and Culture at Oracle RMS. “We work hard to make sure our employees know they are cared for, so they look forward to coming to work every day.”

 Oracle RMS has also been named in the following Great Place to Work® lists:

• 2025 Best Workplaces™ for Young Talent

• 2025 Best Workplaces™ with Most Trusted Executive Teams

• 2025 Best Workplaces™ for Women  

• 2024 Best Workplaces™ for Giving Back

• 2024 Best Workplaces™ in Ontario

Oracle RMS’ inclusion in these lists reflects our commitment to fostering a welcoming environment, in which all employees can develop to their full potential. By prioritizing the well-being of our employees, we aim to build a workplace where each person feels cherished, respected, and inspired to give their utmost best.

 “Oracle RMS strives to build the insurance brokerage of the future,” added Chief Operating Office Gavin Lobo. “We are committed to investing in new and upcoming talent across both our operations and sales teams.  Once again, I’d like to thank all our employees for their feedback and continued support of the Oracle RMS brand and the values we stand for.”

To learn more about the Best Workplaces in Canada list, read the Globe and Mail feature here.

 About Great Place to Work

Great Place to Work® is the global leader in defining and recognizing high-trust, high-performance workplace cultures. With a mission to improve society by helping companies transform their workplace environments, they provide benchmarks, frameworks, and expertise for creating and maintaining exceptional cultures. The Best Workplaces™ in Canada list is part of the world’s largest annual workplace study, representing the voices of 11 million employees across more than 50 countries. The winners are chosen exclusively based on employee input—there’s only one way to make this list: your employees must put you there.

About Oracle RMS

Oracle RMS is an award-winning insurance brokerage servicing clients through out Ontario, Canada. Michael Di Nardo and John Ferraro, the founders, have assembled a powerhouse of insurance professionals who are committed to providing customers with exceptional service and risk protection.

Our services include home and auto insurance, commercial insurance, life insurance, and group benefits for corporations. At Oracle RMS, our employee base is made up of brokers, customer service representatives, sales, marketing, and IT professionals, accountants and more. We pride ourselves on always providing our clients with outstanding customer service and going above and beyond for every single client.

Dealing with Winter Hazards Effectively

The winter season comes with its own set of challenges that can affect your home, car, and safety. Icy driveways, frozen pipes, and other cold-weather surprises mean it’s time to stay alert and be prepared. In this blog, we’ll talk about smart ways to handle winter hazards and the insurance coverage that’s there to back you up when the unexpected happens.

Protecting Your Home from Winter Damage

Winter’s cold temperatures can throw plenty of challenges your way—roof damage, burst pipes, house fires—you name it. But with a little preparation, you can help protect your home from these cold-weather headaches. Here are some tips to keep winter hazards at bay.

Inspect Your Roof

Give your roof some attention before winter sets in. Check for loose or damaged shingles, cracks, or any signs of wear that could lead to leaks. Don’t forget to look at the flashing around chimneys and vents—it should be secure and free of gaps.

If climbing up there isn’t your thing, hire a professional to do a thorough inspection and make any necessary repairs. A little maintenance now can save you from big headaches later.

Inspect Your Heating System

Before the cold really hits, make sure your heating system is ready to keep you cozy all winter long. Check your furnace or heat pump for any signs of wear and replace the filter to keep it running efficiently. If you have a fireplace, have it cleaned and inspected to make sure it’s safe to use.

Not sure what to look for? Bring in a professional to give your system a thorough inspection and tune-up. A little prep now can help you avoid a breakdown or even a house fire.

Protect Your Pipes

Want to avoid frozen or cracked pipes this winter? Start by disconnecting your garden hoses before the temperatures drop and make sure your home and irrigation systems are winterized.

For interior pipes, try these simple tricks: let your faucets drip slightly to keep water moving and open the cabinet doors under your sinks to let warm air circulate around the plumbing. These small steps can make a big difference in preventing freezing pipes from bursting.

Salt and Ice Your Walkways

Throughout the winter, take steps to keep your walkways safe and ice-free. Spread salt or ice melt on your driveway and sidewalks to prevent slippery spots that could lead to costly slips and falls. Keep a shovel handy to clear snow regularly—it’s easier (and safer) to tackle snow before it gets packed down.

If you’re unsure which snow- and ice-melting product to use, look for one that’s effective in your climate and safe for pets or plants.

Review Your Home Insurance

Winter can be tough on your home, with risks like frozen pipes, roof damage, fires from heating systems, or even costly slip-and-fall accidents. You’ll want to make sure your home insurance includes dwelling coverage (for damage to the home itself), personal liability coverage (for slips and falls), and contents coverage (for damaged belongings). Home insurance typically includes coverage for fire and burst pipes, but it may not cover your roof damage if it’s due to neglect or general wear and tear.

Make sure your home insurance covers these cold-weather problems so you’re protected if something goes wrong. To learn more, request a free home insurance quote from Oracle RMS today!

Staying Safe While on the Roads

Winter roads can be full of surprises, like slick ice, reduced visibility, and snowdrifts. But with a little preparation and caution, you can navigate these cold-weather challenges safely. Here are some tips to help you stay safe while driving in winter weather conditions.

Swap to Winter Tires

All-season tires can lose their grip when temperatures drop below 7°C, so it’s a good idea to switch to winter tires. Make sure all four tires are the same type, size, speed rating, and load index for the best handling, control, and stability.

In Canada, look for the symbol of a peaked mountain with a snowflake on the tire—that means it’s designed to meet snow traction standards and handle severe winter conditions. Stay safe and ready for whatever winter throws your way.

Check the Weather and Plan Ahead

Before heading out, check the Environment Canada weather forecast for the winter weather advisory so you’re not caught off guard. Keep an eye out for winter storm watch warnings about freezing rain, blowing snow, heavy snowfall, and whiteout conditions.

Once you know what to expect, make a plan—if there’s a winter storm warning, maybe leave earlier to avoid worsening weather or even postpone that store run if it’s not urgent. If you do need to head out, knowing the conditions ahead of time can help you prepare and drive more confidently and safely.

Prepare an Emergency Kit

Winter weather can bring unexpected challenges, like vehicle breakdowns or emergencies, so it’s smart to be prepared. Being stuck in a vehicle during extremely cold temperatures can lead to cold stress/frostbite and hypothermia. Putting together an emergency kit for your car can make all the difference if you’re stuck on the road in extreme cold.

Stock it with essentials like a flashlight, jumper cables, warm blankets to maintain body heat, bottled water, snacks, a first-aid kit, and a phone charger. Also, pack an ice scraper, gloves, cat litter or sand, and a small shovel for those snowy situations.

Review Your Car Insurance

Winter driving can be a challenge—snow, ice, reduced visibility, and those sneaky patches of black ice can catch anyone off guard. That’s why it’s so important to make sure your car insurance has you covered for the unexpected.

Collision coverage helps with accidents involving another vehicle or stationary objects, while comprehensive coverage steps in for weather-related damage or even a run-in with a deer. With the right coverage, you’ll have peace of mind no matter what winter throws your way.

So, make sure your car insurance has you covered this winter for winter-specific issues like accidents on icy roads or weather-related damage. Request your free car insurance quote from Oracle RMS today!

Unlike other forms of insurance, a common safety net that is often overlooked by customers—whether you’re an employee, business owner, or someone looking to cover their bases— is disability insurance. 

So, what exactly is disability insurance? Why is it important? And why should you consider purchasing this additional insurance plan for yourself? 

What is disability insurance and how does it work? 

Disability insurance protects you in the event you become disabled and are no longer able to work or earn an income. While the terms and conditions will vary between policies and insurance companies, this type of insurance will cover up to 80% of your earned salary up to a certain amount of time. 

While some employers may offer disability insurance as an aspect of your group benefits plan, others may not or the coverage may not be sufficient. 

Who needs disability insurance? 

Disability insurance is an essential aspect of financial planning for you and your family. Whether you’re employed by a company who doesn’t offer benefits, own a small business, have children, or are married, or single, disability insurance is for everyone. 

Accidents and illnesses can happen at any time, leaving you unable to work for long periods of time. Disability insurance serves as a well-needed safety net that will ensure you’re able to pay your bills until you’re able to go back to work. 

How much does disability coverage cost? 

Similar to other insurance policies the cost of disability coverage will vary between customers. So, how exactly are premiums calculated and what factors will insurance providers take into account? Here’s a closer look: 

• The amount of coverage you want to purchase. 
• How long of a payment period you wish to have should you need to file a claim with your insurance company. 
• How long you will need to wait before your benefits will kick in. For example, a shorter waiting period may result in a higher premium, than a longer waiting period. 
• Your age and gender. 
• What you do for work. For example, if you have what is considered to be a dangerous occupation, the associated risk of your job will lead to more expensive premiums, compared to someone who doesn’t work in a dangerous field of work. 
• Depending on the insurance company you choose, they may also take your current health and healthcare history into consideration. 

Get disability insurance with Oracle RMS today!

Without disability insurance, you’re leaving yourself vulnerable against financial instability, should you not be able to work for a variety of different reasons. But, with the help of disability insurance, you can have peace of mind knowing that you and your loved ones are covered against unforeseen circumstances.  At Oracle RMS, our insurance brokers have years of experience partnering with customers on their journey to acquiring customized protection plans tailored to their unique needs and budget. 

As a leading brokerage across the GTA, we have access to some of Canada’s top insurance companies and are able to help you shop around for the best policies available. For insurance solutions from the convenience of your mobile device or tablet, check out our free, disability insurance quote! We look forward to working with you. 

If you’re planning any road trips to wrap up the summer, Ontario’s diverse landscapes offer everything from lively cities to peaceful countryside views, making it a perfect destination. But before you hit the road, it’s important to keep safety in mind to ensure your trip is as enjoyable as it can be. In this blog, we’ll go over some key road trip safety tips to help you stay safe and make the most of your Ontario road trip.

1. Plan Ahead

Ontario’s weather can be unpredictable. Before you hit the road, take a moment to check the weather, road conditions, and traffic updates. Give yourself plenty of time to reach your destination safely—there’s no need to rush.

Remember that Canada is the second-largest country in the world, and in some of the more remote areas, gas stations can be few and far between. Make sure you fill up your gas tank before setting off on a long drive, especially in those less populated areas. Even if you’re relying on GPS, it’s a good idea to look over the directions and maps beforehand and map out what gas station(s) you’ll stop at. Also, it’s a good idea to have an alternate route planned. It can save time and stress if conditions change.

Finally, make sure to share your route and expected arrival time with someone so they know your plans.

2. Vehicle Maintenance

Before you leave, you’ll want to make sure your vehicle is in top condition. If it’s been a while since your car’s last check-up, investing in a tune-up before your road trip could save you from dealing with a costly repair while you’re on vacation. No one wants their air conditioning to break down in the middle of a late-summer road trip. It’s best to get this done at least two weeks before you hit the road, so if your mechanic finds any big issues, you’ll have plenty of time to get them fixed.

However, if you’d like to check your car out yourself, here’s what you’ll need to do:

Tires

Tires naturally lose air over time, even without a puncture, and underinflation is actually the leading cause of tire failure. So, before you head out, make sure each tire is inflated to the pressure recommended by your vehicle’s manufacturer. You can find this information in your owner’s manual or on a placard located on the driver’s door pillar or door frame. And don’t forget to check the spare tire if your car has one!

You’ll want to check your tire pressure while the tires are cold to get the most accurate reading—meaning they haven’t been driven on for at least three hours. Remember, the number on the tire itself is the maximum pressure it can hold, not the recommended pressure for your vehicle. Only inflate it to the pressure recommended by your vehicle’s manufacturer.

Fluid Levels

If you’re driving a conventional or hybrid vehicle, it’s a good idea to check your oil level regularly. While you’re at it, check the fluid levels brakes, coolant/antifreeze, radiator coolant, power steering (if it’s hydraulic), windshield washer, and transmission fluid. Make sure each reservoir is topped up, and if you notice any leaks, get your car serviced.

Lights

Take a moment to walk around your car and check all the lights. Make sure your headlights, brake lights, emergency flashers, turn signals, and interior lights are all working properly. If you’re planning to use a trailer, don’t forget to check its brake lights and turn signals, too. If you find any bulbs that are burnt out, go ahead and replace them before you hit the road.

Wiper Blades

Winter storms and spring rains can really wear down your windshield wiper blades, and the summer heat doesn’t do them any favours, either. Take a close look at your wiper blades for any signs of wear on both sides. Sometimes, they can get deformed and won’t work well in both directions. If they’re not in great shape, it’s worth replacing them before you head out on your trip.

3. Rest and Hydrate

Long drives can be exhausting. Luckily, Ontario has numerous rest stops and scenic areas where you can rest, stretch, and hydrate.

If you’ve ever been dehydrated, you know it’s no fun. It can leave you feeling exhausted and irritable and can even cause headaches, dizziness, and nausea. In extreme cases, dehydration can be life-threatening. That’s why it’s crucial to stay hydrated while travelling, especially in a hot summer climate. Make sure you bring lots of water with you.

Also, did you know that driver fatigue is one of the leading causes of accidents in Canada? To avoid drowsy driving, consider pulling over and resting at a motel for the night. Remember, it’s better to arrive late than not at all.

4. Be Prepared for Emergencies

Cell phone coverage can be spotty in remote areas. This is why it’s important to let someone know of your travel plans and expected arrival and departure times. Keep a fully charged phone and a portable charger handy. You should also bring an emergency kit with you just in case you get stuck somewhere.

What to put in your emergency road kit

When assembling your emergency kit, be sure to include the following:

• First aid kit
• Flashlight and spare batteries
• Emergency blankets
• Safety vest
• Road flares, traffic cones, and a white flag
• Jumper cables
• Jack for changing a tire
• Tire pressure gauge
• Physical maps (in case your GPS stops working)
• Water
• Nonperishable food
• A backup cell phone and charger

5. Review Your Car Insurance

Before hitting the road, review your car insurance policy to ensure it covers all potential scenarios, including accidents, towing, and roadside assistance. It’s important to know what your policy includes before you hit the road. 

It’s also a good idea to double-check the renewal date and make sure payments are being processed as expected. The last thing you want is to be involved in an accident while away from home, only to discover your coverage has expired. Also, you should know how to contact your insurance company in case of an emergency. Save their claims phone number in your phone’s contact list, just in case you need it while on your trip.

If you have any questions about your car insurance or are looking to renew, contact an Oracle RMS insurance broker today. We can help you find the right insurance by working with top local insurance companies to get you the best car insurance quotes for your needs.

When looking for life insurance options, you may come across two different insurance products: mortgage insurance and term life insurance. Mortgage insurance is designed to pay off your mortgage if you pass away. On the other hand, term life insurance offers your chosen beneficiary a one-time payment in the event of your death. Unlike mortgage insurance, this money can be used however your beneficiary sees fit.

What is Mortgage Life Insurance?

Mortgage insurance provides coverage to mortgage borrowers and is designed to payoff or pay down a mortgage if you die. The insurance proceeds are applied to the mortgage balance, which will ultimately allow your family to stay in their home.

What is Term Life Insurance?

Term life insurance provides your selected beneficiaries with  a lump sum, tax-free payment to use however they want should you pass away. When purchasing term life insurance, your premiums are fixed and guaranteed not to increase for the length of the policy term.

What is the difference between Mortgage Insurance and Term Life Insurance?

When deciding between term life insurance and mortgage insurance, it’s essential to understand the key differences to make an informed choice. Here are five important differences to consider:

• Price: Term life insurance is generally more affordable for the same coverage amount compared to mortgage insurance.

• Coverage Amount: Mortgage insurance coverage decreases as you pay off your mortgage, while term life insurance provides a fixed coverage amount regardless of your mortgage balance.

• Underwriting: Term life insurance is underwritten at the time of application, whereas mortgage insurance is underwritten at the time of claim. This has posed issues for mortgage insurance claimants.

• Beneficiary: With term life insurance, you select the beneficiary. In a mortgage insurance policy, the lender is the beneficiary of mortgage insurance. The lender will use the policy’s payout to cover the remaining mortgage balance.

• Contract Duration: Mortgage insurance typically renews when the mortgage renews. On the other hand, term life insurance offers longer, more stable terms without changes in price or coverage.

What Type of Life Insurance is Right for me?

Choosing the right type of life insurance depends on several factors, including your financial goals, budget, and the specific needs of your dependents.

Term life insurance provides more flexible coverage and allows your beneficiary the freedom to utilize the proceeds as they see fit, with no restrictions.

At Oracle RMS, our licensed life insurance advisors can take a detailed look at your individual circumstances, and work with you to help you obtain the best life insurance policy for your and your loved ones.

If you are interested in learning more about your life insurance options, fill out our contact form or call one of our life insurance advisors at 647-947-8725.

The rental market in Ontario has been difficult to navigate in the past few years. If you are a landlord, you are looking for a responsible tenant who will take good care of your property. If you are renting, you are looking for a reasonable landlord who will respect your tenant’s rights. While this harmonious match can seem impossible to find, there are several online resources you can use to make the process much easier. Whether you are a landlord or a tenant, we hope the resources below will be useful in your journey to find a suitable arrangement.

 OpenRoom 

OpenRoom.ca is a crowd-sourced database of court orders issued by the Landlord and Tenant Board of Ontario. The website was founded by Weiting Bollu, a software developer who set out to build the database after her tenant stopped paying rent. Bollu’s two-year eviction process cost her over $35,000.

In an interview with CBC, Bollu said that the website currently lists over 10,000 court documents. While the vast majority of these court orders  are related to problematic tenants, Bollu said that there are also some substandard landlords listed. These documents are uploaded by lawyers, paralegals, landlords and tenants submit the names of people who have been found at fault by the Landlord and Tenant Board, along with legal documents to support their submissions.

Anyone can access the OpenRoom website and search the uploaded documents by typing in the name of a prospective landlord or tenant. You can also look up particular addesses on the registry.

 Rate The Landlord 

Rate The Landlord is a crowd-sourced resource for tenants that allows them to leave a review on their current landlord, or search up a potential landlord to see how other tenants have rated them. Tenants can rate their landlords on five different catergories: health and safety, respect, tenant privacy, repairs, and rent stability.

Rate the Landlord also features a database of tenant unions and advocacy groups that can support rents by providing information and resources to help them understand their rights and responsibilities.

The website creators believe that “by sharing rental experiences, tenants can help others avoid situations of negligence or mistreatment and find landlords who will uphold best practices and adhere to their local legislation”.

 RentSafeTO 

RentSafeTO is a resource for tenants and building owners created by the city of Toronto. According to its website, “RentSafeTO aims to ensure that building owners and operators comply with building maintenance standards and that tenants understand their rights and responsibilities”.

Tenants who have maintenance concerns about the building they would potentially reside in can look up their address on the website’s interactive map to find out what their building score is. Building evaluations are conducted using a tool to measure how well a building co plies with bylaws and to calculate scores for all registered buildings.

Tenants and building owners/operators can also use this website to learn more about building maintenance standards and requirements under the RentSafeTO program. The educational, multilingual brochures available on this page  contain detailed information on how to submit a service request to a building’s owner or operator, who to contact if vital services like electricity and heat are suspended in your residence, and a summary of the key regulations that building owners must abide by.

Oracle RMS Landlord and Tenant’s Insurance

A good insurance policy is essential to maintain both a landlord and a tenant’s peace of mind.

As a tenant, you may be aware that oftentimes, landlords may require the tenant to have tenant insurance as an agreement when they apply to rent. Tenant insurance, which is also known as renter’s insurance, is a property insurance that provides coverage for the renter’s belongings, liabilities and in certain cases their living expenses in the event of a loss.

As a landlord, your main priority is making sure your investment property is safeguarded. A landlord insurance policy is vital to keep your property and its contents safe. Without it, any damage or financial losses you suffer can be costly, especially if an accident or incident escalates to a third-party lawsuit.

At Oracle RMS, we can help you find a insurance plan that will protect the things that matter the most of you. Call us today  at 905-660-9740 to speak with a licensed broker that will help obtain a tailored insurance solution for your unique needs.