Jewellery

Though you might be under the impression that jewellery is automatically protected by your home insurance, most policies have a maximum limit, typically around $6,000, which may not be enough for you.  If you have any particularly valuable pieces, or a notable assortment of jewellery, talk to your insurance Broker to ensure your policy is protecting you appropriately.

Artwork

Whether purchased or inherited, your collection of artwork may be covered by your home insurance, however the coverage is often limited and not sufficient for higher valued items or larger collections. There are excellent insurance products specifically designed for art collections that offer tailor-made coverage, through underwriters who specialize in the art community.  Insuring artwork requires not only a strong understanding of the necessary coverages, but also trained and qualified claims response teams to provide the proper repair/restoration expertise and settlement in a claim.  If you own any artwork, be sure to review this carefully with your Broker.

Wine & Liquor Collections

Home insurance policies may include coverage for a collection of wine and liquors in your home, but there is often a maximum limit that may not be sufficient to replace the value of your personal collection. If you are a collector of wines or liquors you should review this with your broker and don’t forget to mention any climate-controlled storage areas, if you have one or are considering adding one in your home!

Home Based Business

If you run your business from home, it is important to have a conversation with your Broker to be certain you have appropriate insurance. Your home insurance might already be sufficient, or may be updated to include your business insurance requirements.  However, in many cases, a specific business policy may be a better fit. If you have a notable amount of equipment in your home related to your business, if you have clients visit your home office, or if you frequently travel to your clients or suppliers place of business for your work, it is especially critical that you discuss all options available with your insurance Broker.

Loss Prevention Measures

Measures that you have taken in your home to help prevent damage to your property should be discussed with your Broker, since they may allow access to better coverage, higher limits of insurance, or even discounts to your premium. Loss prevention measures to reduce water damage in your home include installing a back-water valve and/or a sump pump with battery backup.  Centrally monitored alarm systems are valuable in reducing the possibility or the intensity of damage. Today’s alarm systems can be configured to provide early detection of fire, alerts of attempted break-in, sensor discovery of a sudden drop in interior temperature that might result in frozen water pipes, and even a change in water pressure which might indicate a leak in your water system – all excellent ways of potentially reducing damage. While there are an increasing number of web-enabled systems using your smartphone to monitor home systems, typically insurance companies acknowledge only alarm systems that are monitored 24/7 by a professional service when considering coverage and pricing.

Maintaining the proper insurance to provide the protection you and your family need to continue to enjoy your place of enjoyment and calm is important to us.  Take a hard look at your home and the things in it – are they all adequately covered?  If there are aspects of your insurance that require review, we want to help.  Visit https://cadeinsurance.com or email us at clientservices@cadeinsurance.com for more information.

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Eavestroughs and WaterFlow
Over the winter, debris such as leaves and other natural matter can build up, blocking the eavestroughs and inhibiting the flow of water away from your cottage– this may cause water to enter your cottage if not dealt with. Clear any obstructions from the gutter, and if you are able to do so safely, from the entire roof as well. Soil erosion may also have occurred over the off-season. Take a walk around your property to ensure that there are no new pathways for water to flow towards your cottage and that no water is pooling near the foundation or supports.

Natural Debris and Pests
The cold season will have likely left branches, leaves and other debris scattered around your property; this should be cleared away when reopening your cottage. After a particularly stormy winter, you may return to your cottage to find trees that have fallen or appear to be susceptible to falling. If this is the case it may be wise to have an arborist visit your property to inspect and advise you on how to safely remove the tree. Small animals and insects may have taken refuge inside your home while you were away–keep an eye out for signs of unwelcome guests such as droppings, evidence of chewing, or burrows that lead underneath your house. If you continue to observe these signs and common solutions such as traps and pesticides have not yielded any results, call call a local exterminator for professional assistance.

Septic Systems
Though a septic system presents a minimal risk of backing up into your cottage when compared to a municipal system, it is still important to have your system inspected and pumped every 2-3 years. This regular maintenance of your septic systems prevents potential damage to your property and is also critical to reducing the chance of polluting the local ecosystems and impacting the quality of your lake water. For more information on septic systems, visit FOCA’s website.

Fireplaces and Woodstoves
May long weekends in Ontario don’t always feel like summer, and we might have to make use of our woodstove or fireplace to get us through the first few weekends at the cottage. Before you ignite any sparks, ensure that your home is equipped with a full fire extinguisher and fire handing tools, such as pokers and fireproof gloves. Check the stovepipe for any damage such as rust or shifting. Remove all coverings from your stove/ fireplace and check the chimney and flue for blockages. Lighting a small test fire will reveal any additional obstructions in the chimney. Remember that even at the cottage, regular chimney cleanings are a critical safety measure. Visit our Woodstove Safety post to learn more.

Boats
Spring boating requires extra caution as certain hazards, such as floating debris in the water or even ice, if the weather is still on the colder side, may be unexpected obstacles in your path. Be wary of these before you take your boat out, especially if it is relatively early in the season. Perform an inspection on your tanks and fuel lines, and ensure that your craft is supplied with all the necessary safety equipment (see the Transport Canada Safe Boating Guide, page 16). Finally, make sure that you have a valid Pleasure Craft Operator Card on your person or in the boat every time you use it.

The Drive
As you prepare for your first weekend away at the cottage, remember that a higher level of patience may be required for the trek. The excitement of ‘getting away’ for the long weekend is often challenged by the considerable traffic jams as thousands of people head to and from their holiday destinations. Plan for longer travel times, pack the car with your belongings beforehand and avoid overloading. Ensure that any roof or trunk racks, as well as the items attached to them, are properly secured. If you are towing a trailer, be aware of your blind spots and test its lights before you leave. Always drive as safely and distraction-free as possible and avoid texting while behind the wheel. On arrival, breathe in the fresh air, and enjoy your piece of paradise!

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1. Combination of Medical/Rehab and Attendant Care Benefit Limits
   1. The maximum benefit level for medical/rehabilitation and attendant care services has been combined with a $65,000 limit. Previously, limits were $50,000 for medical/rehabilitation and $36,000 for attendant care. While this combined $65,000 limit represents a reduction in the overall limit, it remains the richest accident benefits product in Canada.
   2. Policyholders will have the option to upgrade these benefits, up to a total limit of $1,000,000.
2. Reducing the Maximum Duration of Medical & Rehabilitation Benefits from 10 years to 5 years
   1. A five year limit will apply to all medical & rehabilitation benefits with the exception of children claimants, who will have 10 years.
   2. This five year limit remains longer than the claim duration available in other provinces.
   3. Policyholders will have the option to increase this coverage.
3. Catastrophic Injury Definition Update and Change to Catastrophic Benefit Limits
   1. Updating the definition of a ‘catastrophic impairment’, which triggers a new maximum limit of $1,000,0000 for Medical/Rehabilitation and Attendant Care services. Previously, the limit was $1M for Medical/Rehab and $1M for Attendant Care.
   2. The government’s expert panel and the Superintendent of Insurance sought to change the definition to reflect updated medical knowledge and to provide a clear definition to apply in the case of serious injuries. In recent years, an unclear definition allowed many less serious injuries to be designated catastrophic, triggering these high benefit payouts and increasing the overall cost of auto insurance for all users.
   3. Policyholders will have the option of increasing their catastrophic benefit limit from $1,000,000 to $2,000,000.
4. Non-Earner Benefits
   1. The current six-month waiting period for non-earner benefits will be eliminated, with the duration of these benefits being limited to two years from the date of the accident.

There are other changes to the Ontario Auto product arising out of this budget, including the introduction of a “Winter Tire” discount in January 2016 for all Insurers. As more details on the premium implications of the optional benefits above and other changes to the policy become available, we will keep you informed.

For more details, visit:

• 2015 Ontario Budget – Auto Reforms (Insurance Bureau of Canada)
• Amendments to Automobile Insurance Legislation and Regulations (Financial Securities Commission of Ontario)

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