1. What is the difference between an Independent Insurance Broker and Insurance Agent?

An agent works for one company and only offers the products of that company. A broker has access to the products of several insurance companies and can survey the marketplace to ensure you receive the best combination of price, service and protection.  This means the insurance broker works for you.

2.  How can I control the cost of my insurance?

1. Review your policies with your broker to ensure you are adequately (but not over) insured.
2. Increase deductibles.  Accepting the risk for small losses can save you money.
3. Report any known cases of insurance fraud to the authorities.

1. Before you purchase a vehicle, check with your broker. Those that cost less to repair and have lower risk of theft are usually less to insure.
2. Install an anti-theft system.
3. Keep your driving record clean. The better your driving, the lower your premiums.
4. Drive defensively, sober and alert to avoid collisions and claims.

3.  Who is covered in my auto policy?

To avoid the risk of nullifying your insurance contract, all licensed drivers in your household and the true principal driver must be declared. Any licensed driver driving with your permission is covered in your auto policy. And remember - your insurance goes with your car, so if you lend your car, you also lend your insurance.  Don't do it lightly - if the person who is using your car causes an accident, it will go on your insurance record and your premium (what you pay for your insurance) may increase as a result.

4.  What is my deductible?  What do you recommend? 

Collision and comprehensive as well as your home insurance have deductibles (the portion of a claim that you have to pay). Ask how it will affect your premium if you choose a higher or lower deductible.  But don't choose such a high deductible that you couldn't pay it out of pocket if you had a claim.

5.  If I get into an accident tomorrow, what kind of coverage can I expect from my auto policy?

Everyone in Canada must carry basic car insurance. It's the law. Basic car insurance will vary from province to province, but will include:

1. Liability coverage (if you injure someone or damage someone else's property with your car and they sue you), and
2. Accident benefits (which pay for your medical expenses and provide you with replacement income - subject to limits - if you are injured in an accident.  In Quebec, accident benefits are provided by SAAQ).

Ask your broker about other coverages and features that may be included in your province's mandatory insurance coverage.  Ask about your limits.  Talk about the use of your car.  Do you regularly carpool?

Do your transport kids to hockey practice?  Do you often drive in the U.S.?  Ask about the optional coverage your policy may have and what additional coverage is available at your option.

6.  My car is getting older.  Do I need collision coverage?

Collision coverage is optional and on older cars, you may wish to drop collision coverage, in particular because relatively minor damage might cost more to repair than the vehicle is worth.  The number one question you should ask yourself is, Can you financially absorb the loss of your car?

Part of our job as your broker is to determine the estimated Replacement Cost of your home or property to ensure your protection is adequate.  In order to do so you should provide detailed information about your home, including square footage, building materials and special features.  In order to make sure coverage is up to date and accurate, you should take your home insurance into consideration not only when purchasing a home but also when you are thinking about renovations, additions and when acquiring new personal property.  The calculation your broker will do is different from real estate appraisal because it is based on the cost to rebuild your home and doesn't include the land.  Experience has challenged these values and found them to be reliable right across the country.

Every individual is different and has different needs.  Policies contain exclusions and some property such as special collections or jewelry probably has a limit on what they will pay in the event of a loss.  It is important to discuss this with your broker, as they likely need greater protection.

A Homeowners Policy provides coverage for:

• The house and structures attached to it.
• Personal Property or the contents of the insured dwelling, furniture, appliances, clothing and so on, along with those of your family members.
• Liability, when, due to negligence, you might be held responsible for an act that has caused injury or property damage to others.
• Your policy also has an important feature called Additional Living Expenses to assist you in the event it is necessary for you to move out due to a loss making your home unfit for occupancy.

Policies differ with respect to coverage and settlement of claims.  That's why it's important for you to understand what's covered, what's not and if possible to purchase the optional coverage you may need to protect those assets. Your home is probably the biggest investment you'll ever make.  This is why your policy is a vital part of protecting yourself against unexpected losses.