Month: April 2022

What’s the difference between All Perils and Liability Only Auto Insurance? 

• All Perils Auto Insurance is the most comprehensive auto insurance package. It includes all mandatory coverages plus Collision, Comprehensive, Car Rental and other coverages. On the other side Liability Only package covers only 3rd party Liability, and other mandatory coverages. There are no Collision and Comprehensive coverage on Liability Only. 
• There are some conditions which you need or have no choice to buy All Perils such as when you lease a car. The reason is the lessor or leasing company needs All Perils insurance policy, and you have no choice. But when your car is paid off and no loan on it, you have Options to buy Liability Only if you don’t need to collision and comprehensive.  When your car is lease you need to return your car to lessor upon lease agreement expiry date. Therefore, this is not %100 your car and the leasing company wants to protect itself from any losses. 
• All Perils are more expensive than Liability Only since you buy more insurance. 
• All Perils covers your At-fault Claim, Hit & Run, Theft, Vandalism, Windshield claim, and other incidents.

CONTACT SHAWN SHIRDARREH TEAM INSURANCE TO FIND OUT WHICH AUTO INSURANCE PACKAGE IS RIGHT FOR YOU

WHAT EXACTLY COVERS UNDER HOME INSURANCE?

• Depends on which package your broker or insurance company makes for you suitable to your Home and owner insurance history but the main ones are: Owner Liability, Building, Personal Contents, Additional Livening Expenses, Detach structure, and additional endorsements such as Water Damage. Now we explain briefly each on of them here. 
• Liability coverage covers liability of owner toward the loss of 3rd party. For example, if in windstorm your kid’s backyard playground damages to your neighbour’s property like glass breakage you are responsible. Liability also covers bodily injury of 3rd party. For example, in Winter season if you don’t clean your property snow and ice and somehow someone other than homeowner and household gets injured you are responsible. The limit depends on your policy but normally it would be $ 1,000,000 but we recommend $2,000,000 in case of where you live or how big is the size of your home is. 
• Building or Dwelling is the structure of your home. Your insurance broker with special computer software based on your size, and some other factors assess how much insurance you need for your building. Fire, damage by theft, water damage, smokes are some of cause of damage to your building which your policy will cover. Please, keep in mind that depends on your policy package there are some policies which covers more. For instance, All-Risk policy is the most comprehensive package which covers many incidents whereas named-perils only covers 13 coverages. We will talk about that later in different blogs. 
• Additional Living Expenses are necessary out of pocket expenses when your home is not safe for you to live after claim and insurance company covers your additional costs for you to live in temporary location until your home gets backs to normal. For example, if you rent a temporary place during your claim and you can not live with your pet, insurance company will help your cost of pet day care. 
• Personal Properties are your day to day living properties which you have such as your furniture, TV, Kitchen staffs, electronics, clothes, and carpets. Personal property limit is 75% and in some cases are 50% of your Building value. For instance, the limit for personal property of building with $1,000,000 limit is $750,000. This means you can put the claim for your personal properties up to limit of your policy when your home burns to the ground. 
• Detach Structures are sheds or any other detach structures which are in your property or land but not attach to your properties. Your little storage in your backyard has value and it needs to be covered in case of Fire or any other incidents. 
• Other endorsements are coverages which a normal policy doesn’t cover but we as broker attach them to your policy for some additional important coverage. For example, sewer back up is an endorsement which we attach it to our clients policies always. We will talk about it later in details. 

CONTACT SHAWN SHIRDARREH TEAM INSURANCE TO FIND OUT THE BEST PROPERTY PACKAGE TAILOR TO YOUR NEEDS

As a business owner your number one stress is to cover your loss after an accident. All of us know when an accident happens nowadays the recovery costs are almost unaffordable for most of us. For instance, a restaurant owner needs comprehensive insurance package to cover his restaurant in case of fire or water loss. 

What is commercial insurance? 

It covers your financial losses after an accident up to coverage and limit of your policy package. There are numbers of commercial insurance policies but the main ones are Commercial General Liability Insurance, Commercial Property Insurance, Professional Liability Insurance, Commercial Auto Insurance, and many more. 

How to obtain a right commercial insurance policy?  

The right answer is you need to hire an insurance broker to assess your business risks and customize a right package including right coverages for you. Your insurance broker asks you very important questions first to get to know your business operation first and then refer to some insurance company underwriters to find the best solutions for you. For example, a Restaurant owner or a Contractor need different insurance package. Commercial insurance packages are different and mostly depends on business operation and some other factors. A restaurant owner needs both Property and Liability coverage when a contractor with no office needs only Liability. we will talk about each different commercial packages later in details. 

CONTACT SHAWN SHIRDARREH TEAM INSURANCE FOR YOUR BUSINESS INSURANCE POLICY

What kind of insurance do new immigrants need when they arrive in Canada? 

Always remember when you arrive in Canada depends on your province you need to obtain your insurance package from a broker until you get your government health insurance package. For example, in Ontario you need to wait minimum 90 days to get your insurance plan from government. It is very important during your waiting time you have your insurance policy in effect to cover your medical bills such as Hospitals, Follow up visit, prescriptions, transportation, emergency dental costs, and other important benefits.

What’s the difference between Mortgage Insurance and life Insurance? 

When you buy your new home it would be the most important asset of your life. As we know, buying a new house in nowadays expensive market is very complex and it needs big capital. The average cost of home is about $1,000,000 in Ontario. Most of us apply for mortgage and we need to pay our mortgage on time up to minimum 20 or 30 years. In case of death of mortgage payor, family member needs to cover the cost of mortgage as well as home and now this is the time when life insurance protects us.

When you apply for mortgage your bank askes you for mortgage life insurance to insure the mortgage after death of homeowner. There are some differences between mortgage Insurance the one Bank requires you to buy or Term life insurance which you can buy yourself from your insurance broker and we explain the main ones in here.  

• The beneficiary in Term Life Insurance is your family but in Mortgage Life Insurance is your bank. 
• The coverage in Term life insurance ends based on your choice when in Mortgage Life Insurance ends when your mortgage paid off. 
• Term Life Insurance stays with you even when you move to different location, but Mortgage life insurance ends when you cancel your mortgage and apply new one when you move to new location. 
• Mortgage life insurance only pays the remaining balance of mortgage when Term Life Insurance pays full amount. 
• Your Mortgage life insurance payment never changes even when the balance of your mortgage goes down during the time. 

CONTACT SHAWN SHIRDARREH TEAM INSURANCE TO CHOOSE THE RIGHT LIFE INSURANCE TAILOR TO YOUR NEEDS.