Insurance Broker Professional Certificate – Training starts March 2021

Break into the Insurance Industry without student debt.

Fully Funded Insurance Broker Professional Training starts March 2021.

Upon completion of this program, students will possess the knowledge to enter the Insurance Industry in British Columbia, with advanced computer, Insurance and interpersonal skills, as well as a level 1 general insurance license. Virtual delivery of all modules with individual instructor support. Online tools & resources with access to a robust Level 1 Insurance Licensing Program. More information and a button to apply for the program below!

 

Buying homeowners insurance? Ask these 4 questions first

Buying homeowners insurance? Ask these 4 questions first

By Sarah Schlichter Of Nerdwallet

THE ASSOCIATED PRESS

Purchasing insurance may not be as fun as choosing new furniture and paint colours, but it’s a critical part of the homebuying process. Your homeowners insurance policy is a financial safety net in case of a disaster, so you’ll want to ask a few important questions to make sure you have the coverage you need at a price you can afford.

WHAT’S THE DWELLING COVERAGE PER SQUARE FOOT?

Imagine that a fire burned your house to the ground and your policy didn’t pay out enough to rebuild it. That could happen if your dwelling coverage _ the part of your policy that covers the structure of your home _ is too low.

To prevent this, don’t simply accept the initial dwelling coverage amount an insurance company recommends. “Insurance companies use replacement cost calculators, but they’re not 100% accurate by any means,” says Ryan Andrew, president of The Andrew Agency, an independent insurance agency serving Virginia, Maryland and Washington, D.C.

For a more accurate estimate, ask your insurer to send someone to your house for a replacement evaluation, suggests Amy Bach, executive director of United Policyholders, a non-profit that advocates for insurance consumers. You can also ask a local builder who specializes in new construction to estimate your home’s rebuilding cost per square foot.

Once you’ve chosen an appropriate dwelling limit, consider adding extended replacement cost coverage to your policy. With this coverage, your insurer will pay 10% to 50% more than your dwelling coverage amount to help you rebuild. This could save you thousands of dollars if building prices spike for unforeseen reasons such as a lumber shortage or high demand after a disaster.

A typically pricier option, guaranteed replacement cost coverage, will pay to rebuild your home regardless of expense.

DO I HAVE MULTIPLE DEDUCTIBLES?

Homeowners may not realize that on some policies, higher deductibles may apply for claims due to wind, hail, named storms or other disasters.

For example, say a hurricane causes wind damage to your roof. Your insurance policy might have a wind deductible worth 5% of your dwelling coverage rather than the $1,000 deductible that applies to most other claims, Andrew says. So if your house were covered for $250,000, you’d have to pay for the first $12,500 of damage before your insurer paid anything.

Getting quotes from multiple insurers may help you reduce or eliminate these high deductibles.

WHAT ISN’T COVERED?

You might be unpleasantly surprised by your policy’s exclusions.  “Flood insurance, which is excluded on almost all homeowners policies, is definitely a big one,” Andrew says, adding that this is especially important for homeowners with finished basements.

Even houses that aren’t near a body of water could experience flooding during heavy downpours, Andrew says, and a standard homeowners policy is unlikely to cover any damage.

You can buy flood insurance through companies that participate in the National Flood Insurance Program. The program’s average flood claim payout was $52,000 in 2019.

Andrew also suggests adding water backup coverage to your policy. This pays for damage due to water backing up into your house from sewer lines, sump pumps or other water lines.

Another common coverage gap involves keeping up with current building laws.  “If you have to make improvements when you’re repairing or replacing (your home) because the codes have changed since your house was built, a typical policy will exclude that,” Bach says.

Though this can be particularly expensive for older homes,  “even a house that was built five years ago is out of code,” Andrew says.

Both Bach and Andrew recommend adding ordinance or law coverage to your policy to handle these expenses.

HOW CAN I SAVE?

While having the right coverage is generally more important than paying the bare minimum, there are discounts to make your policy more affordable. Andrew suggests buying your car, homeowners and other insurance through the same company to take advantage of bundling discounts, which can save you 20% or more.

“The best way to bring down the price without sacrificing coverage is to raise your deductible,” Bach says. Being willing to pay for smaller repairs yourself rather than filing claims will help keep your premiums low.

If you’re confused about coverage and discounts, reach out to an insurance agent to talk through your options. “Take a little extra time to understand what it is that you’re purchasing,” Andrew says. “For most people a house is the most expensive asset they have.”

This article was provided to The Associated Press by the personal finance website NerdWallet. Sarah Schlichter is a writer at NerdWallet. Email: sschlichter?nerdwallet.com.

RELATED LINKS:

NerdWallet: Homeowners insurance: What it is and what it covers http://bit.ly/nerdwallet-home-insurance

National Flood Insurance Program: Find a flood insurance provider https://www.floodsmart.gov/flood-insurance/providers

 

New Brunswick city rebuilding its IT system after major cyber attack in November

Saint John, N.B., is rebuilding its computer network rather than submitting to criminals who launched a cyber attack against the city in November.

City manager John Collin updated council Monday on the city’s efforts to rebuild its IT system following a ransomware attack; he said no ransom was paid.

Hackers launch ransomware attacks by infecting computers with software and often demand money in exchange for the attack to end.

Collin said the city’s network was disconnected from the internet as soon as the Nov. 13 attack was discovered, and he said it’s not believed any personal identifying information such as banking details was stolen.

“I’m happy to report we have no indications whatsoever that there was any spread of the ransomware from any city-owned assets or systems to others,” he told council.

Collin wouldn’t say what parts of the network were affected by the attack or provide any information he said could help the “hostile actors.”

“We do not want to give to these criminals any information that could help refine their tactics and techniques, nor do we wish to provide such information to copycats,” he said.

Collin said, however, that the attack penetrated deeply into the city’s IT system, and therefore, he added, rebuilding the network was more cost effective than repairing the damage.

“Instead of repair, we have decided to build an entirely new network,” he told council. “Not only will this afford us the opportunity to take advantage of all the latest innovations in cybersecurity and in network design, it will also remove the risk of any virus remnant that could occur if we took the approach of a repaired system.”

The cost of the network rebuild, Collin said, will be covered by insurance and the city’s IT reserve fund. “We will not need to adjust up any yearly budget or alter our service delivery to our community because of this IT attack,” he said.

The rebuild of the IT system is expected to take a few more months. Collin said the full cost of the attack and the system rebuild is still being evaluated, adding that he’ll report to council when the total amount is known.

Intact Insurance is Offering Solutions for Customers who are Working from Home

Enhanced protections to give customers peace of mind during uncertain times

TORONTODec. 3, 2020, Many trends have emerged from the COVID-19 pandemic; people are travelling less, working from home and spending more time online. Intact Financial Corporation (TSX: IFC) is offering enhanced protection to give customers working from home increased liability and home coverage, the option to add identity theft coverage and cyber protection, at a discount, as well as free access to mental health and well-being programs for a limited time.

“During a time where so many are working from home, customers are searching for added value and thinking about their well-being,” said Louis Gagnon, President, Canadian Operations, Intact Financial Corporation. “We want customers to have peace of mind and we are focused on supporting their changing needs”.

Intact Insurance’s enhanced protection provides customers with increased liability and home coverage for people working from home. Existing and new customers can also add identity theft coverage and cyber protection to their home policy with my Identity at a discount, and for a limited time, enjoy free access to online mental health and well-being programs through LifeSpeak.

Intact also understands that with more people working from home, driving habits and patterns are changing. Usage-based insurance programs give customers more control over their auto insurance premium. Intact Insurance’s my Drive™ offers customers personalized feedback and tips to help improve their safe driving and the opportunity to earn up to 25% off their auto insurance premium. Customers receive a 10% discount just for signing up.

Customers who want to learn more about these solutions can contact their broker.

While these solutions address immediate and emerging customer needs, Intact is continuing to develop other innovative and responsive measures to longer-term trends.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over CAD$11 billion in total annual premiums. The Company has approximately 16,000 employees who serve more than five million personal, business and public sector clients through offices in Canada and the U.S.

In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Frank Cowan Company, a leading MGA, distributes public entity insurance programs including risk and claims management services in Canada.

In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies. Products are underwritten by the insurance company subsidiaries of Intact Insurance Group USA, LLC.

SOURCE Intact Financial Corporation

www.intactfc.com

Sun Life CEO Dean Connor will retire next August, CFO Kevin Strain to replace him

TORONTO _ Sun Life Financial Inc. says its president and chief executive will retire next year.

The Toronto-based insurance company says Dean Connor, 64, will depart Sun Life on Aug. 6.

The company’s current executive vice-president and chief financial officer, Kevin Strain, will take over Connor’s presidential duties on Dec. 15.

He will become chief executive when Connor retires and will continue working as chief financial officer until the company names a replacement in the first half of 2021.

Strain joined Sun Life in 2002 as part of the acquisition of insurance company Clarica. He became CFO in 2017.

Strain launched Sun Life Global Investments Asset Management and expanded the company’s footprint to Vietnam and Malaysia, before climbing the company’s executive ranks.

CNA Canada Launches Epack 3

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