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IBC Reminds Students about Tenant’s Insurance

TORONTO, Sept. 3, 2015 /CNW/ – As students get ready for university and college, Insurance Bureau ofCanada (IBC) reminds them of an important item that’s often overlooked: tenant’s insurance.

“Tenant’s insurance is a good investment that provides peace of mind,” said Doug DeRabbie, Director, Government Relations, Ontario, IBC. “Even if you’re renting on a temporary basis, it will help protect you and your belongings in the event of loss or damage.”

IBC’s Top 10 reasons for students to purchase tenant’s insurance:

1.  It’s easy.

  • Talk to your parents about their coverage. You may be covered under their policy.
  • In many cases, you can get coverage right over the phone. Call your insurance representative. All you need is a list of your belongings and an estimated value of your expensive items to ensure accurate coverage.

2. It’s affordable.

  • Tenant’s insurance will generally cost less in a month than daily coffee runs to the café.

3.  It protects your stuff.

  • From furniture to expensive laptops, insurance will protect it.

4.  You own more stuff than you think.

  • Many are surprised to realize how much stuff they actually have and how expensive it would be to replace all of it at once.
  • When purchasing insurance, be sure to keep an updated record of everything you own. Taking pictures or video of your belongings also helps.

5.  It covers additional expenses after a loss. 

  • If a fire occurs in your apartment, you will need a place to stay temporarily. Insurance will cover these necessary and reasonable expenses while your apartment is being repaired.

6.  It protects you if you damage someone else’s property in your building.

  • Tenants are responsible for the harm they cause to any part of their building. Tenant’s insurance is there to help cover the damage.

7.  It protects you if you cause someone harm in your building. 

  • Tenants are potentially responsible for the unintentional harm they cause others who live or visit their unit. Tenant’s insurance would help cover the costs associated with this type of claim.

8. It protects you in the event of a lawsuit related to your rental unit.

  • A standard insurance policy provides coverage, including defence costs and potential settlements, in the case of a lawsuit commenced by a third party.

9. You can’t afford not to have it. 

  • If something did occur, it would be financially straining to replace all of your belongings, cover costs of damages to the apartment and cover potential lawsuit fees.

10. It would make your parents proud.

  • Taking this responsible step as you leave home will earn you points with your parents and give them peace of mind.

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.

Toronto community housing to require $5M insurance policy for common area events

Excerpted article by CBC News

Some Toronto Community Housing Corporation residents say much-needed programs are in danger because of changes to the corporation’s insurance policy.

Residents were told in a memo that they need $5 million liability insurance for organizations using TCHC spaces.

Neika Lindsay volunteers at the Empringham Mews breakfast club in Malvern, which she says has been feeding hungry kids for four years.

“It’s vital; there are kids walking around with no breakfast,” said Lindsay.

It would be affected by the insurance changes.

The club gets its budget from the Mavern Action for Neighbourhood Change and also gets food donations. Still, Lindsay says, she sometimes spends her own money to keep it running. Lindsay says the insurance changes mean it will cost $50 a day to operate the breakfast club.

“That’s $250 a week. Our budget alone doesn’t even get to $300,” she said. “We just can’t simply afford it.”

The TCHC memo, obtained by CBC News, says private events in common spaces, such as birthday parties, baby showers and memorials also require liability insurance.

“We’re trying to balance the availability of space with the need to protect the corporation and our shareholder – the City of Toronto – from exposure to liability risk,” said Lisa Murray, a manager for the TCH.

Murray says the TCHC common space policy is being reviewed and updated. Residents are being consulted.

She adds that the breakfast club isn’t at risk.

“We’ll work something out. We’re not going to end the program because somebody can’t get insurance,” she said.

Life and health insurance industry experiences strong growth in 2014

Life and health insurance industry experiences strong growth in 2014

TORONTO, Aug. 31, 2015 /CNW/ – Today, the Canadian Life and Health Insurance Association (CLHIA) released the 2015 edition of Canadian Life and Health Insurance Facts. During 2014, the industry continued its trajectory of strong growth, despite the climate of prolonged low interest rates and slower growth of the Canadian economy. “The strong performance of the Canadian life and health insurance industry highlights the trust Canadians have in our companies, and that we continue to offer products and services that our customers need and value,” notes CLHIA President and CEO Frank Swedlove.

In 2014, Canadians’ purchases of insurance products were robust and the industry experienced year-over-year growth in premium revenues not seen since 2007, up 7.7% to $99.4 billion. Industry assets in Canada also rose 11.5% to $721 billion of which almost 90% were held in long-term investments, funding longer-term capital and infrastructure investments, critical to economic growth. Further, the industry paid out $83.5 billion to Canadian policyholders and annuitants in 2014, or more than $1.6 billionevery week. More details and statistics can be found in the CLHIA’s industry Factbook which is available on line atwww.clhia.ca

About the CLHIA

Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent of Canada’s life and health insurance business. The industry provides a wide range of financial security products such as life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to 28 million Canadians. It also employs 155,000 Canadians as full-time employees and agents as well as independent advisors across the country.

SOURCE Canadian Life and Health Insurance Association Inc.

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