Insurance Bureau of Canada reminds consumers to be prepared for severe summer weather

In many parts of Canada, August means high temperatures and severe summer weather. Severe storms with hail, lightning, strong winds and heavy rain are unpredictable and can strike quickly with devastating results. Insurance Bureau of Canada (IBC) reminds Canadians to be aware and take action to prepare for potentially damaging storms.

“We know that violent summer storms are occurring more often, in more parts of the country, and with greater intensity,” said Kim Donaldson, Vice President, Ontario, IBC. “Given these trends, it is vital for people to understand their policies, to talk to their insurance representative, and to take steps to protect their families, properties, and vehicles.”

Insurance Coverage

Talk to your insurance representative to make sure you have appropriate coverage.

  • While pre-existing damage is not covered, damage to homes caused by storms is usually covered under most home insurance policies. This includes damage caused by flying debris or falling branches or trees, or damage to your home and contents from water entering through openings caused by wind or hail.
  • Comprehensive auto coverage isn’t mandatory, but if you have purchased comprehensive or all perils auto insurance, damage to vehicles from wind, hail, or water is usually covered, so check your policy.
  • Policy wordings vary so it’s best to check with your insurance representative to be certain whether storm damage to mobile homes or trailers may be covered.

 

IBC tips for starting the claims process

  1. Call your insurance representative or company. Most insurers have a 24-hour claims service. Be as detailed as possible when providing information.
  2. List all damaged or destroyed items. If possible, assemble proofs of purchase, photos, receipts and warranties. Take photos of damage incurred and keep damaged items, unless they pose a health hazard.
  3. Keep all receipts related to cleanup and additional living expenses if you’ve been displaced by insured damage. Ask your insurance representative about what expenses you’re entitled to and for what period of time.
  4. Review your policy to ensure you are familiar with specified deductibles and coverage limits. Talk to your insurance representative if anything is unclear.

 

“Be sure to speak with your insurance representative before a severe storm strikes to make sure your policies are up to date and serve your particular needs.” added Donaldson.

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.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and@IBC_Ontario or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE Insurance Bureau of Canada

Insurance Bureau: Est. of insured losses from #FortMacFire = $3.58 billion

FORT MCMURRAY, Alta. _ The Insurance Bureau of Canada says damage caused by the wildfires in Fort McMurray, Alta., totalled $3.58 billion, making it the most expensive disaster for insurers in the country’s history.

CEO Don Forgeron says the damage from the fires provide “alarming evidence” that extreme weather events have increased in frequency and severity in Canada.

Forgeron called for a more disciplined approach to helping prepare people for fires and floods.

The fires in May forced the evacuation of almost 90,000 residents from the Regional Municipality of Wood Buffalo and destroyed about 2,400 homes and other buildings.

People have since been allowed back into the community, but it took nearly two months before a state of emergency could be lifted.

The bureau said its estimate was the first based on data collected by Catastrophe Indices and Quantification Inc., a company that compiles insured loss amounts based on surveys with insurers.

Catastrophe Indices and Quantification says there are more than 27,000 personal property claims, with each one averaging $81,000.

Previously, the costliest insured disaster in Canada was the Quebec ice storm of 1998, which forced insurers to pay out $1.9 billion in constant 2014 dollars, according to a 2015 annual report from the bureau.

The Alberta floods of 2013 were the next costliest, resulting in $1.8 billion in insured damage.

canada-press

IBC helps Ontarians prepare for the risk of severe weather

IBC helps Ontarians prepare for the risk of severe weather

Press Release:

June signals both higher temperatures and increased risk of severe weather. Incidents of high winds and tornadoes are more frequent in the hotter months. Certain areas of the country, including southern Ontario, are prone to these dangerous storms.

While it’s impossible to stop such disasters from occurring, it is possible to increase your readiness. Insurance Bureau of Canada (IBC) is reaching out to Ontarians with tips and information to help them protect their properties from wind and tornado damage.

“Severe weather has become the new normal,” said Kim Donaldson, Vice-President, Ontario, IBC. “Damaging storms accompanied by thunder, lightning and high winds, can strike at any time and leave trail of destruction. It is important for Ontarians to take steps now to ensure they have the proper insurance coverage before a disaster occurs.”

IBC offers the following tips to help Ontarians prepare for the risk of severe weather: ·

IBC wants consumers to know that insurance typically covers wind damage but they should ask their insurance representative to confirm what losses may be covered.

  • Hail, wind, snow or rain damage to a home is typically covered. This coverage usually includes:
    • Losses caused by flying debris or falling branches or trees
    • Losses to your home and contents from water or snow entering through sudden openings caused by wind or hail.
  • Wind, hail, ice or water damage to vehicles is typically covered if you purchased comprehensive or all perils auto insurance. This coverage is not mandatory, so check your policy.
  • Wind damage to mobile homes and/or trailers may be covered. As policy wordings vary, ask your insurance representative for more information.
  • In certain circumstances, homeowners who are unable to live in their homes because of insurable damage may be entitled to living expenses.

If your property is damaged during severe weather, it is important to document any damages and check with your insurance representative as soon as possible. Most insurers have a 24-hour claims service. Be as detailed as possible when providing information.

  • List all damaged or destroyed items. If possible, assemble proofs of purchase, photos, receipts and warranties. Take photos of the damage that has occurred and keep the damaged items unless they pose a health hazard.
  • Keep all receipts related to cleanup. If you’ve been displaced, keep all of the receipts for your living expenses. Ask your insurance representative about what expenses you may be entitled to and for what period of time.

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 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1‑844‑2ask-IBC.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE Insurance Bureau of Canada

Atlantic Canadians get ready for hurricane season

Atlantic Canadians get ready for hurricane season

Press Release:

HALIFAX, Atlantic Canada. To help ensure that everyone is prepared, Insurance Bureau of Canada (IBC) is reaching out to residents with tips and information.

“As we’ve seen in previous years, a hurricane can cause extensive damage regardless of its category,” said Amanda Dean, Vice-President, Atlantic, IBC. “Hurricane winds can cause structural damage to buildings, as well as uproot trees and knock down power lines. Even a significantly weakened hurricane can carry winds strong enough to cause widespread destruction and upheaval.”

IBC continues to offer Atlantic Canadians information and advice about coping with hurricanes, which commonly occur between the months of June and November, and other severe weather events which have been on the rise. Consumers can take steps now to ensure that they are properly covered and prepared before a storm hits.

IBC’s Top 10 tips to prepare for a hurricane are:

  1. Create an emergency preparedness plan for your family.
  2. Assemble disaster safety kits for your home, car and office
  3. Secure any loose patio furniture and barbecues when a storm is on its way.
  4. Protect or move property that might be damaged by flying debris.
  5. Prepare a detailed home inventory.
  6. Charge handheld electronics and have back-up power sources available.
  7. Have someone check your property if you are away.
  8. Make sure downspouts are clear of debris and direct water away from your home.
  9. To protect against flooding caused by torrential rain, install a sump pump, backwater valve or backflow valve.
  10. Check with your insurance representative to make sure you have appropriate coverage.

IBC reminds consumers that while insurance policies differ from company to company, a home insurance policy may cover:

  • Wind-related damage caused by a hurricane
  • Damage to your house, shed or fence caused by a fallen tree
  • Damage from rain entering your house through a window that is broken or a roof that is damaged by a windstorm
  • Loss of fridge and freezer contents due to an extended power outage
  • Water damage from sewer backup, if you purchased sewer backup coverage.

If your property is damaged during a hurricane, it is important to document any damages and contact your insurance representative as soon as possible.

  • List all damaged or destroyed items. If possible, assemble proofs of purchase, photos, receipts and warranties.
  • Take photos of damage incurred and keep damaged items, unless they pose a health hazard.
  • Keep all receipts related to cleanup and living expenses if you’ve been displaced. Ask your insurance representative about what expenses you’re entitled to be reimbursed for and for what period of time

It’s also important to keep in mind that policies may have limitations and deductibles. Auto insurance typically covers flood damage and wind damage to your vehicle, such as a broken windshield from wind-borne debris, if you purchased comprehensive or all-risk coverage.

“Be sure to review your policy and speak to your insurance representative if you have questions about what you’re covered for,” said Dean. “Atlantic Canadians can also contact IBC’s Consumer Information Centre at 1-844-2ask-IBC. We’re here to help.”

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 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and@IBC_Atlantic or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE Insurance Bureau of Canada

March storm in #Ontario tops $25 million in insured damage

Insurance Bureau of Canada (IBC) reports that the cost of insured damage caused by the ice storm that swept through Southern Ontario between March 23-26 is estimated at more than $25 million, according to the preliminary estimates provided by Catastrophe Indices and Quantification Inc. (CatIQ).*

While the storm hit many areas, Fergus, Orangeville, Barrie, Newmarket and surrounding areas were particularly affected by the storm. Strong winds and freezing rain toppled fences, trees and power lines, and left hundreds without power.

“Extreme weather events that used to happen once every 40 years now occur every six years, and have been increasing in severity,” said Kim Donaldson, Vice-President, Ontario, IBC. “In recent years, we’ve seen first-hand the impact that these storms can have, and the damage they do to our homes and businesses.”

Canadians, governments, businesses and the insurance industry recognize the toll that severe weather events are taking year after year. IBC has made adapting to severe weather a priority because it’s a phenomenon that continues to affect families and communities.

“One way to be better prepared is to understand your insurance coverage options,” Donaldson added. “Know what’s in your insurance policy, and research ways to reduce your property’s vulnerability to damage. For more information, speak with your insurance representative or call IBC’s Consumer Information Centre at 1-844-2ask-IBC. We’re here to help.”

*This figure is based on a preliminary estimate from CatIQ, which compiles and combines comprehensive insured-loss amounts and related information to serve the risk management needs of the insurance and reinsurance industries.

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 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.

For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_Ontario or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE Insurance Bureau of Canada

El Nino creates sticky situation for Canada’s maple syrup producers

El Nino creates sticky situation for Canada’s maple syrup producers

Many Canadians have been enjoying an unseasonably warm winter, but the balmy weather could spell trouble for maple syrup producers.

El Nino usually has a negative impact on harvesting and production of maple syrup, said Sylvain Charlebois, a professor at the Food Institute at the University of Guelph.”It wouldn’t be surprising to see 2016 as being a very bad year when it comes to maple syrup production as a result of the warmer weather we’ve been having,” said Charlebois. “I would say El Nino is affecting most if not all of the regions where maple syrup production is predominant.”Those regions include Quebec, the world’s dominant maple syrup producer, Ontario, New Brunswick, Nova Scotia and American states like Vermont and New York.A mix of colder, sub-zero nights and warmer days above freezing are ideal syrup-producing conditions.

The Federation of Quebec Maple Syrup Producers, which has about 7,300 members, said the season is a few days earlier than usual in parts of the province. In contrast, the past two years have seen late starts.

Federation spokeswoman Caroline Cyr said the past five or six years have been “really, really good” while 2006 and ’07 were poor.

“We know it could happen again,” she said. “It’s really Mother Nature who decides what will be the production.”

Cyr said there is almost 56 million pounds of syrup in reserve and Quebec usually produces around 100 million pounds in a season.

“We have half of the harvest so we could supply the market if we had one bad season with no problem,” she added.

Ray Bonenberg, who with his wife Carol Anne operates Mapleside Sugar Bush near Pembroke, Ont., said it’s too early to start worrying about the season.

“Now the last two years, remember, were abnormally late,” said Bonenberg, a spokesman for the Ontario Maple Syrup Producers Association, which represents about 550 members. “They were extremely cold and a lot of producers didn’t get going till the end of March. We had two good years. It came in a hurry and you had to really hustle, but this year we knew it was going to be early.”

Louise Poitras, executive director of the N.B. Maple Syrup Association, says production is just getting under way in the southern part of the province, which represents about 20 per cent of the 400 producers. Meanwhile, producers in the north don’t expect to begin boiling sap until the end of the month.

Charlebois said a poor season will put pressure on current supplies and may push prices higher next year.

“I suspect that next year prices will go up and how much it’s hard to tell, but usually when you’re dealing with a luxury product where demand really is, in Quebec in particular, an elastic you’re likely going to see prices increase by as much as perhaps 10 or 15 per cent,” he said.

Currently across the country a can of 540 millilitres of maple syrup sells between $7.50 and $10.

Bonenberg, who sells a litre of syrup for $23, says his costs for electricity, hydro, insurance and glass containers have increased.

“I expect prices to go up,” he said. “It could be as much as five to seven per cent.”

canada-press

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest