“Our thoughts go out to the families and friends dealing with immense pain during this difficult time,” said Kim Donaldson, Vice-President, Ontario, IBC. “There has also been widespread property and public infrastructure destruction.” While recovery operations continue, anybody whose property or car has been damaged should contact their insurance provider as soon as possible to begin the claims process. If you have any general insurance inquiries.
The violent storm, dubbed a ‘derecho,’ had a wide-ranging impact, affecting a densely populated corridor from Southern Ontario to Quebec. Some localities are still under state of emergency, and many are still without power.
Every policy is unique. Understand what your insurance policy covers.
Your insurance representative can validate your current policy’s coverage as well as any potential deductibles.
Windstorm and rain damage to homes are frequently covered, including:
- Losses caused by falling trees and/or branches or flying debris.
- Water entering through holes produced by wind can cause damage to your home and its contents.
- If your policy includes comprehensive coverage, wind or water damage to your car is covered. This is an optional coverage, so check with your insurance representative to see what you’ve got.
How to Begin the Claims Process
Take the following actions to commence the insurance claim process when it is safe to do so:
Determine the extent of the damage and keep a record of it. Taking photographs can be beneficial.
To report your damage, contact your insurance representative or the claims department of your insurer.
Assemble proofs of purchase, photographs, receipts, and warranties if feasible. Unless damaged things pose a health risk, keep them.
When recording damage and providing information, take notes and be as specific as possible.
Inquire with your insurance representative about whether you are eligible for additional living expenses and, if so, for how long.
All receipts relating to the cleanup should be kept. Keep receipts for increased living expenditures if you’ve been displaced.
Your insurance company will assign you a claims adjuster once you have reported a loss. It may take some time due to the large number of people affected by the catastrophic storm, but you will be contacted.
The claims adjuster will look into the facts surrounding the loss, check the papers you supply, and walk you through the procedure. During these discussions, take notes and ask questions.
Your insurance provider may request that you fill out a Proof of Loss form, which details the property and/or things that have been damaged or destroyed, as well as the value or cost of the damage or loss. If you have any questions, ask your insurance representative or claims adjuster.
The Insurance Bureau of Canada (IBC)
The Insurance Bureau of Canada is a national trade group that represents private home, car, and commercial insurers in Canada. Its members account for the great bulk of Canada’s property and casualty (P&C) insurance industry. IBC has worked with governments across the country for more than 50 years to help make cheap house, auto, and business insurance available to all Canadians. IBC believes that consumers and governments should be able to trust, value, and support the private P&C insurance business. It promotes important problems and assists people in learning how to best secure their homes, automobiles, businesses, and other assets.
How Car Insurance Premiums are Calculated
A automobile, whether new or fresh off the manufacturing line, might be one of the most significant expenditures you make. When calculating your rate, insurers consider a variety of factors, including your driving record. Your insurance prices are influenced by the sort of vehicle you drive. In general, the more difficult your car is to steal and the less expensive it is to fix, the lower your insurance premiums will be.
Where You Live Can Increase Your Premium
Did you know that urban areas have varying degrees of higher claims costs? Higher density equals more risks, more and more thefts. For example, using 2011 statistics, the average claims cost per vehicle in one city was 25% above that of a neighbouring city.
While there are good drivers in every city, on average, some areas have a higher than average claims costs than others. And as claims costs rise, so do premiums.
Obtaining an Insurance Estimate Here’s How to Save Money on Your Insurance.
Give your insurance the VIN (vehicle identifying number) of your vehicle. Some automobiles are more expensive to insure than others. You may be given a higher price for a different – more expensive make or model – car if you don’t have the proper VIN.
You can also save money by:
- Boost your deductible (i.e., your share of the cost of a claim)
- Remove collision coverage from an older vehicle.
- Consider a combo offer for your vehicle(s) and home.
- Install a theft deterrent device in your vehicle that has been approved.
- Check out our top 10 techniques to lower your rates for more information.