Latest news with #InsuranceBureau
Globe and Mail
9 hours ago
- Business
- Globe and Mail
High rents are no excuse for skipping tenants insurance
Rents are astronomically expensive in many parts of the country, and the latest inflation numbers suggest there's no relief in sight. Sorry to pile onto this huge affordability problem, but renters insurance is a must-have purchase. Renters insurance, also known as tenants insurance, is about covering your possessions against theft or damage, and protecting you against liability from damage you accidentally cause. A recent survey by suggests that 35 per cent of Ontario renters don't have this type of insurance. If expensive rent simply doesn't allow for this extra cost, OK. But if there's a way to cover it, do so. Here are five things you should know about tenants insurance: Landlords may require it before renting a place to you: 44 per cent of renters in the survey were required by their landlord to have tenants insurance. Call this a win-win. Your insurer may ask for permission to view your credit score: 'The great thing about a credit check, if you have a good credit score, is that it can oftentimes result in a lower premium,' said Anne Marie Thomas, director of consumer and industry relations at the Insurance Bureau of Canada. Premiums: $300 to $700 per year in rough terms. Variables include the replacement value of your possessions, the type of rental and the amount of liability you choose. Coverage for $1-million in liability makes sense. Worthwhile add-on: Sewer back-up coverage if you live in a basement apartment, Ms. Thomas said. Deductibles typically range from $500 to $1,000: Ms. Thomas said some companies may allow you to choose lower deductibles as you establish a claims-free history. Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length and clarity. How to spot phishing texts, which are designed to get your personal finance information.
CTV News
13 hours ago
- Business
- CTV News
What Manitoba wildfire evacuees should know about insurance coverage
Maralee speaks with Aaron Sutherland from the Insurance Bureau of Canada about the options wildfire evacuees have from insurance companies.
CTV News
a day ago
- Business
- CTV News
Wildfire insurance support and coverage
Winnipeg Watch Maralee speaks with Aaron Sutherland from the Insurance Bureau of Canada about the options wildfire evacuees have from insurance companies.
CTV News
4 days ago
- Automotive
- CTV News
Waterloo man issued anti-theft surcharge for Jeep Gladiator
A Waterloo man is upset about having to pay to install a tracker in his jeep, as his insurance company is concerned about its chance of being stolen. Aaron Leamon owns a 2020 Jeep Gladiator. He received a letter from his insurer this month informing him that his vehicle is at high-risk of theft and is now subject to an annual $500 surcharge. However, he can avoid the surcharge by installing a tracking system. Leamon said it's $400 for the device, his insurance will cover $100 of it, but he's not sure of installation costs and expects to pay $500 either way. 'Very disappointing. Knowing that I am a target. And I feel for all the other people that are targets of this as well. But the auto industry, the auto makers should actually already know all this information, and they should be making it better for the consumer not to have to spend out of pocket after you buy the vehicle,' Leamon said. According to the Insurance Bureau of Canada, rates of auto theft claims in Canada were 538 percent higher last year compared to 2017. As well, insurers are still paying a lot out in claims as people continue to be victimized. 'With all of that we are working with government, we are working with law enforcement, we are trying to find solutions. But in the meantime, the claims need to be paid, and the money needs to come from somewhere,' said Amanda Dean, vice-president of Ontario and Atlantic, Insurance Bureau of Canada. Dean said people with vehicles at a high risk of being stolen, or that live in a high risk area, will start to see insurers starting to implement some things. 'The levers that they can pull in order to be able to pay claims but also to incentivize folks to install tracking devices, install anti-theft devices,' Dean said. Leamon said he understands the insurers need make money, but he feels the manufacturer should be doing more to help. 'I understand where they're coming from because it is a target. So they're going to end up having to pay more money over time. So that's the insurance paying out money where the automaker can stop this and probably be better for the consumers all the way around,' Leamon said. According to Dean, a lot of work has been done to combat auto theft, with new resources from governments for prosecution and for police, insurance companies are making these surcharges, and clients are installing anti-theft tools. 'If there's something they can do to help prevent this as well, it really sends a strong message. But of course, as you mentioned, manufacturers have a role to play in combatting auto theft as well,' Dean said. 'Everyone who has a problem, contact your dealership and send them a message and say, why? ask why this is not being done to all cars?' Leamon said. Stellantis said it's Jeep Connect service includes both vehicle theft alert and stolen vehicle assistance. 'Stellantis vehicles meet or exceed all applicable federal standards for safety and security. While such events are rare, they are not exclusive to any make or model of vehicle. Stellantis uses industry-standard vehicle-security technology. And as with other vehicle features, we are engaged in continuous product improvement. Notwithstanding, we urge all motorists to take due care in securing their vehicles. The security and protection of our customers are unsurpassed priorities at Stellantis.' Stellantis said, in an email to CTV News.
CBC
22-05-2025
- Climate
- CBC
Expect an above-average hurricane season, says NOAA
The National Oceanic and Atmospheric Administration (NOAA) is forecasting an above-average Atlantic hurricane season. According to the federal climate and weather agency, the season — which runs from June 1 to Nov. 30 each year — has a 60 per cent chance of an above-normal season, a 30 per cent chance of a near-normal season and a 10 per cent chance of a below-normal season. They are also forecasting between 13 to 19 named storms, with six to 10 of them becoming hurricanes. Of those, three to five are forecast to be major hurricanes (from Category 3 to Category 5 on the Saffir-Simpson scale). They have a 70 per cent confidence in these predictions. Last year, NOAA forecasted between 18 to 25 named storms, with 8 to 13 becoming hurricanes. And in the end, there were 18 named storms and 10 hurricanes. "The 2024 hurricane season outlook that was issued in May last year, was right on the money," said Laura Grimm, acting NOAA administrator in a press conference. Three of those storms affected Canada in 2024. The remnants of Hurricane Beryl — which was a major hurricane that caused widespread damage throughout the Caribbean — was responsible for one death in Wolfville, N.S., in July due to flash flooding. It also caused two tornadoes near London, Ont. The most significant to hit Canada was Hurricane Debby which became an extratropical storm by the time it hit Quebec in August. According to the Insurance Bureau of Canada, it was the costliest severe weather event in Quebec's history, causing almost $2.5 billion in damages due to flooding. About a week later, the remnants of Hurricane Ernesto hit Newfoundland with minimal impacts. Warmer Atlantic Ocean Since 2023, the Atlantic Ocean has been significantly warmer than average due to global warming. The oceans have absorbed roughly 90 per cent of the warming over the past few decades as we continue to release greenhouse gases into the atmosphere, mostly from burning fossil fuels. Graham noted that, although the warmer Atlantic Ocean temperature hasn't influenced the number of storms we're seeing in a hurricane season, it is contributing to more rainfall, as the atmosphere is now holding more moisture. However, it is believed that the warmer temperatures have contributed to rapid intensification, as was the case with Hurricane Otis in 2023, which strengthened from a tropical storm to a Category 5 in less than 24 hours. It slammed into Acapulco, Mexico, killing at least 100 people who were caught by surprise by the intensification. But Graham said that their forecasts concerning rapid intensification has been getting better. "We saw the forecast improvements first-hand in 2024," he said. "The skill is better than ever. It was amazing to watch in 2024. Helene was forecast to be a major hurricane … before it was even a depression. It was a bunch of clouds, a couple of thunderstorms." When asked about the Trump administration's cuts and how that could affect the forecast and local offices, Grimm said that it wasn't an issue. "Weather prediction, modelling and protecting human lives and property is our top priority," she said. "We are fully staffed at the hurricane centre and we definitely are ready to go and we are really making this a top priority for this administration, for NOAA, for the department of commerce. So we are very supportive of our national weather staff." About 10 per cent of NOAA's workforce has been cut. Message: Be prepared Most of the press conference centred around preparedness for those who may be in the path of any hurricane. They stressed that people should begin preparations before any hurricanes even develop. "There are no lines for supplies today. No lines for gas, no lines for plywood, no lines for water," said Ken Graham, director, NOAA's National Weather Service. "So while there're no lines, it's a good time to go out there and get your supplies and your kit [and] put it together." He also said that people who are further inland and think they may not experience the effects from a hurricane should still prepare. "Everything's in place for an above-average season," Graham said. "There's no such thing as 'Hurricane Just a' ... There's no such thing as just a Cat 1, there's no such thing as just a Cat 2, just a Cat 3. Every one of them is different." "We're prepared here at NOAA," he said. "Are you?"
