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7 Ways to Lower Auto Insurance Premiums

7 Ways to Lower Auto Insurance Premiums
With the Insurance Industry bunkering down in this current hard market, rising premiums are affecting everyone involved. However, as previously discussed with home insurance, all hope is not lost. As your Insurance Brokerage, our job is to advocate for you regardless of how difficult the market may be. With that said, here are 7 ways to help lower... your auto insurance premium. 1) Multiple-Driver Policies Insurance companies offer incentives in the form of discounts for multiple drivers and vehicles.  Talk to your broker about the number of drivers and vehicles that may be included on one policy. Spouses and children are the most common additional drivers; however, two non-related people are able to take advantage of these discounts as well if they have joint-ownership of the vehicle. 2) Utilize Public Transport Someone who drives a couple hours to-and-from work every day will very often pay a higher rate than someone who drives 20 minutes; or doesn’t commute at all. Just because you have a car doesn’t mean it’s always necessary to use it. More miles mean higher premiums. Using public transport once or twice a week for your daily work commute can knock miles off of your vehicles annual use – and that will allow for a decrease in premiums. Moreover, you’ll be helping save the environment so it is a double-whammy. 3) Avoid Massive Gas Guzzlers As much as we may love the thunderous roar of a V8 engine or the shriek of a supercharger coming to life, insurance companies don’t. Despite being safer because of the technologies that come with high-end vehicles, repair costs can be absurdly high. This will almost always translate to a higher premium. A less- expensive car that comes with a reasonable safety features is the golden ticket in this situation – bringing with it a much lower premium. Furthermore, insurance companies will often offer discounts if a car runs on an alternative fuel source – such as electricity. This way, you save your wallet and the environment. 4) Drive Safer If your method of driving includes regularly breaking the speed limit, swerving in and out of lane, checking your phone while driving you may accumulate violations and claims quite quickly. These violations cause immense spikes in premiums due to their effect on your driving record. Being a safe driver is imperative to a lower insurance premium. Don’t text and drive, don’t speed, and obey the laws of the road. The longer you stay out of trouble, the better your premiums will be. 5) Install Anti-Theft Devices Making your car harder to steal can lead to a reduction in your premiums – especially if you reside in an area that is considered to be higher-risk. However, make sure to contact your broker first. Not all anti-theft devices are the same – some cost more, some are less efficient. Before making a decision on which device to get, make sure that the insurance company is aware and has agreed to offer a discount for the installation the device. 6) Increase Your Deductible The deductible is what you have to pay out-of-pocket before your insurance kicks in and takes care of the rest. Being willing to pay more yourself will result in a lower premium. If you have confidence in your driving and know yourself to be at a lower-risk of any kind of accident or violation, it may make sense to increase your deductible for a lower premium. No decision of this nature should be made without consulting your broker first. 7) Speak to Your Broker Who better to help you find the sweet spot than your broker? Keeping an open line of communication with the person who handles your insurance is imperative. By updating your broker on your situation (drivers, vehicles, address, commute to work, anti-theft devices and more) can impact your coverage as well as potential cost savings. Your broker helps guide you through your policy, keeping you protected at affordable costs. Your broker is also aware of discounts that are specific to your situation and may not be general knowledge. Contact your broker today and find out how they can help you. In fact, why not do that now? Contact one of our licensed experts now at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak79d441da65144c449fa2255024af092b').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy79d441da65144c449fa2255024af092b = 'better' + '@'; addy79d441da65144c449fa2255024af092b = addy79d441da65144c449fa2255024af092b + 'hubbardinsurance' + '.' + 'com'; var addy_text79d441da65144c449fa2255024af092b = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak79d441da65144c449fa2255024af092b').innerHTML += ''+addy_text79d441da65144c449fa2255024af092b+''; or call at 905-696-9090 to find out how we can help you save on your premiums today!   Source: Investopedia.     More
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5 Ways to Lower Your Home Insurance Premiums

5 Ways to Lower Your Home Insurance Premiums
  Let’s be honest – no one likes paying insurance premiums. We all recognise that they are necessary and not having insurance would be incredibly detrimental; but when the bills start piling up at the end of the month, our inner-dread tends to grow. Recently, a lot of homeowners have seen a rise in their home insurance premiums. If you didn’t... like paying your premiums in the first place, learning that you’d have to pay more is certainly a hard pill to swallow. In general, there are 3 main variables that effect premiums – the age and condition of the house is one of them, but geographic location and claims history are important as well. As discussed in a previous blog, if your house is at an increased risk for flooding or you’ve amassed a number of claims in a relatively short period of time, there will be a rise in your premiums. The fact of the matter is that premiums seem to be rising across the board and sometimes through no fault of the homeowner who’s affected. However, that isn’t to say there’s no hope. There are still many ways to make sure your premiums not only stop rising, but start going back down. One of the best ways to make sure of that is through home improvements lower the risk associated with the house. Here are 5 ways you can improve your home so that your premiums will decrease. Modernize the Heat Source Older houses often have oil furnaces or wood/pellet stoves. The problem here is that these are the three riskiest heat sources currently available – and if your heat source is deemed high-risk, that can spell disaster for your premiums. Switching up the heat source to something more modern like electric or gas has a twofold positive effect: your insurance premiums will go down and your house will be less likely to burn to a crisp. Isn’t that nice? Switch Your Electrical System Consistent with having risky, outdated heat sources, older homes tend to have archaic electrical systems as well. If your home currently has a knob-and-tube, aluminum, or 60-amp electrical system, you’re in trouble. These systems not only cause your premium to rise, but they put your house at severe danger of electrical fires. Upgrading to an electrical system that uses up-to-date wiring and operates on at least a 100 amps will make sure that your home is less prone to electrical fires and will, in turn, help with decreasing your home insurance premium. Improve your Plumbing This tip is especially important if you want to make sure that your house isn’t going to suffer from flood and water damage – something we have covered in the past. If your pipes are made of lead or have become galvanized, they are going to negatively affect your premium as well as put you at risk for costly future repairs. It may be an investment, but upgrading your plumbing with copper or plastic pipes will bring down the water-damage risk of your home and that change will reflect in your lower premium. Prevent Sewage Back-Up If you don’t already have a sump-pump or a backwater valve, it’s definitely time to invest in them. Canadian summers get wilder every year with weekly showers and heightened flood risks seemingly becoming the norm – and this means that the foundation of your house needs to be protected from all this excess water. A sump-pump will make sure that water does not get into and damage your home’s foundations whereas a backwater valve will make sure that sewage doesn’t flow into the house during a back-up. If you already have these components installed, make sure your broker knows about them so they can help bring your premium down. Safeguard Your Roof As we’ve mentioned before, climate change is real and it is causing a lot of destruction. Insurance companies use all kinds of statistics and data to make relevant premium calculations – if you’re in an area prone to extreme weather, your premium will rise. Moreover, if it is deemed that your roof doesn’t have the stability or sturdiness to safeguard against the increasingly extreme weather, that will surely show in your rising premium. As your roof grows older, make sure it is being looked after and mended. If possible, use roofing materials that qualify you for insurance discounts such as concrete and slate tile. If you’re unsure how you can qualify for a discount, don’t hesitate to ask a broker.   Home insurance premiums all come down to one thing – safety. If your premium has risen, it’s because your house is deemed riskier than before. Any and all renovations or improvements that can be made in helping make the house safer will help lower your premium. To find out more about how you can lower your premium, contact one of our licensed brokers today at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak72538280e13705bc147ba47b050dad77').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy72538280e13705bc147ba47b050dad77 = 'better' + '@'; addy72538280e13705bc147ba47b050dad77 = addy72538280e13705bc147ba47b050dad77 + 'hubbardinsurance' + '.' + 'com'; var addy_text72538280e13705bc147ba47b050dad77 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak72538280e13705bc147ba47b050dad77').innerHTML += ''+addy_text72538280e13705bc147ba47b050dad77+''; or simply call us at 905-696-9090.     Source: Economical.         More
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5 Reasons Your Home Insurance Premiums Are Higher

5 Reasons Your Home Insurance Premiums Are Higher
It’s renewal time! Whenever your insurance is up for a renewal, there is always that slight anxiety before receiving your updated premiums. Is my insurance going to cost more? Will I be able to save a few bucks this year? For many homeowners, the renewal of their home insurance has seen an increase in their premiums. Why is this? Are insurance com...panies just being greedy? Is the hard market really that bad? Have claims increased that much? There are reasons that premiums are rising across the board. In some cases, not much can be done as pricing factors which set premiums fall outside the bounds of what an individual can do for cost savings. On the other hand, there are things that can be done to keep these premiums manageable. If your home insurance premiums have increased, here are 5 reasons why – and some tips on what to do next.   1) Climate Change Is Real The effects of climate change are being felt in almost every industry  but especially so with insurance. The weather is getting more extreme more often; a combination that is proving to be devastating. Wildfires, storms, destructive winds, tornadoes, and other such catastrophic weather-related events are occurring now more than ever before. The weather is colder, hotter, dryer, and wetter all at the same time. Heatwaves have only been interrupted by bouts of flooding so far this summer and that is an incredibly worrying sign. Ultimately, this means that there are more claims to pay out for these weather related losses  and therefore insurance companies are raising premiums to compensate for that.   2) Everything Costs More Such is the state of the modern day – everything is more expensive than it used to be. Let’s say your house was damaged because of the weather. The emergency clean up services that might need to be called to the scene are more expensive, as are the costs to repair what was damaged. Everything from skilled trades to personal belongings have increased in price – meaning that cheap and cheerful is slowly turning into costly and miserable. Moreover, this isn’t your run-of-the-mill inflation; the rising costs are substantial. Again, this means that when an insurance company pays out a claim, it pays out far more than it would before. Higher claim payments, then, lead to higher premiums.   3) Your Neighborhood Might Be Higher-Risk Data is at the heart of everything these days  and the insurance business is no different. Insurance companies now have a plethora of data available to them. They can use that data to capture trends and analytics from which they base their decisions. A wide range of statistics is used to determine how at-risk a neighbourhood is. In these circumstances, though it may not seem obvious at the surface, it may be possible at the neighbourhood you reside in has increased in risk-factor. This could be down to anything from weather-related events to an increased likelihood of burglary. Different models are created to demonstrate how likely a house is to have some sort of claim depending on the area it’s in; and if your house happens to be in an area that is increasing in risk, your premiums will rise accordingly. So far, these have all been reasons that nothing can really be done about. However, there are a couple reasons that premiums are rising that can be controlled.   4) Home Renovations Renovating your house can be of the best parts of having a house. The added personal touch to turn your house into a home is one we all cherish. However, these renovations come at a cost. Finishing the basement and adding a gym or re-building a top of the line new kitchen are all things that will be beneficial in the long run to add value to your home. This increase in value of your house will also reflect in an increase in the insurance premium as the cost to replace the new renovations at the time of a loss will be higher. It is a double edged sword but it isn’t all bad! There are a multitude of renovations that can be made that qualify the homeowner for a discount in their insurance.[JF1]  For example, upgrading your plumbing, installing a sump pump or backwater valve, or upgrading your electrical system are just some ways that will help you save on your premiums. These renovations reduce risk of flooding and fire. Ultimately, the safer your home, the lower your premium.   5) Claim History Your premiums will always correlate with your claims. If you’ve had a few claims over a small period of time, insurance companies will increase your premiums to compensate. On the other hand, going claim-less over a period of time qualifies many for discounts from their insurance providers. If you take good care of the house and make sure no claims need to be filed because of avoidable damage, then your premiums will begin to come down.   Home insurance can be quite tricky – the fine-print is rather boring; and, after all, who has the time these days to sit through page after page of a mind-numbing policy? This is why we take it upon ourselves to do that for you! Contact one of our licensed insurance advisors today at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloaka9f99bdb2a8d1f3d8b3ea3458ae4857b').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addya9f99bdb2a8d1f3d8b3ea3458ae4857b = 'better' + '@'; addya9f99bdb2a8d1f3d8b3ea3458ae4857b = addya9f99bdb2a8d1f3d8b3ea3458ae4857b + 'hubbardinsurance' + '.' + 'com'; var addy_texta9f99bdb2a8d1f3d8b3ea3458ae4857b = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloaka9f99bdb2a8d1f3d8b3ea3458ae4857b').innerHTML += ''+addy_texta9f99bdb2a8d1f3d8b3ea3458ae4857b+''; or simply call us at 905-696-9090 to inquire about how we can help you save on your insurance.     Source: Economical   More
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Massive Data Breach at Capital One

Massive Data Breach at Capital One
It’s happened again – another massive data breach. It seems that nothing has really changed since the egregious information leaks that happened at Canva and Desjardins. We’ve reported on both and forewarned future attacks and, hey presto, another one pops up! This attack, though, has put millions in danger. Since the vast majority of the data that... was leaked pertained to Capital One’s American consumer-base, the news has revolved around that aspect of the breach. However, approximately 6 million Canadians have been caught up in this attack – and the consequences could be serious. On the Capital One website, it is stated that “About 140,000 Social Security numbers” and “80,000 linked bank account numbers” were leaked. Yet, this information is only relevant to the American consumer. On the Canadian side, things are worse. Capital One claims that over 1 million Social Insurance Numbers of their Canadian credit card customers were compromised. This cyber-crime was perpetrated by an employee – a story very similar to the one behind the Desjardins attack. In fact, as we have discussed in previous articles, employee-related cyber-crimes are the most likely to affect a business whether they are through malicious intent or simple mishaps. With over 1 million Social Insurance Numbers compromised, Capital One has yet to provide an official estimate on the number of Canadian bank accounts that were endangered. For Capitol One, this breach is expected to cost anywhere between $100 million and $150 million for the rest of 2019 alone, with further costs accumulating as the full extent of this breach slowly becomes apparent. Much like the aftermath of the Desjardins hack, there is expected to be legal action taken by the victims against the financial institution – one that could end up costing Capital One hundreds of millions of dollars. Despite being a massive corporation with elite cyber security, the hacker was able to exploit a misconfiguration in the web application firewall – an oversight on the organization’s part. What this demonstrates is that no company is too big for a cyber-attack. The hacks at Canva, Desjardins, and Capital One make the news because of the sizes of the companies and the sheer volume of data that is breached but the reality is that the vast majority of cyber-attacks happen against smaller companies. Ultimately, smaller organization don’t have the resources to fully encrypt and protect all of their sensitive information which allows for increased risk to cyber-attacks and a slower response time to address such attacks. With this being the third major breach in the last couple months, it is easy to see why cyber-security is one of the most crucial aspects of any business. In the modern day, not having protection against cyber-crime is akin to not having health insurance. It is an absolute necessity. Ultimately, this isn’t the first major data breach of the year and it surely won’t be the last. Though smaller attacks on businesses won’t be reported on the news, those attacks will increase in severity and in volume. If you are a decision-maker for your company – or know someone who is – and are not protected against cyber-crime, contact one of our licensed brokers today at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak99a6d3987d85260159fae5312fa5dec6').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy99a6d3987d85260159fae5312fa5dec6 = 'better' + '@'; addy99a6d3987d85260159fae5312fa5dec6 = addy99a6d3987d85260159fae5312fa5dec6 + 'hubbardinsurance' + '.' + 'com'; var addy_text99a6d3987d85260159fae5312fa5dec6 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak99a6d3987d85260159fae5312fa5dec6').innerHTML += ''+addy_text99a6d3987d85260159fae5312fa5dec6+''; or call us at 905-696-9090. We will help protect you.     Source: New York Times, Reuters. More
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Is The Hard Market Here To Stay?

Is The Hard Market Here To Stay?
The basis of all business can be condensed down into the concept of supply and demand. It’s quite simple, really; you have what I want, and I have what you want. Both parties engage in an exchange and, voila, there is business. There has been a lot of talk in the insurance industry lately, though, that there is currently a hard market in place. In... fact, we have weighed in on this ourselves – with our market outlook of 2019 and the subsequent mid-year follow up. So, what is a hard market? In short, it is when supply and demand are in a state of dissonance. There is a high demand yet the supply just isn’t there. That is what is currently happening in the insurance industry – a high demand for coverage with a shockingly low amount of insurers willing to provide said coverage. Why, then, is this? There are a couple of reasons. Firstly, insurance agencies are paying out a record number in claims which has led to the lowest levels of profitability in the last 20 odd years. Moreover, this situation has created fears regarding an elevated insolvency risk; all in all, it is a dire situation at its surface. Yet, the insurance industry has gone through hard markets before and come out on the other end even stronger. So is there really anything to worry about? Is this just another temporary setback? It turns out the answer to that question may be scarier than we’d like to think. The second reason for this hard market, and perhaps the most important one, is that there has been a technological shift – and it may be one that stays prevalent for time to come. In short, the biggest contributor to the state of the current market is data. Insurance has always been a data-based industry; except data has never been this readily available with this level of access before. Technological advancements – as well as the rise of AI – has meant that insurers now have an abundance of data at their fingertips almost instantly. Using this data, agencies have become more hard-lined and impatient. Whenever a pattern of losses seems to emerge, these agencies switch themselves out immediately. In turn, this causes issues for brokers and the people they are trying to help get coverage. One of the biggest concerns at present is the cancellation of contracts. More than half the brokers across the nation, according to a poll that will be published in August by Canadian Underwriter, have experienced contract cancellations due to the nature of this market. Taking a client who has had a contract cancelled to another carrier, though, can be even more challenging because of the apprehension around loss rations. As it turns out, some insurers don’t believe this is a hard-market at all. Monica Ningen, the CEO of Swiss Re Canada, stated that “I don’t personally know if I would call it a hard market … what I would call it is pricing coming back up to something that is a long-term sustainable level.” That, then, seems to be the reality of the market. It’s a game of insurance chess between brokers and insurers – with the right balance being struck the ultimate goal as each keep the other in check. Rest assured, at Hubbard, we will continue the good fight in the name of the client. To learn more about how you can navigate these murky waters, contact one of our licensed brokers now at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak3bc9e97e379e8e8790ddc73296038eea').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy3bc9e97e379e8e8790ddc73296038eea = 'better' + '@'; addy3bc9e97e379e8e8790ddc73296038eea = addy3bc9e97e379e8e8790ddc73296038eea + 'hubbardinsurance' + '.' + 'com'; var addy_text3bc9e97e379e8e8790ddc73296038eea = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak3bc9e97e379e8e8790ddc73296038eea').innerHTML += ''+addy_text3bc9e97e379e8e8790ddc73296038eea+''; or simply call us at 905-696-9090.   Source: Canadian Underwriter More
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