Jewellery Insurance - Why You Need It

Jewellery Insurance - Why You Need It
The value of jewellery is often twofold: monetary and sentimental. Buying an engagement ring can set you back thousands of dollars – but it symbolises love and affection; and that is literally worth its weight in gold. Imagining losing something of such value? Who hasn’t misplaced a ring or some other form of jewellery? Whilst the sentimental valu...e attached to an item can’t be recovered, its monetary value can – and that offers the opportunity to create new memories. Considering the increasingly large amount of money spent on jewellery every year, it’s no surprise that more people are looking to protect such assets. Jewellery rarely loses its monetary value – precious gems and metals almost always become more valuable over time. So, how can you go about insuring your jewellery? Did you know that your jewellery might already be covered? Typical home insurance policies offer a combined coverage for certain valuables. Unfortunately, this coverage is often incredibly limited. It may appear on the surface that insuring something so valuable against theft and damage may come at a high price. After all, people are always losing jewellery or having small accidents that cause damage such as a stone falling out or the glass shattering on your prized watch. The costs to replace or repair the damage can be expensive. Jewellery insurance is perhaps one of the most cost-effective policies that exist today. Typically, the premium for an item of jewellery is 1%-2% of its value per year. Yes, you read that right. That means that insuring a $6,000 ring would only cost $60 every 12 months – something that can be added onto the already existing home insurance policy. Now how can you get your valued jewels and gems insured? It is rather simple and we are here to help. Step one; figure out which items you want to get insured – and, with how economical it is, you may as well do the lot. Step two; appraise the items by a gemologist. Step three; provide that appraisal to use to ensure we insure it to value. This simple three-step process can save your heartache down the line. Invest in jewellery insurance today so that future you can be grateful for saving on the costs of unexpected repair or replacement. To find out more about jewellery insurance and how we can help, contact us today at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloak239233f6129d2c3324628aed2efc9d5a').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy239233f6129d2c3324628aed2efc9d5a = 'better' + '@'; addy239233f6129d2c3324628aed2efc9d5a = addy239233f6129d2c3324628aed2efc9d5a + 'hubbardinsurance' + '.' + 'com'; var addy_text239233f6129d2c3324628aed2efc9d5a = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak239233f6129d2c3324628aed2efc9d5a').innerHTML += ''+addy_text239233f6129d2c3324628aed2efc9d5a+''; or simply call us at 905-696-9090.   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('cloak78b91261d52401c490cb660bcbcda169').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy78b91261d52401c490cb660bcbcda169 = 'better' + '@'; addy78b91261d52401c490cb660bcbcda169 = addy78b91261d52401c490cb660bcbcda169 + 'hubbardinsurance' + '.' + 'com'; var addy_text78b91261d52401c490cb660bcbcda169 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak78b91261d52401c490cb660bcbcda169').innerHTML += ''+addy_text78b91261d52401c490cb660bcbcda169+''; 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('cloaka0f95d9bc8fe6d27c5ecfdcb49a3d546').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addya0f95d9bc8fe6d27c5ecfdcb49a3d546 = 'better' + '@'; addya0f95d9bc8fe6d27c5ecfdcb49a3d546 = addya0f95d9bc8fe6d27c5ecfdcb49a3d546 + 'hubbardinsurance' + '.' + 'com'; var addy_texta0f95d9bc8fe6d27c5ecfdcb49a3d546 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloaka0f95d9bc8fe6d27c5ecfdcb49a3d546').innerHTML += ''+addy_texta0f95d9bc8fe6d27c5ecfdcb49a3d546+''; 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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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('cloak68b54a2a4cf627dd7c70bb44aa8b513d').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addy68b54a2a4cf627dd7c70bb44aa8b513d = 'better' + '@'; addy68b54a2a4cf627dd7c70bb44aa8b513d = addy68b54a2a4cf627dd7c70bb44aa8b513d + 'hubbardinsurance' + '.' + 'com'; var addy_text68b54a2a4cf627dd7c70bb44aa8b513d = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloak68b54a2a4cf627dd7c70bb44aa8b513d').innerHTML += ''+addy_text68b54a2a4cf627dd7c70bb44aa8b513d+''; or simply call us at 905-696-9090.   Source: Canadian Underwriter More
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The One Big Reason You Need Personal Umbrella Coverage

The One Big Reason You Need Personal Umbrella Coverage
When insurance is mandatory and straightforward, it’s pretty easy to buy into. This is why auto, home, and health insurance are as popular as they are. They all make sense – if something happens to your car, home, or body and mind, then you will be covered. Yet, there is another kind of insurance that makes just as much sense – if not more – than ...the aforementioned three; but it seems to be lacking in popularity. Is this an awareness issue? Is it just too complicated? The type of insurance we’re talking about is called Personal Umbrella Coverage. Long story short, this type of policy offers more coverage for less money. Sounds pretty awesome, right? So, what is personal umbrella coverage? Essentially, it is a type of extra liability insurance that goes above and beyond the limits of a typical home and/or auto policy. This policy offers protection against lost income and legal fees associated with claims – in some cases, even for incidents outside of Canada. It is, at its core, a way to protect your savings and assets – it acts as a failsafe when everything else goes wrong. And something is bound to go wrong. Why, then, is it not as popular amongst people? One major reason is that there is a prevalent attitude of “oh, it wouldn’t happen to me” in modern society. Except, it is more likely to happen to you than you may realise. Take auto insurance as an example. It would be unthinkable to drive around without insurance – even if it wasn’t mandatory. As discussed in a previous blog, the roads are getting more dangerous and premiums are definitely on the rise for a multitude of reasons. In fact, there are over 160,000 accidents that occur on a yearly basis in Canada. Now, what if instead of 160,000 accidents occurring, over 625,000 occurred? That is the number of active lawsuits in Canada since 2017/2018. Yes, you read that right – there are, as recent figures suggest, 625,181 active lawsuits currently in Canada. That’s 1,713 lawsuits every day – 71 every hour. Immediately, it becomes clear that coverage against losses incurred from a lawsuit might be more necessary than first thought. The even bigger worry is that trends point towards increasing lawsuits being filed as the years go on. 2014 saw 596,000 lawsuits – and there has since been an increase every year until the latest figures were released. Five straight years of increased lawsuits puts into numbers what many have already noticed – society is becoming more sue-happy by the day. One of the major contributors for this is social media. It has never been easier to accuse someone of libel, slander, or breach of privacy and these are no longer just idle threats. Whether someone is going after you with malicious intent, or if you made a mistake, or even if it was all a misunderstanding – the bottom line is that you are at risk. Another contributing factor has been hosting events. Whilst throwing a party seems like a fun, harmless act, the reality is that there is an increase in lawsuits arising from such situations. Alcohol is often at the centre of these events and once pets, children, or even strangers get involved – it can be a recipe for disaster. Lastly, personal umbrella coverage is also incredibly useful as an add-on to auto insurance. A lot of the time, base policy limits are low and are insufficient to cover long-term care and loss of future income. Claim payouts get eaten up quickly and then things become desperate. On the other hand, being the liable party in this scenario is just as destructive – the losses incurred are often astronomical. Having personal umbrella coverage, though, can offer a great deal of protection against any such situation. Don’t wait, contact one of our licensed brokers to find out how you can benefit from personal umbrella coverage. Email us at This email address is being protected from spambots. You need JavaScript enabled to view it. document.getElementById('cloakb216b7930fbb1526108253f7f63fbba0').innerHTML = ''; var prefix = 'ma' + 'il' + 'to'; var path = 'hr' + 'ef' + '='; var addyb216b7930fbb1526108253f7f63fbba0 = 'better' + '@'; addyb216b7930fbb1526108253f7f63fbba0 = addyb216b7930fbb1526108253f7f63fbba0 + 'hubbardinsurance' + '.' + 'com'; var addy_textb216b7930fbb1526108253f7f63fbba0 = 'better' + '@' + 'hubbardinsurance' + '.' + 'com';document.getElementById('cloakb216b7930fbb1526108253f7f63fbba0').innerHTML += ''+addy_textb216b7930fbb1526108253f7f63fbba0+''; or simply call us at 905-696-9090. Why not obtain more coverage for less money?     Source: Canadian Underwriter. More
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