Well, maybe some of you know these things, but they might be a surprise to many others. Travel insurance can be purchased for a number of situations, including single trips or frequent travel. Policies can also cover trips to other countries or just trips to another province within Canada. Your policy can fit nearly any needs you may have just about anywhere you might want to go.
 
Pre-existing conditions may be covered. This is one coverage area where you’ll want to ask questions, read the fine print, and be forthright in disclosing any pre-existing medical conditions you may have. It’s possible that you can purchase a policy to meet your needs — including coverage for pre-existing conditions — but you don’t want to find out that you’re not covered after you’ve left for your adventure. Explain your needs to your broker so you can secure the right type of coverage.
 
Your travel insurance policy may cover additional living expenses. If this hasn’t happened to you when traveling, then it’s probably happened to someone you know: your flight is delayed or cancelled due to bad weather, and it’s not just a passing storm. You’re stuck for a while. The good news is that many policies provide a daily allowance for restaurant and hotel expenses while you’re away from home and an emergency prevents your return.
 
You can extend your coverage if your trip is extended. Many Canadian travelers purchase coverage for the duration of their trip — but sometimes, you might want to stay a bit longer. Ask your broker if you can extend the policy length if you decide to enjoy a few more days of fun in the sun.
 
Frequent travelers can save with an annual plan. If you only travel once a year, a single trip plan is likely to be the best value, but if you travel outside of your province or outside Canada more than twice a year, ask your broker about a multi-trip annual travel insurance plan. You’ll figure out a good use for the money you can save. It’s your vacation, after all.

Most types of insurance have a deductible, which is just the insurance term for the part of the claim that you are responsible to pay. You can think of a deductible as a form of self-insurance, at least for smaller losses.

Deductibles are found on auto insurance, which has two deductibles – one deductible for comprehensive coverage and a second deductible for collision coverage. Your homeowners or renters insurance policy also has a deductible. Auto insurance deductibles tend to be smaller than home insurance deductibles but can be higher depending on how your policy is structured.

Why choose a higher deductible?
The advantage of choosing a higher deductible is that a higher deductible will usually result in lower insurance premiums. In effect, you’re choosing to accept more financial responsibility for smaller losses, so your insurer charges less for your insurance. However, choosing a higher deductible also has risks because if you do have a loss, the deductible is real money that must be paid to repair your car in the event of an auto claim, or to repair your home for a homeowners insurance claim.

Your deductible is a real expense
Auto insurance claims and home insurance claims are usually surprises, but not the fun kind. An accident or loss can happen at any time, regardless of whether you have room in the budget for the extra cost that month. Choosing a deductible higher than the amount that you have saved or have easily accessible to you can create an instant cash crunch, which could affect your budget for months going forward.

One solution is to put some money aside each month to pay for your deductible if you have a claim. You can raise the deductible amount for your insurance policy as your savings increases. This can lower your premium even further.

Learn how much you’re saving
It’s important to understand how much you’re saving when choosing a deductible amount. The amount you save on your auto insurance premium, for example, by raising your collision deductible will be different than the amount you save by raising your comprehensive deductible. The comprehensive deductible may not move the needle much on your insurance premium. If that’s the case, raising the deductible for comprehensive coverage simply excludes you from smaller claims, like a cracked windshield, without providing any meaningful savings.

From another perspective, your deductible can also be viewed as a way to keep your premiums lower by preventing smaller claims. Insurance premiums are charged based on risk and your claims history is a big part of determining your premiums going forward. If you do have a loss, for example, a parking lot fender bender, you might consider paying for the damage yourself if the cost of the repair is close your deductible. If your collision deductible is $500 and the cost of the repair is estimated at $750, it might be less expensive in the long run to pay the $750, which is only $250 over deductible, rather than see your rates increased due to adding a claim to your claims history.

Your insurance broker can work with you to help you understand the effects of a higher or lower deductible on your premium so you can make an educated decision and structure your policy to match your budget.

The first home insurance policies protected homeowners against losses due to fires – and that was pretty much the only protection provided by those early policies. Homeowner insurance policies have come a long way, now offering comprehensive coverage for the most common risks to your home and personal property -- and even providing coverage for certain personal liability lawsuits. However, there may still be a few things you can do to provide even better protection to your home, your belongings, and your wallet.

Consider your personal liability limits – and your risks
The majority of home insurance and tenant insurance policies provide personal liability coverage. The easiest way to understand personal liability is to use examples, such as a dog bite that injures a visitor or if someone slips and falls at your home, resulting in an injury. Your personal liability coverage is more expansive than those limited examples though. It's also separate from the liability coverage you have for your car insurance.

Liability is about paying for the loss incurred by others when you are at fault. These losses can include a vast array of expenses. Fortunately, raising your liability coverage limits the is one of most affordable changes you can make to your insurance coverage.

Business considerations & home businesses
When you have a business – even a home business – your liability for business-related activities may not be covered by your personal liability coverage. Insurers see business risks as different from personal risks and there’s very little overlap between the two areas of insurance. Speak with your broker to learn your options to protect your business and to protect yourself.

Is an Umbrella Policy right for you?
An umbrella policy or personal excess liability insurance policy can be a great way to extend your liability coverage for a number of risks. If you have a pool or trampoline, or even if you serve as a volunteer, this coverage can provide protection to supplement your home insurance liability coverage. Personal liability losses are usually measured in thousands of dollars – but they can reach into the millions in some cases. If your existing coverage isn't enough to cover your potential liability, one claim could put your assets and future earnings at risk.

Your legal expenses are covered
When someone is injured or claims to be injured, it doesn’t automatically mean you are liable. If there is any question of liability, the cost of your defense is included in your coverage as well as the cost if the settlement, up to the limits of your policy. The cost of your defense alone can be staggering, showing how important liability coverage is. Liability lawsuits can happen to even the most careful of people, whether you own your home or rent your home.
​
Experts recommend that you review your coverage every 12 to 18 months, but there’s no need to wait if you have questions. Reach out to your broker to review your coverage.

Active Insurance & Financial Group is growing! You asked and we listened! 
 
We are happy to announce that we have partnered with The Mortgage Centre, one of Canada’s leading and most established mortgage brokerage networks, to offer our valued clients mortgage services. Mortgages are not a one size fits all solution – we’ll have Canada’s leading lenders compete for your mortgage, then we’ll provide unbiased advice so you get the mortgage that’s right for you.

WHY WORK WITH OUR TEAM OF MORTGAGE SPECIALISTS?

INDEPENDENT ADVICE. Because we provide mortgages from various lenders, you're not tied to one lender or one type of mortgage.

MORE MORTGAGE CHOICES. Through our Mortgage Market technology, we have electronic access to major lenders in Canada, so we're able to show you a wide range of rates and features available to you.

WE WORK HARD TO GET YOU A COMPETITIVE RATE BY LEVERAGING OUR WIDE LENDING NETWORK. Fast, convenient, local service. We are here to keep your mortgage moving forward. What's more, you're working with a local business person with ties to the communities where they do business.

SPECIALIZED KNOWLEDGE. Through training and certification, we have a good understanding of available products, features, and rates. We're also great at explaining the sometimes complex industry-specific language in everyday terms, so you know exactly what you're getting into.

REPUTABLE LENDERS. We deal with reputable and established Canadian financial institutions. Plus, we have access to mortgage specialist-only lenders who offer competitive rates and features that you may not find at your local financial institution.

CONTACT OUR SPECIALISTS TODAY FOR MORE INFORMATION OR A FREE MORTGAGE CHECK-UP!

Direct: 647-475-4739  
Email: mortgages@activefinancial.ca
Website: www.activeinsurance.ca

 WE ALSO SPECIALIZE IN:
● FIRST TIME BUYERS
● PURCHASES
● TRANSFER / SWITCHES
● REFINANCING
● DEBT CONSOLIDATION
● HOME EQUITY LINE OF CREDIT
● EQUITY TAKE OUTS
● NEW TO CANADA
● BUSINESS FOR SELF / SELF-EMPLOYED /      STATED INCOME 
 
Diane Thompson
Mortgage Agent License #M08006052
 
In partnership with:
Joseph Trimboli
The Mortgage Centre - I direct Mortgages Inc.
Brokerage license number #10584