Mackay Insurance Blog
Renter Insurance vs Tenant Insurance: Which Type Do You Need?
“Renter insurance” and “tenant insurance”...These two terms sound very much alike, but are they the same thing?
This is a great question!
Actually, here in Canada, renter insurance is not the same thing as tenant insurance. And you really do need to know the difference in order to be sure you are purchasing the correct policy type for your specific needs.
In this post, we break down the definitions of each insurance product, what renter insurance covers vs. what tenant insurance covers, and how to know when to purchase each!
Tenant Insurance vs. Renter Insurance: Definition of Terms
Tenant insurance is insurance that protects you while you are renting a home, condo, apartment or other type of living quarters.
You would want to purchase tenant insurance in order to protect your belongings from loss, theft, damage or destruction while you are living in a rented space.
Renter insurance is a term used to make your existing insurance carrier aware if you are renting out part of, or all of your home.
You would want to purchase renter insurance if you have, or are planning to have, a renter, lodger, AIRBNB or long-term boarder living on your primary or secondary property.
What Does Renter Insurance Cover?
Renter insurance is a special type of insurance product that is designed to provide property, liability and possible contents coverage for a number of perils.
Your renter would be responsible for their own tenants coverage, which provides protection for their own contents as well as liability coverage.
What Does Tenant Insurance Cover?
Tenant insurance is designed to provide coverage for personal property and possessions (items inside your rented space) only as well as liability protection.
Here, the property owner or landlord typically carries a separate insurance policy to protect the property and structure itself.
As the tenant (renter), your tenant insurance policy covers what the landlord's policy does not cover.
Examples of the types of items a typical tenant insurance policy will cover include:
- Musical Instruments
- Sports Equipment
Who Needs to Carry Renter Insurance?
Renter insurance is an insurance product designed with property owners in mind.
For example, let's say you have a home that includes a garage apartment or furnished basement that you rent out to tenants. Alternately, perhaps you rent out a room or suite in your home to a lodger or boarder.
You would want to carry a renter insurance policy as an add-on to your homeowner's insurance policy that protects you from liability related to your tenant's presence or personal possessions on your property.
Many people insure their homes as a principal homeowners policy and the company is not made aware that any portion is being rented. This could put the entire policy in jeopardy!
Who Needs to Carry Tenant Insurance?
Tenant insurance is an insurance product designed with renters, lodgers and boarders in mind.
For example, let's say you are paying rent to live in a traditional apartment, garage apartment, condo, basement, room or suite. Your landlord has homeowner's insurance to cover damage or destruction for the premises and structures.
But that policy doesn't protect you or your property!
You would still need to carry your own tenant insurance in order to protect anything you store inside your rented space, so if something happens you have coverage to replace damaged, lost or stolen items.
In addition, you may need coverage if you cause damage to the property or premises - even if you had no intention to cause harm.
One of the most common examples of unintentional harm is fire damage that results from an unattended burning candle or cigarette. Another common example is pipe damage caused by flushing impassible solid matter down a commode.
Finally, you may need to carry tenant insurance to cover costs for a temporary relocation if your unit or living space is damaged or destroyed.
How to Know How Much Tenant Insurance You Need?
When you are selecting your level of tenant insurance coverage, consider your needs in these key areas:
Contents (personal property)
Figuring out how much coverage you need for contents is as simple as calculating the value of your personal property.
For example, how much would it cost to replace your computer, phone, clothing and furniture? Be sure to consider what it would cost you to replace the item versus how much that item is currently worth after adjusting for deflation.
Third Party Liability
In most cases, third party liability coverage starts at $1,000,000. However, for only around $25 a year more, increasing this to a $2 million policy offers far more protection.
Additional Living Expenses (temporary relocation)
To calculate how much coverage you need for additional living expenses, consider what you would have to pay in rent and bills to temporarily relocate if your current space became uninhabitable.
What is the going rate for rent in your area? This should be your baseline for coverage.
Mackay Is Your Belleville Tenant Insurance Expert!
Reach out to your friendly and knowledgeable Mackay Insurance brokers to request a FREE QUOTE on affordable renter’s insurance and tenant insurance!
How To Obtain Camper Trailer Insurance For Your Summer Camping Plans This Year!
The great outdoors has always been great. But in the wake of the global pandemic, being outdoors has become positively spectacular.
This year, getting outdoors is the safest way to have fun, de-stress and see other actual human beings again.
And one of the best ways to get outdoors is to go camping with your COVID bubble or social pod!
As the warm season approaches in earnest, it will soon be time to pile your tents and all your gear into your camper trailer and head for one of the lush and lovely scenic sites Canada is known for.
But before you hit the road, there is one thing you absolutely don't want to forget to do. Be sure to insure your camper trailer! Learn everything you need to know to get the best deal on camper trailer insurance in this post.
What Is a Camper Trailer?
There are four basic types of trailers.
1. Classic Pop-Top Camper Trailer
This is often dubbed the "pop up trailer" because when the tent portion is stowed away out of sight, it looks like a small rectangle on wheels.
But pop the lid and voila! You've got a really neat, multifunctional cross between an RV and a tent.
2. Hard Top Trailer
Hard top trailers are also called teardrop trailers, standup trailers, compact hard wall trailers and variations of the same.
These are extremely small, lightweight hitch trailers with a small footprint. Many can take you into the backcountry!
3. Fifth Wheel Trailer
If you imagine the exact opposite of a compact, lightweight camper trailer, what you have is the fifth wheel trailer.
Fifth wheel trailers are basically like little homes on wheels. Some are spacious enough for families to live full-time, but others are used more seasonally. They attach to a suitable vehicle for hauling by means of a special mounted coupling.
4. Cottager Trailer
A cottager trailer is essentially either a fifth wheel trailer or a traditional trailer that has been mounted semi-permanently or permanently on some type of foundation.
What Is Camper Trailer Insurance?
Fundamentally, camper trailer insurance is a type of insurance product that protects a towed, non-motorized, recreational vehicle.
And now that you have a better picture of all the different types of recreational vehicles that this definition applies towards, it will make more sense when we tell you that camper trailer insurance is not just one product.
Rather, it is a suite of products offering different types and levels of insurance coverage for different needs.
In most cases, camper trailer insurance policies and riders can be customized to reflect add-ons and modifications (such as a sunroom or deck) that may be unique to your specific camper trailer.
How to Choose the Right Camper Trailer Insurance
How do you know what type of camper trailer insurance policy you need to protect your investment?
This is what we recommend.
1. First, verify your camper trailer's value.
The best place to start is to verify your camper trailer's current market value. You want to know how much your investment is worth.
Some of our clients have been surprised to discover that, far from depreciating over time, their camper trailers have actually appreciated in value as a result of the pandemic.
2. Next, identify your usage patterns.
Are you living in your camper trailer seasonally or full-time? Do you envision using it for occasional weekend getaways throughout the summer? Perhaps you plan to take it on an extended trip cross-country or internationally.
Where will you park it? How will you secure it? What possessions or valuables will you bring with you? Will you have any pets on board?
The answers to each of these questions give you a better idea of your financial exposure if your camper trailer and its contents is not adequately insured.
3. Match your camper trailer with the right method of insurance coverage.
Let's say you have a cottager (stationary) camper trailer and you live in it seasonally or full time.
In this case, rather than purchasing a standalone camper trailer insurance policy, you would want to modify your homeowners insurance policy to reflect the new addition.
If you have a lightweight pop up or hard top camper trailer that you haul with your commuter vehicle, you may have partial liability coverage through your auto insurance policy. But typically this only applies when the camper trailer is physically attached to the hauling vehicle.
In this case, you would want to look at whether adding a rider on to your existing auto insurance or homeowner's insurance policy would provide enough coverage. Alternately, you may find that purchasing standalone camper trailer insurance ends up being both more comprehensive and more affordable.
Finally, if you have a fifth wheel camper trailer, you will most likely need to purchase a complete standalone camper trailer insurance policy to obtain the level of coverage required to fully protect your investment and your family.
Camper Trailer Insurance Coverage Options
Camper trailer insurance coverage is flexible enough to reflect different usage patterns, garaging options and special risks related to a camper trailer's shape and size.
The major categories to consider include the following:
- Comprehensive and collision coverage
- Liability coverage
- Accessories (attachments) coverage
- Emergency coverage
Call Your Mackay Broker For Belleville Camper Trailer Insurance
We predict this will be the summer of the camper trailer - and you don't want yours to be uninsured! A camper trailer is a high value investment that needs to be protected from loss, theft and damage.
Get in touch with your friendly, knowledgeable brokers at Mackay Insurance by phone or email today. We will help you get the best deal on affordable camper trailer insurance so you can get back to planning your summer camping adventure!
COVID-19 Premium Relief for Auto Insurance Customers in Ontario
COVID-19 threw the whole planet a wildly unanticipated curve ball. Every industry has been impacted - some for the positive, but the majority for the negative.
For the most part however, it is individuals and families who have been hardest-hit by the pandemic.
From job pauses to outright losses, skyrocketing expenses with plummeting income streams, illness to the ever-looming threat of COVID-related fatalities, our stress levels and our bottom lines often feel inversely related.
Starting this quarter, some insurance companies are taking action to offer their loyal customers some relief.
At Mackay Insurance, we want to keep you informed about your options if you have fallen (or anticipate falling) upon financial hardship due to COVID-19.
This post has the latest auto insurance information!
Auto Insurance Companies Are Leading the Pack in Providing Premium Relief
We wish all insurance providers were as proactive and dedicated as the auto insurance industry in taking action to provide premium relief options.
Auto insurance Companies are stepping up to the plate and it is a welcome development.
As of this month, Intact Insurance is offering their customers one month of outright premium relief, due to COVID-19 related financial hardship.
It is also quite easy to qualify! Here is what you need to do:
- Download the Mackay Insurance free app (if you haven't done so already) and log in.
- You may also log in to your online account using any web browser.
- Select your auto insurance policy with Intact Insurance.
- Log in to your Intact Client Centre portal.
- Answer a single question to qualify for one month of auto insurance premium relief.
Additional Auto Insurance Companies Offering Relief Due to COVID-19 Financial Hardship
Exactly one year ago this month, we devoted an entire blog post to various COVID-19 related options you can pursue to reduce your auto insurance premiums.Many of these options are still on the table for the majority of our auto insurance customers.
Contact your Mackay Insurance broker to review your current Belleville car insurance coverage and explore options to reduce your premium payments.
As of this month, in addition to Intact Insurance, several other insurers have announced measures that may alleviate the financial burden of auto insurance coverage due to COVID-19.
Here are a few leading examples of how auto insurers are continuing to provide financial relief to customers in 2021.
Gore Mutual: the company continues to offer rate decreases and discounts. They offered a 1 time rebate of 20% reduction of 3 months premium as well as an overall 5% reduction
Economical: the company announced premium savings and a rate relief for eligible customers during the spring of 2020
CAA: the company announced a COVID-19 package that will provide more than $130 million in relief to customers impacted by the pandemic.
Western Assurance: that RSA will be implementing a rate decrease for Ontario personal auto customers on a temporary basis effective October 1, 2020 to June, 30, 2021 for 4%
To find out if your insurer is offering payment deferrals, skip-a-pay programs, additional discounts or incentives due to the continuing COVID-19 crisis, just contact your Mackay Insurance broker using any of the contact options you find on our home page.
Has Your Life Changed Due to COVID-19? Your Insurance Should Too!
Many of our Mackay Insurance customers have experienced minor or major upheavals to "life as usual" due to the ongoing global pandemic.
These are some of the most commonly reported life changes that may trigger a reduction in insurance policy rates and premiums as well as changing insurance needs:
- Became unemployed.
- Changed jobs or careers.
- Added a part-time job (in addition to an existing job).
- Started working from home.
- Started a small business (outside or inside the home).
- Changed driving habits.
- Kept seasonal cottage or property closed all year.
- Rented out your home and relocated to a new space and/or place.
- Sold a home and/or bought a home.
- Downsized living quarters.
- Divested assets such as rare, antique or collectible possessions.
- Welcomed a new family member (whether infant or elder).
- Added a new driver (whether partner or teen).
- Sold or acquired recreational property or vehicles (boat, RV, off-road vehicle, etc).
- Sold or acquired a vehicle.
- Became a homeowner or renter.
- Moved back home to live with extended family.
If you have recently experienced any of these or other types of life changes, it is definitely the right time to contact your Mackay Insurance broker to review your current insurance coverages.
In many cases, we are able to help our customers lower premium payments, take advantage of additional or emerging discounts, save with multi-policy discounts or family discounts and other money-saving strategies.
You won't know how you may save unless you ask!
Spring Means Cottage Season and Recreational Vehicle Use
It is true that our weather doesn't exactly feel like spring yet. But many of us are already starting to think about opening up our seasonal cottages and taking our seasonal recreational vehicles out of storage.
According to recent media reports, demand for seasonal cottage rentals is at an all-time high this year.
If you have plans to rent out your cottage and/or your recreational vehicles, or you plan to allow cottage tenants to use on-site recreational vehicles (including watercraft), you need to contact your Mackay Insurance broker right away.
In some cases, you may void your cottage insurance entirely if you are not carrying the proper coverages for longer-term or more frequent cottage rentals.
Your Mackay Insurance broker can review your coverages to better protect your cottage and vehicle investments.
Mackay Is Your Trusted Belleville Car Insurance Broker
Spring is a great time to review your current Belleville car insurance coverages and other insurance coverages, in order to make sure that you are taking full advantage of all available policy discounts - including COVID-19 related relief.
Get in touch with our Mackay Auto Insurance brokers by phone, or email us to schedule a virtual appointment. Ask us about our safe contactless insurance estimates, invoicing and payment options.
Do You Have Insurance for Emergencies and Natural Disasters in Canada
No matter where you look in the world today, it seems emergencies of all types are on the rise.
Changing weather and climate conditions, overloaded power grids in densely populated urban areas and an aging population are not a recipe for peace and ease, especially when the unexpected happens.
Add in a side order of COVID-19 and suddenly you may be wondering if you need additional insurance to protect your family or business from all the unknowns!
If this has been on your mind of late, your friendly Mackay Insurance brokers in Belleville crafted this post especially for you!
Insurance for Natural Disasters in Canada
Snow and ice. Wind and rain. Heat and humidity. Wildfires.
Canada may be best known for our winter sports and ski slopes, but the truth is, we get all kinds of weather events here in the far north.
And each type of natural disaster has its own perils, which is what the Canadian insurance industry calls an event that may be covered under an insurance policy or optional rider.
So, let's take a closer look at how natural disaster insurance works.
The Four Key Elements of Natural Disaster Insurance in Canada
There are four key elements that influence whether, how and how much insurance coverage may be available for different types of natural disasters, including weather events.
These are the four major factors you can discuss with your Mackay Insurance broker in Belleville.
1. The specific category of natural disaster.
While there is no single universal insurance policy that will simply cover you for everything, everywhere, all the time (wouldn't that be wonderful!), there actually is quite a for more coverage options than most people realize.
Let's take a look at the major weather events that are typically covered if you have the right type of insurance policy or rider:
- Fire (insurance coverages for home fires or wildfires).
- Ice and snow (including insurance coverage for frozen/burst pipes).
- Hail (damage coverages to vehicle roof damage).
- High winds (insurance coverage for damages caused by high winds)
- Rain (including insurance coverage for water damage caused by structural and roof leaks).
- Weather events (including insurance coverages for hurricanes, tornadoes etc.).
There are some types of weather related natural disasters that are typically excluded from insurance coverage protection, including these categories:
- Flooding (from natural overland flood events).
More on this in the very next section here.
2. The area where you live and/or work.
It probably won't surprise you to learn that different geographic areas may have different insurance coverage options for natural disasters.
For example, if you live in a flood plain, your options for flood insurance will typically decrease because this is a known peril associated with choosing to live in that specific area or region.
This is not to say you have zero insurance coverage options, although sometimes this is the case. The best way to find out is to contact your Mackay Insurance broker in Belleville to talk through your concerns and coverage options.
3. The coverage options based on your property type and personal circumstances.
In a similar way, the type of structure you own and the property it sits on can influence what insurance coverage may be available for certain categories of weather events and natural disasters.
Also, the age of your building or home and its value (based on the estimate) will have an impact on coverage options and their costs.
4. The insurance provider you select.
Last and certainly not least, different insurance providers may offer a different menu of coverage options for your specific concerns, or perils.
While many aspects of the entire insurance industry here in Canada will be regulated at the provincial level, insurance providers do have some flexibility to bundle or package their coverage products differently.
Some insurance providers may opt not to offer certain types of coverage while others may choose to specialize in certain categories of insurance coverage.
This is where it really pays to talk with your Mackay broker and shop around until you find the insurance provider with the right suite of insurance policies and riders that meets your specific needs!
Don't settle for the first or even the second natural disaster insurance quote you receive.
It is very smart to ask your Mackay Insurance broker to gather several quotes and estimates. This way, you get a good sense for what the current insurance marketplace is offering and which provider gives you the best coverage for the right price.
Don't Forget About Disaster Coverage For Your Home Insurance, Car Insurance and Life Insurance
There are three other places you don't want to forget about when searching out the most comprehensive coverage for emergencies and disasters.
All three types of policies typically offer a certain level of coverage, plus optional riders to address the unexpected.
For home insurance, an example might be a sudden and accidental burst pipe that causes water damage.
For vehicle insurance, an example might be coverage for an unexpected hail storm that cracks your windshield.
For life insurance, an example might be accidental injury from being caught out in severe weather.
NOTE: This does not usually include work-related incidents, for which you will need to look at specific business insurance riders that are relevant to your industry and type of business.
2 Steps to Get the Right Type of Canada Emergency and Natural Disaster Insurance
Here is the best way to find the right insurance coverage.
1. Make a list of your specific concerns and needs.
2. Make an appointment to review this list with your Mackay broker.
Get in Touch With Your Belleville Ontario Mackay Insurance Broker
Get in touch with us by phone or email us to schedule a virtual appointment. Ask us about our safe contactless insurance estimates, invoicing and payment options.
Protect Your Company from Cyber Crime With the Right Business Insurance
The worldwide pandemic has followed us straight into 2021.
While the disruption to our personal lives has been significant, COVID-19 has also caused equal upheaval in business sectors.
Here is one example: many people have now transitioned to working from home indefinitely or even permanently.
Whether you are running your own company from home or working to launch a new business while we shelter in place, it is important to know that the risk landscape for business owners has also changed due to COVID.
While cyber crime was already a top concern for businesses of all sizes prior to 2020, in 2021 it ranks in the top two risks for businesses today.
In this article, our Mackay Insurance brokers walk you through what you need to know and do to protect your startup, solopreneurship, small business or corporation with appropriate cyber liability insurance coverage.
Cyber Crime Is On the Rise In Our New Remote Workforce
The Insurance Bureau of Canada recently reported on how the sharp increase in Canada's remote workforce has delivered a correspondingly sharp increase in cyber crime.
Cyber criminals are targeting businesses of all shapes and sizes with attacks designed to snag sensitive data and exploit it.
Why now, you may be wondering?
The reason is simple.
Most companies have been forced to make rapid pivots to accommodate emergency lockdown measures. As such, employers and employees alike have been making use of personal devices to access secure servers from remote locations.
While this represents a risk management headache for your company, it represents an exciting new opportunity for cyber criminals.
The more devices used to access secure servers to upload, edit, download and share sensitive documents and information, the more vulnerable entry points get created all along the data pipeline.
Skilled cyber criminals can make use of these new vulnerabilities to hack into your networks and leak, steal, compromise or destroy confidential data.
There are two main methods you can use to cope with this unavoidable business risk:
Improve your online security protocols.
Add a cyber liability insurance policy to your business insurance coverages.
For new business owners in particular, it may be helpful to know that the first step to improving your online security is assessing the risks.
The risks you identify will drive the types of security protocols you choose to implement.
As an Insurance company, assessing risks is what our Mackay Insurance brokers do every day! Read on to learn about cyber liability insurance, what it is, what it offers and how to choose a policy.
What Is Cyber Liability Insurance?
While the name makes its purpose seem obvious, it is important to first talk about what cyber liability insurance (sometimes called cyber crime insurance) is and also what it is not.
Cyber liability insurance is an insurance product designed to protect your business from the financial impact of a data breach.
Here are just a few examples of how your company can be negatively impacted financially as a result of a data breach:
- Loss of income.
- Loss of customers.
- Loss of time.
- Loss of reputation.
- Loss of licensing and credentialing necessary to do business in your industry.
What Does Cyber Liability Insurance Cover?
As we mentioned here earlier, cyber liability insurance is designed to cover a standard menu of protections.
But if you need different or extra protections, most insurers provide additional insurance coverages on a per-protection basis.
It is important to know that, like most insurance products, cyber liability insurance often comes with a deductible - an amount your business must pay out of pocket before your benefits kick in.
These are the two types of coverages a basic or standard cyber liability insurance policy will typically offer you. Our Mackay Insurance brokers in Belleville have labeled these below for our business owners:
First Party Coverage
First party coverage reimburses your company for internal operating expenses you incur related to dealing with the data breach.
Here are some examples of how first party coverage can protect you after a data breach:
- Cost reimbursement to restore your electronic systems or compromised data.
- Reimbursement for loss of income while you deal with the breach.
- Cost of extortion payments and expenses related to that.
- Reimburse you for the expense of notifying affected parties.
- Reimburse you for reputation management following the breach.
Third Party Coverage
Third party coverage reimburses your company for expenses arising from claims made against you by those injured through the data breach.
Here are some examples of how third party coverage can protect you after a data breach:
- Claims made by customers whose private sensitive data was exposed or stolen due to the data breach.
- Claims made by regulatory agencies in the form of fines or penalties your company must pay due to the data breach.
- Claims made by customers, vendors, partners or other companies whose private data was made public due to the data breach.
Here, it is vitally important to review the "covered perils" in any cyber liability insurance policy you consider purchasing.
This is because if your company incurs any claims or expenses from cyber crime that falls outside of the covered perils, the policy will not cover those costs.
Do You Need Help Choosing Cyber Liability Insurance in 2021?
Do you work from home, own a home-based business or allow your employees to work remotely? Our experienced Mackay Insurance brokers can help you identify the right level of cyber liability coverage for your company and industry.
Customized cyber liability insurance can help your company pivot safely and securely in the new virtual workplace.
NEW! Get Valuable Multi-Policy Discount Savings with Mackay and CAA
Now you can qualify for multi-discount savings when you sign up for a CAA membership through Mackay Insurance.
Claim your discounts HERE!
Get in Touch With Your Belleville Ontario Mackay Insurance Broker
Get in touch with us by phone or email us to schedule a virtual appointment. Due to the current stay at home order, our offices remain closed to walk-in visits until further notice.
Starting a New Business During COVID? Protect Your Startup With The Right Insurance
It might seem counterintuitive to launch a new business venture during an unprecedented global pandemic.
For the millions who have been downsized during this past year, as well as for workers who can't get enough hours to make ends meet, launching up a startup is starting to look smarter and smarter.
The truth is, Canadians have a history of thriving during challenging times. Crisis can be the stuff of world-changing creativity and innovation.
And while insurance isn't the most exciting part of this type of venture, this is definitely not the year to start a new business without it.
If you are considering the launch of a new business or are already deep in the startup stage of a new business, this is definitely the article you want to read. Mackay Insurance in Belleville provides small businesses with the right insurance during the COVID-19 pandemic in Ontario.m Let’s make sure that your new business is fully insured and your investment is protected in 2021!
New Business Startup Insurance: Cover Your Bases With Mackay Insurance
Starting a new business will always require business insurance. This is one thing that COVID-19 has not changed.
However, as we mentioned in the introduction here, what has changed due to COVID-19 is the number of workers who are launching businesses for the very first time.
So this section gives you a quick overview of business insurance basics you need to address to protect your hard work and investment.
These are the three basic categories of business insurance coverage that every small business (whether home-based or not) should consider:
1. General (commercial) Business Liability
Commercial liability insurance for businesses covers injuries that occur on the worksite. It sometimes also covers legal fees as a result of such injuries.
2. Business Property Coverage
Business property coverage typically protects against damage to the premises or the contents, which may range from equipment to inventory.
3. Business Interruption Coverage
As the name implies, business interruption coverage provides relief if the business is unable to operate for certain covered reasons as outlined in the policy.
Depending on the type of business and how/where you operate, here are some additional new business insurance coverage types you may want to consider.
Business (commercial) Auto Insurance
Commercial auto insurance protects you or workers using a vehicle for non-commuting business purposes.
Professional Liability (errors and omissions) Insurance
Professional liability insurance protects you or officers and directors from errors or omissions that result in legal fees.
Cyber Security Insurance
Data breaches are more and more common and this insurance can help offset the costs of suffering a data breach or cyber attack.
Accounts Receivable Insurance
If a major customer goes bankrupt, this insurance protects you from sudden loss of revenue.
Home Based Business Insurance Coverage
The start of winter saw another spike in COVID-19 cases here in Ontario. While this was not entirely unexpected, it has definitely put a damper on reopening plans for many brick-and-mortar business locations.
This has re-focused attention on the viability of home-based businesses, whether you are planning to launch or expand a virtual element to your existing business or proceed with starting a new virtual business.
Our brokerage team at Mackay Insurance recommends reading our blog post and reviewing the ins and outs of home based business insurance basics. If you have any questions regarding business insurance coverage or how to obtain it locally in Quinte, contact Mackay Insurance brokers today!
NOTE: The most important part of starting up a new home-based business is also the most-often overlooked part. Be sure the community where you live is zoned to permit home based business operations!
Small Business Insurance for Remote Workers
Running a business has never felt less secure or stable than it has this year. Many small businesses have made the leap to a remote workforce wherever possible. In some cases, the shift may become permanent.
One important aspect we take special care to mention each time we talk with one of our small business clients in Mackay Insurance is remote workforce insurance.
If your company had been operating out of a single location prior to 2020, it is definitely time to revisit your existing business liability coverage from every angle, including remote access to sensitive data and BYOD (bring your own device) policy coverage.
For businesses who are shifting to a remote model for the first time, be aware that you may need to change your coverage or add a relevant rider to protect remote work locations and/or work-related auto use that is not straight commuting (such as a new business delivery service).
We covered these topics in more detail in a blog post devoted to how businesses in transition may need to update business insurance coverage due to COVID-19.
COVID-19 Relief Business Insurance
Not surprisingly, Mackay Insurance has been receiving a large number of calls from our existing business clients asking about options for business relief insurance due to COVID-19.
The main challenge here is that the Canadian insurance industry has also been hard-hit by the global pandemic. Interest rates have plunged and claims have skyrocketed, with the predictable impact that premium prices are rising.
Earlier this year, many auto insurers initiated relief efforts to consumers struggling to pay their premiums. More recently in Ontario, a new relief effort began to support hospitality industry businesses who have been unable to obtain business insurance coverage.
Our brokerage team at Mackay Insurance is happy to talk with you about available options to obtain business insurance or apply for insurance relief.
We also highly recommend that you read our blog post about COVID-19 insurance relief.
Get in Touch With Mackay Insurance in Belleville Ontario
Here in Belleville, Ontario, Mackay Insurance is open to serve you! Let us know how you prefer to connect with us!
We are here to support home based businesses and small business owners with affordable insurance options to protect your present and your future.
Traveling Within Canada for the Holidays? First Step Is Travel Insurance
This has been some year, hasn't it! Just when we think the worst is finally in our rearview mirror, we have another spike in COVID-19 cases here in Ontario.
Looking back now, it becomes clear that nearly every aspect of daily life has been altered in some way this year - from how we shop for groceries, to how we work, to how we keep in touch with family and friends.
And now the holidays are nearly here!
If your typical holiday plans include travelling out of the province, it is time to start considering whether you may need to purchase supplemental travel insurance in advance of your trip. At Mackay Insurance in Belleville, Ontario, we work with a great company in providing travel insurance. Click Here for more information on Travel Insurance through Mackay Insurance providers.
In this post, we walk you through how to evaluate your travel insurance options and make the safest choice for your finances and family.
First, Make Sure You Understand Your Current Coverage
This is the right time to download, print out and review all that boring fine print that came with your health insurance policy
In particular, you are looking for any exclusions that apply starting when you travel out of the province.
Let's say you have a provincial health insurance plan and you are planning to travel with your family from Ontario to Quebec to visit relatives.
Here, what you are looking for in the fine print of your policy is coverage exclusions related to out-of-province medical or dental needs.
If you get sick - from COVID-19 or something else - and need special medical attention, will your provincial health insurance policy cover that?
In particular, look for health insurance coverages details about the following:
- Emergency medical transportation for any reason (including pregnancy).
- Diagnostic tests such as X-rays.
- Extra services such as wheelchairs, casts or splints.
- Services specific to COVID-19, such as a ventilator or a stay in the ICU.
- Prescription medications.
- Emergency oral health care.
- Treatment for recurrence of a pre-existing condition.
- Expenses related to having relatives travel to get you if you are hospitalized.
- Expenses related to your family's needs if someone gets sick while you are traveling.
- Coverage benefits for health needs if there is a re-enactment of out-of-province travel bans while you are out of province.
- Costs of enforced quarantine if you contract COVID-19 while out of province or if another lockdown prevents you from returning home for a time.
- Special coverage caps that relate only to COVID-19 treatment or detainment.
These are just some of the special health coverage considerations to ponder if you are planning an out-of-province trip in the near future.
While the fine print in your policy should always provide answers to these questions, it is not always so simple to identify the relevant passages and accurately interpret their meaning.
Your friendly and knowledgeable Mackay Insurance brokers in Belleville, Ontario, are happy to review your existing insurance coverages with you and talk through any limitations or exclusions that may be relevant to your holiday travel plans this year. For more information on travel insurance, contact our team directly or visit our travel insurance page.
Are You Relying on Travel or Health Coverage Through Your Credit Card or Airline?
It can feel very reassuring to know that you have travel insurance coverage through a credit card or through your airline carrier.
Once again, however, the good feelings may quickly evaporate when you take the time to read the fine print to discover limitations or exclusions.
For example, some airline carriers are now offering a limited amount of coverage if you contract COVID-19 while aboard a flight, but how much coverage is offered? What conditions must be met in order to receive that coverage?
If your credit card offers coverage, the first thing you want to check for is that the coverage provided will follow you if you travel outside the province versus outside the country. Many cardholders realize only too late that their coverage only applies to international travel.
Will Supplemental Travel Insurance Make Up the Difference?
Now that the international travel ban has been largely lifted, supplemental travel insurance is back on the table.
Yet here again, you want to be sure that the policy you purchase is actually worth all that fine print you just had to read through.
When reviewing all your options for travel and health insurance, the goal is to put together a complete picture of all the types of coverage and care you may potentially need.
That care doesn't all have to come from one provider, although for simplicity's sake this is always ideal.
Ultimately, you just want to be sure you have the coverage you may need for both COVID-19 and non-COVID-related health and travel claims if you choose to travel out of the province this winter.
For instance, let's say you are waiting to board your flight only to discover the flight was overbooked and you've been bumped off of it. You contact your supplemental travel insurance provider to file a claim.
It is only then you discover that claims made for overbooked travel are specifically excluded from your policy coverage.
This is unfortunately quite common, because the insurer will say the airline carrier is at fault and you will have to apply to them for reimbursement (in which case, good luck).
Get in Touch With Mackay Insurance, Belleville
Mackay Insurance in Belleville, Ontario continues to work remotely at this time. Our qualified Mackay Insurance brokers are available to serve you by appointment, in person and by phone, email, fax, social media and courier. Don’t forget to check out our travel insurance page for more information on our travel insurance options!
Seasonal Cottage Closing Time Means Insurance Updates: Get Yours Now
This has been a tough year for seasonal cottage owners and visitors. Throughout much of this year, we have simply been unable to enjoy "cottage season" the way we typically do.
With only 1-2 months of warm weather here in Ontario, you may be facing a choice:
Should you open up your seasonal cottage at all or simply keep it closed and wait for spring?
In this post, our experienced Mackay Cottage Insurance experts review our recommendations for seasonal cottage customers and give you information about possibilities for adjusting your seasonal cottage insurance.
Is Your Seasonal Cottage Standing Unoccupied, But Not Vacant?
The first big question to ask yourself is this: is your seasonal cottage standing unoccupied, but not vacant right now - and is it likely to stay that way throughout 2020?
Here is why this is an important question to ask.
From the perspective of an insurance underwriter as well as a cottage owner, there are different risk levels associated with a truly vacant structure and a structure that is not vacant, but is standing unoccupied.
Depending on who your insurance provider may be, the definition of each term can also vary. For some cottage insurance brokers, the change in cottage status for 2020 may constitute what is called a "material change in status."
If this applies to your coverage, this can trigger a revision in the type and level of cottage coverage you are eligible for as well as how your claims may be handled.
There is also a lot more that you, the cottage owner, can do to minimize risk for a structure that is not vacant, but is simply standing unoccupied at the moment.
The more you choose to do to minimize risk of weather damage, theft, vandalism and other risks that increase when a structure is continually unoccupied for an extended time period, the less you risk denial of claims or increase of insurance premiums.
Insurance Concessions May Be Available Due to COVID-19
Just the idea that your seasonal cottage insurance premiums might increase on top of the financial concerns that 2020 has already presented may be enough to tempt you to shut your browser window and stop reading this post.
Please do not do this - at least not yet!
It is quite possible that insurance providers may be willing to provide concessions due to the extraordinary financial burdens 2020 has imposed.
Concessions may conceivably include each of the following options:
Deferral of premium payments due to COVID-related financial hardship.
Here, "deferral" is not the same as "forgiveness." Rather, deferral simply means that your policy period gets pushed back by the amount of time you are granted before resuming your regular premium payments.
While deferral is more the order of the day with Canadian underwriters when reviewing COVID-related relief requests, some insurers may be open to an outright forgiveness, or the waiving of any missed payments.
The only way to know for sure is to contact your Mackay Cottage Insurance broker so that we can investigate the possibilities on your behalf. Do you need more information on your recreational cottage insurance coverage this year? Contact Mackay Insurance in Belleville online or give us a call at 888-853-5552.
Rate review based on owner's plan to secure the premises through year-end.
If your insurance provider does decide that 2020's unusual cottage usage patterns constitute a "material change in status," this may trigger an automatic policy review and a subsequent rate increase.
From what we have seen thus far, however, the majority of local Quinte insurance providers we work with are more than willing to back off on proposed rate increases provided that the cottage owner can demonstrate a plan-in-progress to enhance security measures at the property.
For example, many of our seasonal cottage owners have not been able to do much more than make a quick run to check up on their seasonal cottage. Some have not even been able to do that much until quite recently.
Examples of enhanced security measures that could stave off any premium increases might include each of the following:
- Installation of a remote security monitoring system.
- Early cottage winterization preparations to protect the structure from damage.
- Hiring a local security company to monitor the cottage on the owner's behalf.
- Hiring a local individual to check on the cottage regularly.
- Upgrades to the structure itself to prevent seasonal weather damage.
- Upgrades to the HVAC, plumbing, septic and/or sump system to guard against water damage, especially freezing.
Just the choice to install a remote security monitoring system might even be good for a discount of up to 15% off your annual policy rates.
Note - Linking that system to a local company that can follow up will probably be your ticket to the rate decrease.
Review Your Coverage and Make Sure It Protects You & Your Cottage Investment
At Mackay Insurance in Belleville, Ontario we are encouraging all of our seasonal cottage insurance clients to take this opportunity to review their cottage insurance coverage in light of the unusual circumstances of 2020.
We have released an entire post that walks you through the steps to do this.
There are many different levels and types of seasonal cottage insurance based on the type of property, usage patterns and other considerations.
We warmly invite you to connect with your Mackay Cottage Insurance broker to discuss all of your options for adjusting your seasonal cottage insurance in a way that is most favourable for your personal finances.
What If I Rent Out My Cottage Part-Time? How Does This Affect My Insurance Coverage?
In the sharing economy, many cottage owners have transitioned to renting their cottages out during different parts of the season. If you rent out your location, you need to make sure that your insurance company is well aware. In some cases, policies can be endorsed to cover rental for up to 2 weeks. If you are renting out your cottage for more than 2 weeks per year, it may have to go on a more commercial based plan. Talk to our team of qualified cottage insurance brokers today about your options.
Get in Touch With Your Mackay Cottage Insurance Broker Today
Mackay Insurance in Belleville, Ontario continues to work remotely and our qualified Mackay Insurance brokers are available to serve you by appointment, in person, as well as by phone, email, fax, social media and courier.
Need cottage insurance? Complete our short, easy application now!
Returning to the New Normal: What That Means For Your Insurance Coverage
Slowly yet surely, we are starting to emerge out of the firestorm of the global pandemic.
Many of our customers are returning to working outside the home, with their kids similarly preparing for a return to school.
The roads are more crowded now. Some of that traffic even represents seasonal cottage-holders finally able to make the trek to check on their properties and perhaps enjoy a long weekend away.
We may still feel a bit shaky, a touch uncertain about personal safety and next steps, but there is life to be lived and we want to live it.
And while insurance matters may not feel pressing in light of the other major issues we have faced as individuals, communities and a nation this year, this shift towards post-pandemic life also means it is time to revisit your insurance coverage yet again.
In this timely post, we highlight important insurance coverage tasks you may need to consider as we move into the fall and winter season here in Ontario.
Commuting Again? Make Sure Your Auto Insurance Has You Covered
Earlier this year, it came as a welcome relief for many of our customers when auto insurers dropped rates and offered rebates to reflect province-wide pandemic shelter-in-place orders.
You may have also had a conversation with your Mackay broker about reducing coverages based on reduced driving activity.
As the world opens back up again and you find yourself logging more commute time once more, be sure your auto insurance coverage reflects your actual use patterns.
Time to Make the Switch to Off-Season Cottage & Vehicle Insurance?
This hasn't been an easy summer season thus far for seasonal cottage owners and recreational vehicle owners.
In fact, with the majority of the brief warm season now behind us, our goals for getting the RV out of storage or taking a spin with our motorboat or jet skis may rapidly be fading as we move into fall.
However, with fall nearly upon us, our customers who own snowmobiles or ATVs may be eyeing those with unseasonal eagerness, imagining a winter with the pandemic firmly behind us at last.
In either case, make sure you update your seasonal cottage insurance and recreational boat insurance coverage accordingly. It is not too early to retire a recreational vehicle you don't anticipate using for the remainder of the summer season and reap the savings from that.
Similarly, if your cottage is typically inaccessible in winter, talk with your Mackay Insurance broker about transitioning to off-season coverage there as well.
Evaluate Business Insurance Coverage for a Remote Workforce
Whether your business is an entrepreneurship or a large company, the transition to a largely remote workforce can have a ripple effect on the types of business insurance coverage you need.
In many cases, business liability insurance is set up to reflect a group of workers operating out of a single location. The risk profile changes across the board when that same group of workers is now working from multiple locations.
Part of the increased risk comes into play due to the need to provide remote online access to secure company networks and databases that may contain sensitive or proprietary information.
Part of the increased risk arises from the use of a remote location as a "work site" and what might happen if the remote worker is injured on the job or causes harm or injury to another during scheduled work hours.
Another aspect to the increased risk comes from the need or choice to store company property, supplies, materials, devices or data in an off-site, remote location.
Yet, another issue that arises is when a remote worker needs to use their personal vehicle for non-commute-related company business or to transfer company property or data from one location to another, such as between a home office and the regular work site.
Each of these issues needs to be addressed in a thorough review of the current business insurance coverage - even more urgently if there is an ongoing semi-permanent or permanent transition to a remote workforce. Your Mackay broker in Belleville can help you review and adjust your business coverage policy to reflect these types of post-pandemic shifts.
Homeowners Insurance Policies May Not Cover a Home Office
Similarly, for remote workers who are using a portion of the home as a temporary (or transitioning to permanent) remote work site, it is vital to be aware of any coverage limitations under your existing homeowner insurance policy.
Your current homeowners insurance policy may contain a clause that expressly prohibits operation of a home-based business. Should a claim arise out of the choice or necessity of working remotely from home, it will be up to your insurer to decide whether that constitutes a violation of the policy exclusion or not.
And while it is true that many insurers have adopted a policy of leniency during these unprecedented crisis months, this should be viewed as a temporary laxity and never something you should count on.
It is worth a phone call or email to your Mackay Insurance broker to talk through any changes to your work site and possible risks that may open up when filing a homeowners insurance policy claim.
If necessary, your coverage can be adjusted to reflect your new use of a portion of your home space as a work site. Something as simple as an "incidental office use" rider may be all that is needed.
You may also need to adjust your personal riders to reflect use/storage of high-value business property like computers. If there is theft or loss, you want to be sure those items can be replaced without causing you to use your personal savings to do so.
Get in Touch With Your Mackay Insurance Broker Today
Mackay Insurance in Belleville, Ontario continues to work remotely and our qualified Mackay Insurance brokers are available to serve you by appointment, in person, as well as by phone, email, fax, social media and courier.
Relief for Seasonal Cottage Insurance
Now that summer is here in full force, we are getting calls from some of our customers who have seasonal cottages.
One of the hot-topic questions on the table right now is simply this: “if you are not allowed to use your seasonal cottage this summer season, will there be discounts or rebates on cottage insurance, recreational vehicle insurance or cottage rental (business use) insurance?”
If yes, how do you apply? If no, is it possible to cut back on coverage levels to control the costs of seasonal cottage coverage during COVID-19?
What about breaks on associated fees, such as marina use fees, property taxes and local services fees?
These are all great questions; however, with COVID-19 being an unprecedented and rapidly evolving situation, the answer is more complicated than we might like.
We will take a closer look at each question and give you the most recent, up-to-date information in this blog post. Keep reading!
Are There COVID-19 Related Discounts or Rebates for Seasonal Cottage Insurance?
Unlike with auto insurance, currently there are no province-wide or national mandates of any kind encouraging or requiring that insurers provide seasonal cottage insurance customers with rebates or discounts due to COVID-19.
This is in spite of the fact that many cottage owners are not able to even travel to their properties just to check the premises, let alone to enjoy time there or earn rental income by subletting to summer tenants.
There is a possibility that you could apply for a deferment of premium payments for reasons of financial hardship due to COVID-19. This is a decision that is being left up to each individual insurance provider. Find out more about your Mackay cottage insurance here.
Is It Okay to Cancel Seasonal Cottage Insurance During COVID-19?
If you can't visit your seasonal cottage due to COVID-19 restrictions and no one else (such as rental tenants) can either, then is it okay to cancel your seasonal cottage insurance to save money?
We completely understand that many of our customers have been severely impacted financially due to the economic shutdown here in Canada.
There are simply far too many unknowns to make it a smart plan to cancel your seasonal cottage insurance even if you can't enjoy your cottage right now.
It may, however, be possible to adjust your premiums based on adjusting the level of coverage you are carrying.
Can You Cancel Business Use Rider Coverage for a Seasonal Cottage Rental?
If you have been carrying a business use policy rider that permits you to rent your seasonal cottage for a more extended time period, it may be feasible to pause this seasonal cottage coverage.
If, however, your business use rider includes coverage for loss of rental income, you may not want to pause this coverage right now!
What Other Options Are Available to Make Seasonal Cottage Insurance More Affordable?
Here are some additional ways to adjust your policy premium costs to make continuing to carry seasonal cottage insurance more affordable during COVID-19:
- Increase your policy deductible.
- Install extra safety features at your cottage, such as a monitored alarm system.
At the very least, you still want to make sure your seasonal cottage, including the premises and possessions stored on that property, are insured against risks that COVID-19 will not impact, such as weather-related events, vandalism, theft and flooding due to pump or pipe malfunctions.
Can You Get a COVID-19 Deferral on Your Seasonal Cottage Premium Payments?
Another option to pursue if COVID-19 is stretching your budget too thin is to ask your insurer if it is possible to apply for a deferral of policy premium payments.
If you are experiencing financial hardship, it is possible you may be able to have your premium payments deferred for a limited period of time.
A premium payment deferment is not the same as a loan or a forgiveness of financial obligations. Rather, a deferment simply pushes back the due date of the next premium payment.
This may have the impact of extending the term of your policy and/or increasing the amount you have to pay for the remaining premium payments.
It is vital to understand the fine print of how any such deferred payment plan will work to be sure you are comfortable with the terms.
Can You Cancel Your Recreational Vehicle Insurance Policy?
If you have a boat, jet skis, off-road vehicles, fifth wheel or RTV, travel trailer or other type of seasonal recreational vehicle that you are not able to use right now, you may also be wondering if there are any auto-related insurance discounts for these.
While the auto insurance industry has been releasing some funds back to policyholders due to COVID-19, the same is not true for the recreational vehicle insurance industry.
Depending on how your policy is structured, it may be possible to reduce coverage based on reduced use. But here again, you want to make sure you retain coverage for damage or destruction due to events outside of your control such as weather or theft.
How to Find Out What Financial Support May Be Available to You
Right now, with the possible exception of auto insurance providers, it is pretty much up to each individual insurer whether to offer any type of financial support to customers hit hard by COVID-19.
The best way to find out what, if any, financial relief may be available is to reach out to your Mackay broker directly.
Together, you can review your coverage and identify where you may be able to cut back on coverage, apply for premium payment deferment or consolidate due to reduced use rates.
Get in Touch With Mackay Insurance
Here at Mackay Insurance in Belleville, Ontario, our offices are open by appointment only to serve you. Our brokers and support staff are also available by email and phone to support you in any way we can.
COVID-19 Insurance Relief for Individuals & Businesses
If there is one COVID-19 fact everyone around the world easily agrees on, it is this: the new novel coronavirus is wreaking havoc with budgets and bottom lines worldwide!
This includes individuals, small businesses, big businesses and not-for-profit organizations of all sizes. It seems no individual or business is immune to the effects. The economic ripple effect from the unexpected pandemic is only now starting to make its impact felt.
In fact, 95% of the calls we are receiving right now are calls to inquire about insurance for income loss and/or business interruption, auto insurance discounts and personal insurance benefits.
Callers want to know if the insurance they have been faithfully paying for all these months, or years, can help them in this time of near-universal struggle.
In this post, CEO Bruce Mackay of Mackay Insurance will answer your most frequently asked questions about insurance policy benefits as they may relate to COVID-19 relief.
NOTE: Do you have a question that we didn't answer in this post? Use the contact information at the end of this post to send us your question!
Question #1: Auto Insurance Discounts - Are You Going to Get One?
The short answer to this question is "it depends on the insurer.
Ontario province has adjusted regulations to permit auto insurers to offer discounts and/or rebates to customers who are driving less, due to COVID-19. This option will continue to extend for a full 12 months after the pandemic is officially over.
But officials have left it up to each individual insurer to decide if and/or how to administer financial relief to policyholders.
Some insurers are choosing to be proactive and simply issue blanket financial relief to all policyholders. Some insurers are choosing not to offer relief at all. Some insurers are only administering rebates or discounts on a case-by-case basis - and often only if you, the policyholder, call them first to ask for these benefits.
The best way to find out if your auto insurer is providing rebates and/or discounts due to reduced mileage or changes in vehicle use is to contact your Mackay Insurance broker right away.
NOTE: You can find additional information about coronavirus-related changes to auto insurance in this blog post.
Question #2: What Happens If You Can't Pay Your Policy Premiums Due to COVID-19?
An enormous number of people in Ontarian are struggling to pay for essentials due to the pandemic shutdown. So it is easy to see how paying for insurance premiums might become a serious economic hardship.
Currently, it is up to each individual consumer or business insurance provider to decide how to handle requests for payment deferments and/or premium discounts due to COVID-19 related economic hardship; however, from what we have seen thus far, the majority of insurers are doing their best to provide special concessions to policyholders who are severely impacted by COVID-19. Many insurers are providing policyholders with generous deferments (where you can simply resume paying for your premiums at a later date) upon request.
The best way to find out what, if any, type of economic relief may be available if you can't afford to pay your insurance premiums on time is to contact your Mackay Insurance broker.
Question #3: Will Business Interruption Insurance Cover You for COVID-19?
Recent events have conspired to make this the most controversial and hotly contested question in the insurance industry right now.
Traditionally speaking, the business interruption clause in most commercial insurance policies has not been designed to cover pandemic disruptions, at least according to the Insurance Bureau of Canada (IBC).
As Insurance Business Magazine points out, a recent Supreme Court ruling has rekindled hope that commercial insurers might provide benefits for coronavirus-related business interruption. However, since this ruling was not related to COVID-19, it may be a long road to try to apply this case as precedent to seek coronavirus business interruption benefits.
Because so many businesses are being economically impacted by pandemic-related shutdowns, we expect much more dialogue and debate on this question in the coming weeks and months.
For now, the individual wording of each commercial insurance policy is still the ultimate determinant of whether a pandemic-related shutdown constitutes business interruption for the purposes of triggering insurance benefits.
Some companies and business owners are choosing to take the matter to court, and at least one class action is in process due to denial of business interruption benefits coverage.
The best way to find out if your particular commercial insurance policy may provide benefits for a pandemic-induced business interruption is to contact your Mackay Insurance broker to review your policy.
Question #4: Should You Get Travel Insurance If You Need to Travel During the Pandemic?
Here in Ontario, the travel insurance industry is closely linked to official travel advisories and border closures.
Starting on March 13, 2020, when Canada officially posted the non-essential travel advisory, the majority of insurance providers stopped issuing travel insurance policies regardless of the reason for the trip.
While some boutique insurers may still provide travel insurance policies for international travel outside of Canada, it is important to verify with the insurer that coronavirus-related travel delays and cancellations as well as medical benefits are included within the policy.
If travel is a requirement for your job, your employer may provide travel insurance benefits to you as a part of your employment package.
If your travel is of a personal nature, the best way to find out the most up-to-date information about available travel insurance benefits is to contact your Mackay Insurance broker.
Get in Touch
Do you have other questions about how the insurance industry is changing in response to the global pandemic crisis?
Do you need help applying for insurance premium payment deferment or filing a claim related to the current economic shutdown here in Canada?
COVID 19 and Your Mackay Home Insurance
Like many people, on March 16, 2020, Mackay Insurance in Belleville, Ontario began to transition our staff from our town office to working from home in order to prevent the spread of coronavirus and to do our part in protecting you. During this time, we have experienced quite a few phone calls in regards to this increased time spent at home. Many of our Quinte home owners have been asking whether their home insurance policies should be updated now as well, due to working from home, using business tools within their home, holding business property within their homes, renovations and home maintenance updates etc. Our Quinte team of certified home insurance brokers have many suggestions for our clients in terms of these working from home transitions. Keep reading as we reflect on these changes and advise on your home insurance policies! If you have any questions or would like more information in regards to any aspect of your home insurance, please contact us!
Home Insurance - Working From Home
Most home insurance policies in Ontario don’t include home business coverage, nor do they extend liability to working from home. During the COVID-19 pandemic, many companies actually changed their policy in order to include this coverage, but after July they are expected to revert back to the policy wordings as before, which don’t include working from home.
If you are temporarily working from home or, like Amazon and other tech companies, making a permanent transition to your home office, we definitely recommend getting this noted by your insurer and getting liability on your home insurance policy extended as soon as possible. This can be done very inexpensively as well! Contact one of our qualified home insurance brokers today and we will get this sorted out for you!
Home Insurance - Business Tools
Most homeowner policies in Ontario have limited coverage for business tools/business property while at your residence as subject to your home policy deductible. Many of our Quinte homeowner clients have brought home desktops or laptops, as well as other materials from their business offices and it is important to make note of these within your home insurance policy. It’s not uncommon for your home insurance policy to limit business tools and property to $2,500 - $5,000. In many circumstances, however, this isn’t enough. We recommend speaking with your employer about this to see if their insurance extends to their property while at your home, or if they can increase the limits.
Home Insurance - Business Property
Many of our clients who are working from home keep their company property within their house, which most policies will extend to with limited coverage. Some clients, however, have left company property in their car, which we highly recommend not doing. For security reasons, empty your car each night of business property. Leaving a laptop in your car is an easy target, and can also make your employer vulnerable to cyber security issues and could jeopardize your employer’s willingness to allow working from home to continue in the future.
Home Insurance - Renovations
With the onset of the current pandemic, many of Mackay’s clients have opted out of vacations and travel and have, instead, invested in updating their workspaces at home. This includes upgrading renovations within their home. An interesting statistic has emerged where fire claims have actually increased during this pandemic, due to many clients attempting to renovate their homes themselves. Unfortunately, encountering electrical and other issues causing more fire claims. We highly encourage and recommend ensuring you have the proper building permits and hiring professionals to do all electrical work for you. Before and after you do renovations, please contact your Mackay Insurance broker to update your home insurance policy and limits, and to ensure that you have the proper coverage for water, sewer, and overland coverage.
Review Your Property Policy
While most of our country is spending more time in their homes, we are highly recommending you consult your property policy and review the data with respect to any of the following updates:
- When was your roof last updated?
- How old is your furnace?
- How old is your wiring?
- How old is your plumbing?
- What are your limits for sewer and overland water coverage?
Home Run Business Packages
For many, the transition of working from home is now permanent.
At Mackay Insurance in Belleville, Ontario, we offer Home Run Business packages that will extend liability, and also increase commercial coverage for business property. To get a fast and easy online quote for updating your home insurance policy, please contact our team today or visit us online!