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Best Home Insurance Canada For First Time Home Buyers

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Home Insurance

There are numerous insurers in Canada providing top of the line home insurance packages. For a first time home buyer in Calgary or any other Canadian city, it is quite a challenge to identify what type of home insurance cover is actually needed, who are the players in the market, and which package offers them the best deal.

Although expert guidance is available throughout the process, one has to dig deeper and look at all aspects of home insurance. The reason is that home insurance is not a one-time purchase. Once bought, a home insurance package will require renewal each year, with little or no modification to the cover.

In such a situation, it is best to begin early. The first step in the journey starts with finding a home. Most folks buy a home first and then purchase the home insurance, whereas the golden rule is to choose your home first, keeping in mind that you will also have to buy insurance for it. This is the ideal approach.
With this approach in mind, it is advisable to follow the below tips while buying your first home:

Ask yourself 5 important questions

Discuss with your partner and then answer as honestly as possible.

  • Why are we planning to buy a home?
  • Are we financially ready to take the plunge and bear the costs of owning and maintaining a home?
  • Do we jointly or individually qualify for a mortgage?
  • Do we plan to stay at this location for a few years, or for the rest of our lives?
  • Are we prepared for the responsibilities associated with homeownership, maintenance and repairs?

Getting answers to these questions will clear the air whether you are serious of buying a home, or not?

Compare your answers with advantages and disadvantages of owning a home

Sit with your partner and do a comparison.

Advantages:

– Value of your property will appreciate over time.
– You can rent out part of your home and earn rental income.
– You can renovate as per your needs.
– You get privacy, a sense of community and stability.

Disadvantages

– You are involved in a long-term financial commitment.
– Upfront costs are big such as down payments, closing & legal costs, and annual property taxes.
– You spend time and money in maintaining your home.
– It binds you to a certain neighborhood.

Choose your home insurance cover and provider

If after doing a comparison, you arrive at a decision to buy a home, then it is worthwhile choose the best Home Insurance Canada cover. Always remember that home insurance isn’t a legal requirement in Canada, but with home insurance in place, your property and possessions are protected in the event of fire, natural disasters, and theft or vandalism. This is the reason almost every mortgage provider will ask you to show proof of insurance before lending you money.

House insurance

House insurance covers the entire structure of your home and your belongings (contents), including your building, swimming pool, or sheds in the backyard, front yard, subject to limitations of your policy.

Condo insurance

Condo insurance is for a condo or apartment, and covers the contents in your unit and renovations you have done such as new flooring or cabinetry. Common area is included in the policy.

Tenant insurance

Tenant insurance applies to rented property. The landlord buys insurance which covers the house or condo, and the tenant is responsible for their belongings (contents).

Home insurance is customizable

Always remember that home insurance is customizable. In order to get best home insurance Canada, the ideal approach is to first cover your basic risks. Once that is done, you should get check with your insurance broker for any additional add-ons such overland water protection for loss or damage arising from water that has entered your property from lakes and rivers.

Conclusion:

By following the above approach, you can buy best home insurance Canada and have a peace of mind that your risks are covered.

For more information about Business Insurance Broker and Calgary Insurance Companies Please visit : Beneficial Insurance Solutions.

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Latest Trends In House Insurance In Calgary

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With the advent of disruptive digital technologies, new roadmaps for digital transformation are being rolled out in major insurance companies worldwide. New digital initiatives are being planned and implemented in Life, Property & Casualty, Automotive, Business and Home Insurance Calgary.

The underlying objective of these initiatives is to utilize technology to make insurance more humane and more likeable by consumers. This trickles down to creating new products offerings & solutions that will:
a) Improve customer experience
b) Make processes more efficient and reduce waste
c) Bring about automation in the insurance value chain

Some of the latest technologies in use are as follows:

Artificial Intelligence (AI)
AI has made a profound impact on house insurance in Calgary. AI offers advanced algorithms that enable insurance companies make behavioral economics the cornerstone of their business model, and build innovative house insurance products that match their customers’ behavior and protect the company against potential fraud.

There is an immense amount of historical data available with insurance companies and AI makes use of these large voluminous data-sets to build new solutions that seek to improve customer experience at various touch points – such as buying insurance, filing a claim or seeking to upgrade or modify an insurance policy.

For example, some insurance companies are using “virtual assistant” bots on their websites. These bots are replacing service agents in call centers as they can quickly answer customers’ questions not only on specific policies, but also pay out claims in a matter of seconds.

Some House Insurance Calgary companies are using AI based solutions to detect fraudulent claims. AI helps to flag such claims that do not look genuine.

Personalization across all touch points
House insurance Calgary companies are doing away with the “One size fits all” approach. They are becoming more savvy with data collection, processing of historical data and data analytics in order to come up with hyper-personalization that will lead them to offer solutions and charge premiums that are crafted to the individual house owner’s specific needs, level of risk and demographics.

One of the ways is offering usage-based and on-demand house insurance products. The other is offering innovative coverage options that include micro-insurance, peer-to-peer insurance, and more flexible coverage options.
Blockchain technology

Although new, Blockchain technology relies on the ever-growing consumer need for massive amounts of customer data processing and a quick, efficient and secure method of transferring data across organizations.

Blockchain technology facilitates data transfer and allows multiple stakeholders to be able to access its data. Using Blockchain it is possible to build and deploy solutions in identity access management, fraud management, claims processing and underwriting, at operational costs that are lower than traditional methods.

Contribution by insure-techs
Just like fin-techs serve the financial indsutry, insure-techs are technology firms that build technology solutions specifically for the insurance industry. Some insure-techs are startups that have an innovative idea that is bound to create disruption in the insurance industry.

Traditional insurance companies either work very closely with insure-techs by offering them incubation labs in their own premises, or sometimes even acquire them through an outright purchase, in order to leverage their technology advantage, implement their solution and have ownership over the IP of the solution.

Advanced analytics
House insurance Calgary companies are relying on new technologies to be able to better serve their customers. The emphasis is on being proactive and personalized in approaching customers, so that responses can be dynamic, personalized and based on their specific needs.

Conclusion
Staying ahead of the game is the key to the success of house insurance Calgary. It enables insurance companies keep up with the rapid changes brought on by new technology and trends, adapt to it and in this way improve their ability to protect their clients.

For more information about Auto Insurance Calgary and Business Insurance Calgary Please visit : Beneficial Insurance Solutions.

What Is A Certificate Of Insurance And Why Is It Important?

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Most business enterprises based in Canada require a Certificate of Insurance when entering into official contracts with individuals and other business enterprises. This includes small businesses operating in all provinces of Canada including Alberta.

Irrespective of whether you are a B2B business or a B2C business, as long as you are offering your services or products for consulting work, or sale, your business falls under the purview of this certificate.

What is a Certificate of Insurance (COI)?
A certificate of insurance (COI), also known as an ACORD certificate of liability insurance is an important document. It contains details on your specific insurance coverage. It certifies that your insurance has been verified by listing out information on the type of insurance you have, the limits of coverage, name of insurance company, policy number, named insured, and the policies’ effective periods.

Why is the Certificate of Insurance required?
This certificate is usually issued to your potential customers, who want some evidence or assurance that an insurance policy has been issued and working with you will not increase their legal liability. Similarly, when you hire vendors, or subcontractors, you want assurance that hiring them won’t increase your liability.

What is the importance of the Certificate of Insurance?
It is a prudent business practice to request for a COI as it helps to verify a potential vendor or subcontractor’s financial-responsibility claims. The reason is that vendors might:
– Not be as skilled as they claim to be.
– May fail to mention prior legal disputes.
– Claim to still have insurance, although it might have expired many years ago.

In which cases is a Certificate of Insurance practically used?
Certificates of insurance are widely used in the industry as all parties to a transaction are worried about losses and legal liability. As per data with business insurance Calgary, below are some typical cases where they are used:
– A commercial property owner asks for a COI in case tenants cause a fire or injure a visitor. Without a COI, the owner might have to bear the costs of repair.

– A manufacturer asks a contractor to provide a COI prior to starting work to renovate a facility. Without a COI, the owner might have to pay for structural damage the remodeler causes.

– A building design firm asks for a COI to secure itself against the risks of bringing subcontractors to its construction sites. Without a COI, it is exposed to the risk of having to pay for the medical costs of any workers employed by the subcontractor, who might get injured at the site.

– A commercial bank asks for a COI before accepting the collateral pledged against a construction loan. This assures them that the loan will still serve as a collateral even if the pledged property, for instance is destroyed due to a burning incident.

– A municipal government asks for a COI from an engineering firm before starting a road construction project. This safeguards the municipality and reduces its liability, in case the engineering firm draws up faulty plans.
From the above examples it is clear that whenever businesses engage in projects that could be a cause for a loss for multiple parties, certificates of insurance are the absolute must have document.

Is a Certificate of Insurance same as an Insurance policy?
No, a certificate of insurance is just a summary of your existing insurance coverage. It is by no means an actual insurance policy. In other words, when you give your customer your COI, you are just providing the customer evidence that you are covered with insurance in the event there is a loss. You are not entering into a contract to cover the losses of your customer.

In certain instances, you may wish to provide coverage to the certificate holder. You can do this by making your customer an “additional insured” on your policy. This can easily be done. You simply need to call your broker who deals in Business Insurance Calgary and they will amend your declarations page to include the name of your customer.

Need information on Certificate of Insurance?
Beneficial Insurance Solutions provides business insurance in Calgary and other areas throughout Alberta. Contact our experienced team to help you make the right decision about business insurance.

For more information about Best Home Insurance Calgary and Commercial Property Insurance Quote Calgary Please visit : Beneficial Insurance Solutions.

What to Expect from an Auto Insurance Broker?

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Unlike other insurance providers, a broker works for you rather than working for a particular insurance company. Using their professional knowledge, experience and expertise in the field, they will help you to assess your insurance needs, shop for the best policy with the right coverage and also help you in case of a claim. Though you can always contact brokers on the phone, it is recommended to opt for a personal consultation so that you don’t overlook any detail and get answers to all your queries.

What Can You Expect from Brokers?
Savings – Many times, getting a quote online might seem complicated as you will find lots of options and taking the right decision can be a tough call. Also, you might find a cheap insurance but you wouldn’t know if it will provide the required coverage in times of need. A broker will ensure you get tremendous value from your auto insurance policy and will help you save money on rates. Brokers can get you the cheapest insurance quotes and also guide you on how to maximize insurance discounts. Brokers offer unbiased recommendations and can compare the coverage of different insurers to get you the best rates and conditions.

Selection – A broker knows about all the insurance products present in the market. No matter where you live in Alberta, you can expect your broker to help you with the best policies as per your individual needs. Also, if any material changes are necessary for your policy mid-term, such as change of address or the sale of an asset, your broker will advise on the revisions required in the policy.

Service – Your insurance broker works for you. They will advocate from your side when you need any assistance after an accident or during claims. With the right insurance broker, you can expect personalized service at all times. This includes explaining various premium rates, terms and other conditions or small print that you might not understand. Also, your broker will offer administrative follow-up for renewal reminders, certificates of insurance, etc. Most customers dread the time when they have to file a claim. Having a broker by your side will ensure a fair and speedy settlement from your insurance company.

Simplicity – It is your broker’s job to make your insurance process simple and easy. An insurance broker main function is to ensure you are insured properly and find the right insurance provider. Whether you are confused about which policy is right for you or need to a file a claim, they will make the entire process smooth and simple. Sometimes, you might not understand how to assess your needs. In such cases, a broker will perform the complete insurance valuation, obtain an inspection report and help you get the right auto insurance coverage.

One of the biggest advantages of hiring a broker is that they are always available to talk even after the purchase. They are well-established in their community and their primary business is insurance, making them an asset to customers. If you’re specifically looking to insure your car in Alberta, you can contact a broker who is licensed and has a certificate of Authority for assured results. Check if the broker is a member of the Alberta Insurance Council and follows the professional standards and guidelines for the right practices.

For more information about Business Insurance Canada and Best Home Insurance Canada Please visit : Beneficial Insurance Solutions.

Online home insurance quote and why is it important

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No matter whether you live in your own home or have rented it out, it is important that you have home insurance to safeguard your home from risks and damages.

However, due to the multiplicity of home insurance providers and the different types of home insurance policies that are available in the market, choosing the right insurer and the right policy can be confusing.

Getting an online home insurance quote is useful
Safeguarding your home with insurance is important, but choosing the right insurer and the right policy can be confusing. This is where an Online Home Insurance Quote serves useful. It enables you search the market and check out the best deals on home insurance.

This is important because different companies can offer you different rates. The reason for this is that different companies follow different models to calculate risk and accordingly their coverage offerings also differ from each other. The quote you get from one insurance provider does not always indicate what another provider may offer you.

You will realize that when you compare insurance offers online and check out the best deals, you will be able to determine whether you’re overpaying and whether other insurers are able to give matching, or even better rates. This is where Beneficial Insurance Solutions steps in. They will explain you the different options that are available to you and suggest you the best home insurance policy that meets your needs and is most economical to you.

Reasons to purchase home insurance
– Storms can cause damage
Alberta is prone to storms like sleet, hail or flooding that can cause extensive damage to your property. For instance:
o Hailstorms can break windows.
o Tornadoes can cause damage to your roof.
o Floods can cause damages to basements.
As these natural disasters happen unannounced, it is best to take an online home insurance quoteand purchase home insurance.

– Damage due to fires
Fires can get triggered due to any reason from within your home, or from outside. They can cause extensive damage to your personal property, priceless family heirlooms, old photos, appliances, furniture, electronics and other essential items for everyday use.

– Theft and vandalism
Theft and vandalism can occur when you are away on holidays or on a business trip.

– Other people
This insurance protects you in case any guest or an uninsured worker gets injured in your home, or on your property. In case such an incident happens, then you could be liable for the medical expenses of that person, in case you are not covered.

– Insurance in case of Mortgage
You are expected to have insurance if you have a mortgage on your property, or in case you are a tenant. While you are only expected to purchase minimal coverage to meet the terms of a loan or a lease, it is a best practice to purchase a wider level of insurance coverage.

Factors affecting home insurance rates in Alberta
The factors affecting home insurance in Canada are consistent across all Canadian provinces.

– Replacement cost:
Insurers seek to determine how much it would cost to replace your home alongwith its contents, since insurance only covers the cost to replace the structure and the contents of your home and the valuation is not based on the current market value of your home.

– Neighborhood demographics:
Your address and the neighborhood in which you live has a bearing on the amount of premium. Neighborhood demographics, and your area’s claim history and zone classification. Above all, your personal claims history also matters a lot.

– Local topography:
Local topography is also a factor. Homes near a lake or a river are more prone to flooding and so have a higher premium.

Consult a knowledgeable insurance broker about home insurance
Keeping in mind the above, it must however be noted that most insurers calculate risk differently and therefore you as a customer may get different rates for your home insurance. Hence, as a best practice, it is advisable that you shop around and get the best online home insurance quote.
Beneficial Insurance Solutions truly understand the needs of Canadian residents and can guide you through the best home insurance solution.

For more information about Low Cost Business Insurance Alberta and Commercial Property Insurance Alberta Please visit : Beneficial Insurance Solutions.

Business Insurance for your home-based business in Alberta

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Business Insurance

Entrepreneurship thrives in Alberta. In fact data from the Centre for Innovation Studies reveals that Albertans have the highest rate in the world for entrepreneurship; much higher than other Canadian provinces, the US and other western European countries.

A significant portion of the entrepreneurs comprises small business owners. These owners either have their own premises, or have taken it on rent, or operate from home.

If you operate your business from home, do you need an insurance cover?

Yes, if you are a home-based business, then you certainly need an insurance cover. That’s because the majority of homeowner’s or renter’s insurance policies do not cover business-related damages or losses.

Further, as each business is different from others, insurance needs of businesses are also different from each other. It may be the case that for your business, you may simply need a specialized policy, while another business owner may simply require a little extra coverage on his or her current home policy.

Either way, a business insurance broker in Calgary can easily guide you on the risks for which you will need coverage and the cost of the cover.

Some factors to consider while obtaining home-based business insurance cover:

Below are some points that you need to discuss with your business insurance broker in Calgary :

Basic features of a home-based business policy:

Every basic business insurance plan offers coverage for office equipment, inventory, business interruption, and liability for clients, third-party consultants, and employees. As this coverage varies from company to company, be sure to let your broker know the nature of your day-to-day operations, to ensure that they can help you find the most suitable cover.

Errors and omissions insurance:

This is an important cover for professionals such as accountants, lawyers, engineers, architects, who provide professional services from their homes and could end up creating a financial loss for their clients due to an error or omission.

Insurance for specialized equipment and tools:

While most standard business operating equipment such as computers and other hardware are covered in a home-based policy, it is the specialized high-end equipment or tools such as camera equipment, carpentry tools or other manufacturing products, that are not covered. They can however be covered, by making an endorsement on your policy.

Manufacturing:

It is advisable to avoid manufacturing any product at home as this will require additional coverage. Secondly, you could put your home coverage at risk. Manufacturing processes are best done in a factory, and in the event of an incident happening, your claim could be denied, if the process and raw materials violate your policy’s terms & conditions.

Risks to which your home-based insurance is exposed:

Theft and damage to inventory:

The biggest risk is that your inventory is uncovered and exposed to unexpected scenarios that include fires and floods.

Losses due to errors and omissions:

A client could file a lawsuit against you, if he or she suffers a loss because of errors in your work.

Damage to business equipment:

Your essential and specialized equipment is exposed to risks from fires, floods, or mechanical breakdowns. In case an event occurs, most home insurance policies also don’t provide coverage.

Injury to visitors:

Unexpected injuries can occur on your property leading to costly lawsuits. This could include a slip-and-fall injury at your home, and this is typically not covered under a home insurance policy.

What risks does home-based business insurance cover?

Home-based business insurance can be quite comprehensive and provide you coverage against damaged equipment, stolen inventory and customer slip-and-fall accidents on your property. Below are some of the risks against which you are protected:

• Lawsuits filed by customers
• Product or operations liability
• Theft and damage to business inventory
• Theft and damage to stolen business equipment
• Disasters caused by business equipment
• Closure of business for repairs for a temporary period
• Slip and fall causing injury to customer
• Damage to customer property

Talk to a business insurance broker in Calgary

Above factors must be reviewed when it comes to home-based business insurance. Just as you have planned your business for success, plan to secure your investment with insurance coverage that works for you.

For more information about Home Insurance Broker Calgary and Calgary Insurance Companies Please visit : Beneficial Insurance Solutions.