February 2017 Newsletter

In this issue of Orr & Associates Insurance Update you will find:
  • Referral Winner
  • Spring is coming. Are you Covered?
  • Special Limits of Insurance
And much more....

 Referral Winner

Danilo & Virginia Lezada
Congratulations to Danilo & Virginia as they are the lucky winners of the $50.00 gas card.  If you would like to become a part of our monthly draw please contact our office.
Early Spring or 6 more weeks of Winter??
Seems there were some mixed reviews this year for Groundhog Day as Punxsutaweney Phil saw his shadow declaring six more weeks of winter. However Ontario's Wiarton Willie & Nova Scotia's Shubenacadie Sam have declared an early spring. Which one will it be??  

  In recent decades, temperatures and sever weather events in Canada have been on the rise.  According to Environment Canada, severe weather events that used to happen every 40 years can now be expected every six & flooding represents 40% of all natural disasters.

Most insured's don't know what their home insurance policy covers when it comes to water damage.  For example most policies typically cover water damage caused within the home like burst pipes but damage caused by water coming from outside like sewer back-up & overland water is optional.  Believe it or not, flood protection for your home didn't exist until 2015, which is why most insurance company are adding enhancements to their water damage coverage to include overland water coverage.

Should you wish to learn more or discuss this valuable coverage further please be sure to contact our office to talk to one of our brokers to be sure that you are covered.

Special Limits of Insurance

When it comes to reviewing Property Insurance policies, most people tend to skim over the declaration page which outlines the coverage and premium. But how many people actually read their policy wordings and know the limits and exclusions associated with their policy?

One section of the policy wordings that we wanted to bring to your attention is the section titled “Special Limits”, especially with Valentines Day having just passed.  For anyone who received a special gift of jewellery this year, you may be wondering about how your policy will cover it in the event of damage/loss.

Although these Special Limits can vary slightly between Insurance Companies, we wanted to:

1) make you aware that they exist, and
2) outline what is most commonly included.
Firstly, we should answer the question “What is a Special Limit?” with respect to your Insurance policy. A Special Limit is the MOST that the Insurance Company will pay for insured loss or damage in any one occurrence for a specific type of personal property. The types of personal property that commonly have Special Limits applied to them are:
– Money or cash cards
– Business property, only while on your premises
– Business property of others
– Securities
– Watercraft, furnishings, equipment and motors
– Utility trailers, spare auto parts
– Jewellery, watches, gems, fur
– Coin, banknote, stamp collections
– Collectible cards
Should you wish to insure these items for more than the Special Limit that applies, they can be added as a scheduled item onto your property insurance policy for an additional premium.
A Comprehensive Homeowner’s, Tenant, or Condominium policy wording can often exceed twenty pages in length. Although time-consuming, we strongly suggest that you sit down and review your policy wordings. Once you have had a chance to do so, you should have a better understanding of what your policy does and does not cover, and any special limits that may apply.  If you are unclear on any of the wordings, as always, we are more than happy to answer your questions and assist you in any way possible!


What's been happening at the Orr & Associates Office.

Congratulation to Marilyn in our King City office on the safe arrival of her first Granddaughter.
  Home Matters: Flooding Due to Surface Water  
  Orr & Associates Insurance Brokers Ltd
1700 King Road
King City, ON L7B 0N1
(905) 833-6691
  Orr & Associates Insurance Brokers Ltd Logo  
Don't want to receive these e-mails anymore? Please unsubscribe
  • The Commonwell
  • Echelon
  • Economical Insurance
  • Gore Mutual Insurance
  • The Guarantee Company of North America
  • Intact
  • Jevco Insurance
  • Pafco Insurance
  • Peel Mutual Insurance
  • Travelers
  • Wawanesa
  • Western General
  • Chieftain
  • Hagerty