The government will be implementing a new option for your auto insurance as of January 1, 2024. You may be surprised to hear that not all options the government gives you are good ideas. There is a section in the auto policy called DCPD or “Direct Compensation Property Damage”. This is the part of the policy that covers your vehicle if you are not at fault in an accident. It will become optional in January. The motivation behind this new option is to offer Ontarians more flexibility and potentially reduce their monthly premiums. However, making this choice could entail substantial out-of-pocke ..read more

One of the most mysterious and misunderstood insurance products could be one of the most important. Umbrella Insurance is a separate personal liability policy that can be triggered to respond in the event of a liability lawsuit when your base policy (Homeowners or Auto) is exhausted or in some cases there was no coverage available, such as libel and slander As personal assets increase and the rise in lawsuits are seen in Canada, the importance of increased liability limits is becoming an important consideration. An umbrella policy also has an advantage on the cost factor. It is usually less ex ..read more

A new way to save for a downpayment, tax-free – The First Home Savings Account (FHSA) Saving for your children or grandchildren can be a wonderful way to provide them with financial support, invest in their future, and set them up for success. The new FHSA can help them achieve homeownership with your support sooner. Building a meaningful down payment has become even more important to first-time home buyers. To make it easier to develop that down payment, the federal government has created a new type of registered account to help new housing market candidates save for a down payment: the Tax-F ..read more

If you’re like most people, you probably don’t give much thought to your car’s windshield until it gets damaged. However, dealing with it can be a big pain in the neck when it does. Damaged windshields not only look bad, but they can also be hazardous if they are not fixed or replaced properly. Here comes windshield insurance into play. In this blog, Orr Insurance experts take a closer look at what windshield insurance is, how it works, and why you may want to consider getting it for your vehicle. So whether you’re dealing with a chip or crack in your windshield or just want to be prepared for ..read more

Insurance for first-time drivers in Ontario can be a daunting task to navigate. As a new driver, you may be wondering how to obtain insurance and some ways to keep the price down. In this blog post, we will go over some of the basics of car insurance for first-time drivers in Ontario. With a leaner’s permit or G1 you are covered if driving an insured vehicle with permission and following the laws and regulations surrounding a G1 licence. In saying this, it is still a good idea to let your insurance broker know that you’ve attained your G1. Adding a G1 driver to an existing policy is free of ch ..read more

As we enter into a new and hopefully more prosperous 2023 here are some reflections on 2022 and looking ahead at 2023. What a year 2022 was, allow me to re-cap some of the “highlights”; • Bad news on the economy was rewarded by market growth and good economic news resulted in the markets crashing. • It seems nothing was immune except oil and gas. • Manager returns ranged from positive15% to negatives near 50%. • Even bonds were not immune- losing double digits. • Inflation fears stoked the Fed and Bank of Canada to raise interest rates higher and faster than in recent memory. • Real estate dro ..read more

If you received or bought jewellery as a gift this holiday season, or will be at Valentine’s Day, you should consider how it will be covered by your property insurance policy. In the case of a theft or mysterious disappearance of one item or even the whole jewellery box or collection, your tenant, condo, or home insurance policy will have a maximum amount of coverage for the claim called a Special Limit. The Special Limit could be less than what you need to replace what has been lost and to avoid a situation where you would be underinsured it is important to know your coverage options. Most co ..read more

What are they? What is the difference between the two? And why do I need these coverages for my farm? What is First Party Pollution? This coverage is meant to cover cleanup costs and damages when there are pollution damages done to your own property. The key to First Party Pollution is that the coverage will only respond if the pollution is done to your own property. For example, if you have a fuel tank on your property and the tank were to get damaged, spill fuel and contaminate the soil, there would be costs to clean the fuel up. First Party Pollution would cover those costs, up to the polic ..read more

Over the past two years, building materials and supplies costs have increased at a rapid rate for all contractors and tradespeople. With the increase in cost of materials and supplies, a key coverage in your business insurance policy to keep in mind is your installation floater limit. An installation floater provides coverage for your “items” while in transit from your shop/residence to be installed at your job site. It also covers you for those items while they are at the job site/installation site waiting to be installed or during the process of being installed. Your “items” that are covered ..read more

If you’re a business owner, you may have already noticed how hard it’s been lately to get a new driver added to your insurance policy. Whether you’re running a large transportation company hiring professional drivers or a small company that requires your employees to use company vehicles, you’ll likely run into some pushback from your insurance company when it comes time to add a new driver. Why is this happening? When insurance companies develop their policies, procedures and rates, they rely heavily on historical data – where, when and why did claims happen and in this case the biggest facto ..read more