Email Header

How to Get Your Valentine’s Day Jewelry Appraised

If you have big plans to pick out something sparkly and spectacular for your sweetheart this Valentine’s Day, it only makes sense that you would want to protect your gift from loss, theft, or other damage.

Most standard homeowner’s policies will provide coverage up to a certain dollar amount for precious jewelry. But, to ensure proper coverage of your new baubles, it may be necessary to have your gift appraised by a reputable jeweler.

These tips will help you select a reliable appraiser:

1. Check their credentials: Don’t just take an appraiser’s word for it, check their stated association memberships by going online. Also be sure the appraiser has “errors and omissions” insurance, which means if they make an error on your appraisal report, you can still be compensated for your jewelry.

2. Ask for a referral: The jewelry store where you plan to purchase your Valentine’s Day gift is a great resource for finding a reputable appraiser. Ask your sales associate for a recommendation.

3. Remember, you get what you pay for: Proceed with caution before working with an appraiser that offers their services at low cost or no cost. It takes time to provide a detailed appraisal report, and any competent professional appraiser will charge a suitable fee to do the job well.

Once you have the appraisal report in hand, talk to your insurance broker to see if you need to purchase additional coverage to protect your new jewels.

Can My Landlord Require Me to Have Renters Insurance?

If you’re a first-time renter who has found a dream apartment, you may be wondering if your landlord can require you to maintain renters insurance. The short answer is yes. Your landlord has the legal right to add that stipulation to your lease agreement.

In fact, even though landlords maintain insurance to protect their rental property, most require their tenants to have renters insurance to prevent possible disputes that might occur if something happens to their tenant’s belongings while staying in the apartment.

Even if your landlord doesn’t require you to have renters insurance, here are some reasons you should consider a policy anyway.

Renters Insurance Helps Protect Your Personal Property
If your apartment is damaged because of a fire, break-in or a natural disaster, your landlord’s policy will cover the expense of repairing the physical damage to the building. You would have to pay out of pocket to replace any damaged furniture, clothing or other personal belongings. By having renters insurance, however, you can limit the amount you have to pay to just your deductible.

Renters Insurance Helps Protect You from Liability
If you fall asleep while waiting for the bathtub to fill up, and inadvertently flood the apartment of your downstairs neighbor, you could be legally on the hook for the cost of repairs and for replacing your neighbor’s damaged personal belongings. With a renters insurance policy, this expense would be covered up to the limits of your policy.

Renters Insurance Helps with Temporary Living Expenses
While repairs are being done to your apartment, it may be necessary for you to spend a few nights or weeks in a hotel. Renters insurance helps pay your hotel bills so this unexpected expense doesn’t negatively impact your budget.

Most renters insurance policies are extremely affordable, especially when bundled with auto insurance, which makes them a no-brainer for most renters. It’s worth talking to your insurance broker to get a quote before opting to go without this valuable coverage.


Winter Ice Safety

Ice Safety is so Important

Although we have had a mild winter in our part of Ontario, it hasn’t prevented people from enjoying outdoor winter activities.  2020 has already seen ice-related fatalities.  Ice is never 100% safe and the best advice is to stay off.  But, of course, outdoor enthusiasts love ice fishing, skating, snowmobiling and cross country skiing. Here are some ice safety tips from Lifesaving Society Canada:

Ice Smart Tips:

1. Check the weather.
Avoid ice-related activities on warm or stormy days.

2. Check ice conditions with knowledgeable local individuals (for example, resort owners, police or members of snowmobile clubs).
The Lifesaving Society recommends a minimum ice thickness of 10 cm (4 inches) for a single person to walk, ice fish, or cross-country ski on it. Remember, though, that this recommendation is for new, clear ice under ideal conditions.

3. Avoid vehicle travel on ice whenever possible, especially if you’ve been drinking alcohol or taking drugs.
Remember that even one drink can dull your senses, slow your reaction time and impair your judgement. If you do drive on ice ensure that your windows are rolled down, doors are unlocked, seat belts are unfastened and lights are turned on, as these precautions will allow for a quicker escape from your vehicle if it should go through the ice.

4. Keep away from unfamiliar paths or unknown ice, and avoid travelling on ice at night.

5. Never go onto the ice alone.
A buddy may be able to rescue you or go for help if you get into difficulty.

6. Before you leave shore, inform someone of your destination and expected time of return.

7. Wear a thermal protection buoyant suit to increase your chances of survival if you do go through the ice.
If you don’t have one, wear a lifejacket or personal flotation device (PFD) over an ordinary snowmobile suit or layered winter clothing.

8. Assemble a small personal safety kit, no larger than the size of a wallet, and carry it on your person.
The kit should include a lighter, waterproof matches, magnesium fire starter, pocketknife, compass and whistle.

9. Carry ice picks, an ice staff and a rope.
A cellular phone could also help save your life.

10. If children do play on ice, insist that they wear a lifejacket/PFD or thermal protection buoyant suit.
They should always be with a buddy and under adult supervision. Children that aren’t “within arms’ reach” have ventured too far.

We all hope that people play it safe in our communities when it comes to winter recreational activities.

This article is from a recent blog posted on our website.  Click here to check out more information  about W.C. Burgess Insurance and other insurance tips!

(Photo courtesy of PIXNIO)

Do You Have Enough Life Insurance?

In the US, most non-government workers have access to life insurance through an employer. The trend in Canada is similar as well. The great news is that often these policies are paid for — at least in part — by the employer. The not-so-great news is that employer-sponsored life insurance coverage usually isn’t enough coverage for your family and the policy itself may be at risk. What happens to coverage if you’re laid off or change jobs? It’s a question not enough people consider when evaluating their life insurance needs.

Employer-sponsored group life insurance policies are often structured to cover 1 to 2 years of salary. This is one of the first reasons to consider buying your own policy. Many households have mortgages, children, and other long-term financial commitments. Coverage that only provides replacement income for a year won’t be enough.

Some simple rules of thumb for life insurance coverage amounts suggest that you need 10 times your annual income. Other coverage strategies make adjustments to the 10x rule, changing the multiplier to as low as 5x or as high as 17x. Sometimes it can seem like someone is just picking numbers out of a hat. These strategies can be a good starting point when shopping casually for coverage prices for budgeting purposes, but when it’s time to buy a policy, you’ll probably want a more carefully considered solution.

Life insurance can play many roles, from being a safety net to being a tax-advantaged way of passing wealth from one generation to the next. What the rules of thumb offer are ways of emphasizing life insurance’s role as income replacement. We all know that funerals can be expensive and that often medical bills can accompany an unexpected death. Life insurance can help cover those costs but after the funeral, there are still household expenses that need to be paid — and now with one less income.

The amount of life insurance you need is really a reflection of what you want your policy to provide. For most households, a detailed look at long-term financial commitments as well as outstanding debt has to be considered. Households with young families often need more coverage than empty-nest households or households where the children are older. How many years are left on the mortgage? How much other life insurance coverage do you have? Will the kids be going to college? Will the kids need the assistance of an additional caregiver if one spouse is suddenly gone? These are important questions that aren’t fully answered by the simpler rules of thumb.

If you need life insurance coverage or if you’re concerned that the coverage you have may not be enough, just reach out to your agent or broker for a quote or a policy review. It all starts with a conversation that considers both the big picture and the important details to build a coverage solution customized to your specific needs.

Your friend in the business
Facebook Twitter LinkedIn Pinterest Instagram YouTube
16 Central Avenue East Brockville ON K6V 1W4
613-342-1405 (local)  |  888-642-2201 (toll free)