With that being said, along with these shared amenities, which can in certain cases include, pools, recreation and fitness centres, and shared green spaces, there are of course fees that go along with these types of offerings, including ion course insurance premiums.

While, having the proper insurance is always the best course of action to ensure we are protected when in comes to various financial and personal aspects of our lives, the BC Strata Insurance market has seen an incredible surge in the cost of these fees over the past year. In fact, these figures have reached double and tripled digit percentage margins in only a short period of time.

With strata corporations across BC looking to obtain affordable coverage for their properties, this has proven no easy task as the demand and the costs continue to be high. Some direct causes have been identified by the BC Financial Services Authority (BCFSA), which points out that a recent 10 year stretch of a softer housing market, which then turned quickly into what is know as a hard market. With this now being the reality, many insurers have had to look for ways to meet their profitability margins.

In turn, with less insurers in the game, and more properties to insure, more risk has been taken on, and this has ultimately driven up these prices. Claim costs have also risen and this has led to more insurance fees throughout the Strata Market.

With current premium and deductible insurance fees somewhat levelling out, this still does reflect higher levels than ever before. Now with only a little over a month into 2021, there is no sign that these fees will be decreasing any time soon.

Fortunately however, some necessary steps have been outlined as a way of improving these conditions. The BC Government has outlined some key areas that need to be taken into account when looking to regulate the procedures used to guide strata corporations. With the current high costs that strata members are facing when paying for insurance, this key issue is also at the heart of these new regulations.

While best price quotes are one of these necessary changes that should be addressed to bring down these premiums, it is still the costs associated with home-related insurance claims that have been identified as the bigger culprit. By bringing these down, it is suggest by the BC Financial Services Authority (BCFSA), the Strata Insurance market should thankfully experience some more affordable prices in the future.

Of course, you may have already done a heating system check prior to the really cold weather, however it is a good plan to do this again. It is not too late to check that you have not left anything out, as well as re-check these systems for any other signs of maintenance that may be required.

First and Foremost, if you have an outdoor air conditioner, you will want to make sure it is being protected while not is use. Your air conditioner unit should be kept clear of any leaves, branches, sticks, etc. It is also recommended that you place a cover over it to protect it, in particular the heating coils. from any moisture that can accumulate from the snow or ice.

Maintaining the Furnace & Fireplace Components

Moving onto the heating unit themselves, there are some steps you can take to ensure these are in working condition, in order to support the needs of your home during the winter months. When it comes to your furnace, it is recommended that you have a professional examine and the filters. Secondly, if you have a fireplace in your home, this will also need to be inspected prior to use each year.  At the same time, heat vents should be checked for any blockages as well as this can mean that the heat is not effectively making its way into the proper parts of your home.

Examining Smoke & Carbon Monoxide Detectors

Additionally, at the top of the list should be the inspection of smoke and carbon monoxide detectors. This is so that you ensure they are doing their job effectively and keeping you, your loved ones and your home, safe.

Overall, the goal here is to make sure that when you are relying on all of these various heating systems, they are in fact, working as they should, while also ensuring you feel safe and secure in your own home.

Also, a key element is keeping your home warm during the winter is the task of inspecting all doors and windows. This step also helps support the effective heating of your home, whereby ensuring that excess amounts of heat are not being lost to the outdoors.

Some specific aspects to look for include, checking that the weather stripping around the doors and window frames are not showing any gaps or signs of wear and tear. If you do identify this type of damage, it is best to repair it as soon as possible, so that you don’t have to suffer with unnecessary drafts as well as major heat loss in your home this winter.

In addition to prepping your house itself, you also need to remember to have your necessary winter gear on hand. These can include snow shovels, snow blowers, ice scrapers and snow brushes, and of course, ice. Having these items within reach will really save you in a pinch, when you are rushing to get out the door and also on your way to any one of your essential destinations.

You will also want to stock up on items like food, water, batteries, and flashlights, etc. as it is helpful to have these at your disposal, in the event that travelling is not an option, and also in the case of a power outage.

With winter weather in Canada being unpredictable as times, it is best to be as prepared as possible in order to deal with the demands of the season. Not only will you and your family be safe, your home will be as well.

With both your financial and your loved one’s well-being in mind, you can also look to home insurance as a key element of your winter home preparedness plan.

Reach out to the Leaders Insurance team to learn more about our services, and to find a home insurance policy that will best meet the needs of you – and your home as you look ahead to another season.

One of the main ways that business have taken steps towards digitalized services involves using resources that enable online collaboration. By now you are likely more familiar with video call tools such as Zoom and of course email and other online messaging services have been in use for sometime. However,  another method of virtual collaboration that is gaining more traction are services that allow for employees to collaborate not just with each other, but also with their clients.

For example, insurance companies have started to rely more heavily on applications that allow for documents to be completed and processed virtually, and one of these main tools includes smart documents and e-signature capabilities. This not only can help with efficiency, but during times when it isn’t possible to have in-person contact, these services can still be offered and as a result, the insurance needs of clients can continue to be fulfilled.

Another avenue that companies have pursued in order to set up their digital approach to business is through the use of self-service tools. Again, in order to counteract the necessity for restricted in person services, businesses have moved towards using self-service portals and mobile apps to provide continuity and accessibility to customers on a broader scale. Through digital methods like these, insurance clients avoid the need to only be able to move forward with their insurance policy changes when only limited to reaching an insurance broker directly by phone or email.

As such, insurance brokers can effectively serve their clients and in turn, clients also have more ease and flexibility with regards to how and when they manage and access their insurance policies or other related services.

The Cloud, perhaps one of those technology pieces that although has been around for quite sometime, not everyone has found the time to gain a completed understanding of what it does exactly. In fact, many individuals are already using it in their daily lives without full awareness of its range of benefits.

Fortunately, Cloud technology has the ability to enable businesses to stay connected when using a broad range of devices, so that they can also provide more efficient costumer support and continuity of services. With the reality that employees are more likely to work from home or work remotely from different locations, businesses can still run smoothly without the need for everyone to be in the same place at the same time.

From an insurance perspective, this scenario also most certainly applies.  Digital aspects of the Cloud can also help to protect insurance documents and the loss of information. Due to the strong nature of its data security, insurance companies can rely on the Cloud for storage, accessibly and protection of their insurance files; and in turn, clients can also rest assured that this information is kept safe with the help of this existing technology.

As insurance companies continue to be committed to serving the needs of their clients, the future prospects of incorporating more digitalized options can help them to rise up and meet these needs through a variety of unique and effective ways.

Contact Leaders Insurance to find out how we can help you manage your insurance policy needs, while both safety and efficiency remain at the forefront of our business goals this year.

First of all, a well-maintained roof will be very important under varying winter conditions. Whether you are having your roof inspected by a professional or you are doing it yourself, it is commonly recommended that you inspect it at least twice a year. With that said, when examining the roof, some key signs to look for include, any loose or missing shingles or any other wear and tear you can notice. Having these areas replaced prior to the winter is best, as sleet, ice, and snow can all lead to further and more expensive repairs down the line.

The heating systems you rely on during the colder weather should also be taken into account when preparing for the winter. Having your furnace cleaned, including the filters replaced regularly will help to ensure your furnace will be working properly, especially when keeping up with the demands of the cold temperatures. It is also suggested that you have your furnace assessed each year by a professional as this can give you more peace of mind that your home will be well-heated during this winter.

Additionally, it is just as equally necessary to have your fireplace and chimney cleaned regularly and again, definitely before the colder weather arrives. In the case of a chimney, it is important to check that it is not blocked by any debris. A professional is also best suited to come in and check that your gas fireplace and/or wood fireplace are in working order and that you are safe to begin using it to help heat your space.

Prior to winter, it is also best to check your windows and doors for any potential drafts. You can take steps to add more caulking and weather stripping to these areas to help fill these gaps. By making sure there are no openings around doors and windows, this helps to ensure that the heat is not escaping and instead, remaining inside your home where it belongs.

If you haven’t already done so, it is also a good idea to put away any of your outdoor furniture and other items. While some items, for example those made of metal, can be stored outside during the winter, you should still consider covering them and protecting them from the harsh winter elements. Other outdoor items, such as wicker and plastic patio furniture should be kept indoors whenever possible, as these materials will not hold up well when coming into contact with ice and snow. Taking steps to protect these items will mean that when the warmer seasons return, you can continue to enjoy them again, without needing to spend additional money to have them replaced.

Last, but not least, having the necessary winter gear on hand will also be an important part of your winter home readiness plan. With Canadian winters being somewhat unpredictable at times, it is best to have theses supplies at the ready, so you can muster through the winter season without scrambling to go out and purchase these items at the last minute.

Depending on what province and region you are living in, it is important to have the right winter gear on hand. For starters, having trust snow shovels and winter salt are a good place to start. If you are driving regularly this winter, then you will also want to have de-icer, snow brushes and scrappers to help prepare your car for safe winter driving. In the event, we have ‘snow days’ and are not able to leave the home, having some extra food stored and household supplies on hand, can also be highly beneficial during the winter months.

Finally, the proper home insurance will also help! In the event, there is any damage to your home, with the right insurance, you can rest assured that you are protected from any added future home repair-related expenses.

Contact Leaders Insurance to find out more about our home insurance policies, while helping to make sure you and your home are well prepared to cope with the wintry conditions that await us once again this year.