One of the top trends likely fresh on your mind is insurance rates. With rates rising this is surely to have you feeling concerned about how this will affect your personal and business insurance costs.

Naturally, rising rates do often equate with higher insurance costs across many insurance areas. That said, a significant way to help provide some added comfort is to turn to your insurance agent for advice as they can help to find you the best rates possible for your needs.

By inquiring a bit further into the following insurance areas, we can get a glimpse of what you can expect from your insurance fees moving forward.

In these more uncertain times, one of the top insurance areas on Canadian’s minds is often Property Insurance. With high inflation rates, insurance rates for properties are notably well above what they have been in previous years. With that being said, many insurance analysts in the know have indicated that rates are quite likely to stabilize soon.

One area of interest that Canadian residents and business owners will want to be sure to watch for with regards property insurance rates, includes the risks associated with natural disasters. The aftermath and the high financial costs of repairs, replacements and rebuilds that are likely to arise.

Throughout 2022, it is not all that surprising that Liability or Casualty Insurance polices have also experienced rate increases, that said, in the single digits. As a result, this market has remained a bit more stable overall, compared to others.

Often combined with Property Insurance, Liability/Casualty insurance covers a wide range of areas, such as professional liability, commercial liability, personal liability, and vehicle liability.

When in place, liability insurance is an important way of protecting yourself personally and professionally. High legal costs associated with any damages to others’ property, including bodily injuries sustained by others while on or as result of your property, can carry significant financial ramifications also.

This topic would not be complete, without mentioning the affects of cyber attacks on current and future insurance rates. Cyber security is one of the markets we can see trending upwards, with more cyber threats, unfortunately coming out of the woodwork all the time.

The risks towards these kinds of claims are evolving as new data becomes available, and pricing remains more of a challenge to pinpoint. That said, thanks to businesses and individuals who have been taking steps to up their cyber security game, rates may soon become more stable.

Across many of the insurance areas, we can see how climate change is affecting insurance rates. With more extreme weather occurring across the globe, Canada, and of course more close to home in BC, business owners and residents are feeling the need to protect their livelihoods even more so from this potential for devastation.

For Canadians who are keeping a close eye on these types of developments, speaking with their insurance agent can be helpful in understanding how they should proceed when it comes to mapping out and finalizing their insurance policies.

Reach out to our agents at Leaders Insurance to learn more about how we can help you rest a bit easier knowing that with your coverage in place, your business and personal insurance needs are being taken care of.

An insurance renewal is the standard length of time an insurance policy is in effect without an insurance company adjusting your rate. Of course, there are exceptions to every rule, and it is possible – on rare occasion – for your rate to change shortly after purchasing a new policy if you do not meet underwriting guidelines.

The renewal date of your insurance policy is based on the date your policy took effect. So, it could actually take place on any day of the year depending on when you originally started the policy. The other factor in determining your renewal date is the length of your policy period. Policies usually renew annually or semi-annually. The start of the year is a perfect time to take stock of when these renewals are coming due so you can plan ahead.

Renewal information is usually mailed or emailed to you 45 to 30 days in advance of your renewal. You will receive a declaration page along with other information explaining your policy. A new proof of insurance is usually enclosed with the declaration page.

Look at your existing rate and see if you qualify for any further discounts. When you get your renewal reminder, this will help prompt you to do this review as sometimes insurance is easy to forget if you haven’t had the need to use it recently. It is a good time to contact your insurance agent to review your policy.

It is possible for every person insured with a given carrier to have a rate increase. Insurance rates can rise due to increased claim activity. If an insurance carrier is losing money, rates can increase. Also, if there appears to be a higher level of risk, an insurer will increase the value of the insurance on the policy to protect them from further exposure. Insurance policy renewals are a standard part of insurance. All policies renew and insurance companies have the ability to recalculate your insurance rate. Use this time of year to mark your renewal dates in 2020 so you know when to review your policy and think about possible changes.

When looking for insurance coverage, you want to partner with an insurance agency that has access to a wide network of insurers. This is key to getting the best coverage and the most competitive rates.

At Leaders Insurance, we can often source competitive insurance coverage where other agencies can’t. Our team has a wealth of expertise and we service clients not only in the Tri- Cities but also across the Lower Mainland and BC as a whole. As you plan out your year, please feel free to reach out to us so we can provide you with a quote for all your insurance needs. Let’s make 2020 your best year ever!

Car insurance can apply to a variety of driving related scenarios. In terms of insurance packages, these range from liability to collision coverage. In certain cases you may need to pay for the repairs of the other party’s vehicle or for their medical bills, if found responsible for the accident. Despite the type of accident and the outcome, it can be very expensive to cover these costs.

Aside from the typical collision insurance, you may also need to fork out a significant amount of money towards repairs or replacement of your own vehicle. Situations that can lead to these issues could be vandalism, fire or other similar-damages, even if your vehicle has been stolen.

When it comes to operating a vehicle, there are many situations that can be out of your control, and insurance can help you to avoid the often-impossible task of having to pay completely out of pocket for major repairs, and/or legal fees.

Likewise, there are different types of home insurance to consider. While some policies apply to home owners, some apply to tenants and come with their own set of criteria and areas that are covered.

Home insurance also falls into categories related to damages and liability. When it comes to damages, home insurance policies can cover scenarios where your home and your personal belongings are destroyed in fires, smoke, explosions, vandalism, theft and so on.

If a third party is injured while in your home or on your property, you could also be found liable.

There are many situations that necessitate having home insurance. These can also become expensive financial burdens to bear, and having the right home insurance can ultimately save you a great deal of money – and worry down the line.

If you own a business, you will also want to protect yourself from various circumstances that are potentially damaging. Events such as third-party property damage, bodily injuries to others, not to mentioned a wide range of damages can occur to your business and impact your finances, including business assets.

In situations like these, you will likely need to turn to your insurance as repair, replacement costs, as well as others can be extremely high. Having the right insurance in place to protect your business can truly be worth its weight in gold.

In the end, having the proper insurance can help to alleviate the fears we may have about being able to afford these types of financial implications over time.

It is also important to connect with an insurance agent to ensure you have access to the most suitable insurance and in the process, protect your livelihood. Building rapport with an insurance agent can make a huge difference when it comes to managing your insurance across a range of areas.

The reality is that most of us will encounter health issues that span over time and across varying severities. Not only can these medical problems lead to expensive day-to-day costs, they can also amount to larger financial ramifications over time. In Canada, obviously we have health insurance that covers the basics but looking into extended insurance – if you don’t have this through your workplace – can be invaluable.

In order to help avoid extreme financial burdens, taking the time to have the proper health insurance in place can truly be worth its weight in gold.

Whether you own your home or currently renting, having the most suitable insurance to safeguard your home, your belongings and and protect against potential damages that can lead to large financial expenses is also fundamentally important.

When it comes to the specifics of home ownership and renter policies, each will differ, however, regardless of your living situation, it is well worth taking the time to further examine which type of ‘home’ policy will best reflect your needs.

If you own and are operating a vehicle, then having the right car insurance will be necessary. At the top of this list, in terms of insurable scenarios are car accidents.

Whether you are found liability for inflicting damage to another person and/or their vehicle or you or your vehicle are the injured party, each outcome will ultimately lead to the likelihood of you needing to pay large sums towards rectifying the situation. In this case, having the proper insurance in place will go a long way to assisting you with any car accident-related costs.

Equally essential when compared to other types of insurance is liability insurance. Liability insurance comes in various shapes and forms as well and can often be tacked onto a home insurance policy. Included in this type of coverage is the protection against being deemed financially liable for any injuries others sustain on your property or while visiting your home.

Liability insurance also pertains to business insurance and can help protect against similar situations that occur at or as a result of your business. Therefore, it is also well worth taking the extra time to look into this type of insurance and more clearly understand how liability coverage can benefit you.

There might be times when the status of your health may prevent you from being able to work. Depending on whether your medical condition is expected to last for a short or long period of time, you may need to turn to Disability or Long-Term Disability insurance to help provide financial support.

Likewise, Long-Term Care insurance will be beneficial for times when, regardless of your age, you may need to move to a long-term care facility. Additionally, these policies can also provide the necessary coverage, should you require home-care services.

Finally, having life insurance is a critical part of your insurance coverage. As policies range significantly from person to person, and situation to situation, this again reinforces the importance of taking the time to examine all of your insurance needs – and seeking out the ongoing support of an insurance expert is a highly valuable piece of the puzzle.

In order to get the right insurance coverage for your individual needs, working with your trusted insurance company can enable you to feel confident that you have in place, the best coverage across a wide range of insurance areas.

With multiple policies on the go, for example, home insurance and vehicle insurance, your insurance company can provide a more seamless approach to managing your insurance coverage.

One of the major benefits of continuing to work with one insurance agency is that you will be able to build trust with the agent or agents. Given that the insurance agency has demonstrated a proven track record of being able to effectively support your needs, this allows you to develop a relationship that is built on loyalty and reliability.

Not only can this dynamic enable you to have more confidence in knowing that your insurance agent has your best interests at heart, this also allows them to serve you with a high level of expertise and efficiency, as they have come to know you well enough to have an even greater handle on your specific insurance needs.

Another way that one insurance company can provide a heightened level of service is that the communication among the team members or sole agent and yourself can be performed more seamlessly.

As opposed to working with a variety of different insurance companies, one agency can help to minimize any gaps or overlaps in the management of your policies. This is especially so when you have various areas of coverage to manage, including both personal and business policies.

As mentioned, juggling multiple insurance policies can be a lot of work, however this can be lessened when you have an established relationship with the same insurance group. For example, you may have home, car, and business insurance that all need your attention.

That being said, if you have decided to work with and put your faith in one insurance agency, you can rely more on them to manage the legwork, while also trusting that they are finding you the most affordable rates.

While there is also the great potential of saving money on your insurance coverage through securing the best rates, additionally, you can also look into having your agent bundle your various insurance policies. With bundling, there is an opportunity for a reduction in the fees you pay towards your insurance, thus making your payments even more manageable.

When all is said and done, who doesn’t want to save money on insurance? Likewise, you also deserve to have the best service possible, and fortunately, this can be achieved by building a solid partnership with one insurance agency.

At Leaders Insurance, we greatly value our relationships with our clients. Contact our experts to learn more about the key role we can play in supporting all of your important insurance needs.

Before you start looking into which insurance company or provider may be the best choice, you will want to examine your own insurance needs. For example, what is the insurance areas you need to cover, for example home, vehicle, rental, and pet insurance.

Then from a business perspective, small business insurance versus larger business insurance, and of course the specific needs of your business are important to identify before opting for one insurance provider over another.

That said, some insurance companies specialize in certain types of insurance coverage and this can help point you in the right direction when landing on the right provider.

Once you have outlined the insurance criteria that is unique to you, you can continue this process by doing your research on different types of insurance providers. At this stage, you are also looking beyond what type of insurance they offer and are gathering more information about their reputation.

Here, you can learn more about their history, for example how long they have been in business and the nature of how effectively they have served their clients over the years. Personal recommendations and customer testimonials can also shed light on their level of expertise, financial strength, and the quality of their client care.

Ultimately, this information can help you compare a range of insurance providers based on their track record and then make your choice with more overall confidence.

Another factor in your decision to move forward with choosing a suitable insurance provider is whether an independent agent or an insurance company is the better fit for you.

Working with an independent agent can be beneficial as they can help you determine which insurance company is suitable for you. They can also assist you with finding the best rates and policies, as they can access insurance products from a variety of companies.

Choosing a company on the other hand, can also have its benefits, as they may in some cases, have a greater sense of expertise in one given insurance coverage area. However, you also want to ensure this is not limiting to you in terms of your options.

While either can certainty have their advantages, it really comes down to examining the pros and cons of each and pinpointing which option better aligns with your needs.

One other relevant point to mention is how easily accessible it is for you to obtain and manage your insurance policy.

For example, an insurance company may offer a variety of e-services, such as paying your bills, and making claims online. They may also provide around the clock customer service and support in response to important questions related to billing, etc. You may even be able to adjust your policy online, which can take convenience to a whole new level.

If this kind of ease-of-business approach to insurance management sounds like it reflects your needs, then you may also want to keep this in mind as you look towards selecting an insurance provider.

At Leaders Insurance, we are happy to provide the support you need to find the most suitable type of coverage that will best align with your business and/or personal insurance specifications.

For example, some main types of insurance you will want to consider will include, liability insurance, in the event you may be found responsible for an accident that causes injury or damage to another individual or their property.

In the case of damage done to your RV by another party, such as vandalism, theft, etc, there is also insurance to cover these unwanted, yet, often unpreventable occurrences.

In the event, you or a loved one is also injured in an accident while travelling in your RV, l coverage also exists to help with expenses such as medical and rehabilitation costs.

Some further coverage may also be worth a major second thought. Such as having insurance in place for loss or damage to your personal belongings and contents. As well, you may want to look into coverage for replacement costs for the RV, itself as this can definitely provide some added peace of mind that you are being adequately protected.

Overall, it is definitely worth turning to an insurance agent to help advise you on these range of coverage options.

In addition to finding the most appropriate type of coverage, insurance agents can also provide support when it comes to identifying the right level of coverage, not to mention at the best price possible as well.

Depending on the type of recreational vehicle you are insuring, all of these elements will vary, as an RV, motorhome, and a travel trailer will all require different levels of coverage.

Furthermore, sometimes there is the option of choosing coverage that can be added onto your current insurance policy. Other times, it may be more suitable to obtain stand-alone coverage to satisfy your personal RV needs.

In the end, all of these decisions will play a very important role in your ability to enjoy your recreational travel time this summer.

For more information on the type of insurance coverage, contact Leaders Insurance. We are here to help you find the best policy for your needs, and can offer you our expert advice on all things related to insuring an RV in BC. After having the proper insurance in place, the BC roads and your summer adventures await!