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Outwit Mother Nature with Help from the Pros

Relax this summer knowing you’re insured against the worst

July 23, 2015

By Insurance Institute of BC / Photo: Insurance Institute of BC

The warm weather has most of us daydreaming about vacations, but the topic of weather should also provide a timely reminder for Canadians to review their insurance policies with an educated insurance professional.

The frequency and severity of natural disasters are on a steady incline in Canada. Glenn McGillivray, Managing Director at the Institute for Catastrophic Loss Reduction (ICLR), lists water damage as the number one cause of insured property damage in the country, and says that insured losses from natural disasters have met or exceeded $1 billion for the last six years. As earthquakes threaten our coasts and wildfires affect our forests, it’s becoming more important than ever for Canadians to have proper coverage in place.

“Canadians need to realize that their families, homes and small businesses are vulnerable and then investigate ways to prevent or minimize damage,” says McGillivray. “Doing nothing is no longer an option.”

In a recent survey of 2,000 Canadians administered by the ICLR, an overwhelming majority said they wished to get their disaster mitigation information from their insurance provider. Meanwhile a Leger Marketing poll showed that 82 per cent of respondents agreed that an insurance professional who has received an education designation in their field is more likely to give a comprehensive and qualified quote for an insurance policy.

The Insurance Institute of BC, part of the Insurance Institute of Canada that offers the Chartered Insurance Professional (CIP) designation across the country, agrees wholeheartedly, and explains that getting accurate information up front can save a huge amount of hassle and hardship down the road.

“Despite popular myths—particularly about ‘Acts of God’—basic insurance covers most perils and those that aren’t included can be covered with add-ons,” shares McGillivray, who also conducts seminars for the Insurance Institute. He also emphasizes updating your policy to reflect renovations, noting that it’s never worth saving money on your premium to be inadequately covered.

In addition to their CIP and FCIP designation programs, the Institute ensures that local insurance professionals remain as educated as possible by hosting local seminars on extreme weather including earthquakes, climate change and other topical issues.

When you buckle up for your next summer road trip, consider whether you’ve also taken care of your assets back home.

For more information on how the Insurance Institute of BC can help you, visit insuranceinstitute.ca

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