Here’s how to prevent costly damages from power surges

Power surges happen when the voltage running through your home’s electrical system unexpectedly spikes to a level beyond what your electronic appliances are designed to handle. Depending on the strength of the surge, this could mean minor damage or complete destruction of your valuable electronics (PS4 or Xbox).

There are typically three causes of a power surge: lightning strikes, downed power lines, and large home appliances. While power surges are sometimes unavoidable, there are some precautions you can take to help prevent these costly damages.

1. Use surge protectors. Surge protectors come in a variety of styles. When shopping for a surge protector, check the device’s clamping voltage. This is the level at which it will begin to block the surge.
2. Install specialized outlets. Purchasing specialized outlets that offer surge protection is a good option for areas in your home where a normal surge protector would not fit. For example, surge protection outlets can be used in the kitchen for things like microwaves and electric stoves.
3. When in doubt, unplug. Lightning storms can overwhelm even the best surge protectors. In the event of a powerful storm, unplugging valuable electronics from your outlets can save them from potential surges.
4. Use a service entrance surge protector. A service entrance surge protection device can provide protection for your incoming electrical, cable TV, and telephone lines. the device is installed in your main electrical panel or near your electric metre to help stop outside surges from entering your home.

After a power surge, your surge protector could be damaged. Contact the manufacturer if you believe that your surge protector may be damaged. They can help you test or replace your device.

Contact Scrivens today to discuss potential coverage options for your personal property to ensure that you are covered in the event of a surge.

Are there really benefits to having a smart home?

As technology continues to advance, more and more aspects of the home are becoming automated. When a home is outfitted with an array of these electronic systems, it is often referred to as a “smart” home.

In general, smart homes are equipped with a variety of devices that can detect hazards like smoke, fire, carbon monoxide, water leaks, break-ins, and more. In addition, smart home technology allows homeowners to have complete control over their homes – locking doors, managing audio equipment, dimming lights, adjusting the temperature, etc. – all through the use of smartphones.

The integrated systems of a smart home often improve safety, as the technology within can be linked to alarms and motion sensor cameras or designed to contact the proper authorities in the event of burglary, fire, or other emergency.

And, because smart homes give homeowners the ability to adjust lighting and temperature, they often create more energy-efficient spaces.

For example, I purchased a Nest thermostat before the new year. It controls my central heating and central air conditioning (I have yet to use the air conditioning, but I can’t wait until the weather is warm enough). Anyway, my HydroOttawa bill decreased by 14.4% in one month. A small sample size, but still encouraging nonetheless!

Going a bit further I compared my kWh usage averaged daily in January, February, and so far in March (as of today). These are the results:

• January: 14.29 kWh per day
• February: 13.73 kWh per day
• March: 13.92 kWh per day

What is most important however, is the on-peak usage. Over three months, my daily average in On-Peak has decreased by nearly 15%. Of course the weather has something to do with it but considering the weather in February, it’s encouraging to see I used less energy than January.

While smart homes can improve security, lower energy bills, improve resale value, and add convenience, it can be expensive to retrofit older homes with smart home updates. To avoid overspending, include the cost of implementing smart home technology into a renovation or new home budget.

Water damage: are you covered?

Water-related claims are on the rise in Ontario and water is now the number one threat to your home.

That’s why it’s important that we ensure you have the coverage you need in the event water enters your home.

Existing coverage for homeowners has evolved with your needs in mind. Many insurance carriers have introduced new features and updated existing language to make it easier to understand your coverage.

Here is a quick overview of some of the coverages available:

Overland Water: this coverage will protect you in the case of damage caused by lake/river overflow, heavy rain, or rapid snowmelt that enters your home from a point at or above ground surface.

Ground Water: this coverage will protect against damages caused by water entering your home suddenly and accidentally through a basement wall, foundation, or floor.

Sewer Back-Up: in the vent water accidentally backs up from the sewer system and enters your home through a sewer, septic system, sump, or drain.

Water and Sewer Lines: coverage may be available to repair or replace water and sewer lines as a result of loss from a leak, break, tear, rupture, or collapse of the line on your property.

There are specific coverage eligibility requirements depending on which carrier holds your home insurance.  Not all coverage is available to every “territory”.

If you would like to speak with us directly about your options or the above changes, please contact us at 613-236-9101 today.

 

Insurance for your wine collection

A true wine enthusiast understands the rewards of owning an expansive collection.  The pride that goes into nurturing a bottle, anticipating its peak age and then enjoying its flavour can be gratifying.

If you store your wine collection in multiple locations, you will need to purchase coverage for each location.  If one of those locations is a professional storage warehouse, the warehouse may already have wine insurance.

To protect your collection, you may consider purchasing wine insurance, especially if you store your collection in your own wine cellar.  If you own a large, valuable array of wines, it is wise to insure your collection in a stand-alone valuable articles policy.  You can either insure the collection under a blanket amount, such as $50,000, or, if your collection contains individual high-value bottles, you may wish to insure each bottle separately.

Generally, a stand-alone wine policy costs 5o to 80 cents for every hundred dollars’ worth of wine.  Therefore, if you had a wine collection worth $100,000, your premium would be at least $550.

Policy Inclusions

Wine insurance policies may include the following:

• Protection against damages due to fire, theft or accidental breakage
• Protection against damages to mechanical breakdowns in the climate-control unit
• Protection against label damage in a fire, flood or other natural disaster.  For many rare, vintage wines, the label increases the value of the wine
• Access to vendors who ship, buy and sell wine; vendors who store wine in another location; vendors who offer security systems for your collections and vendors offering temperature-control systems
• Guidance for how to best store your collection, especially when building or renovating your wine cellar

Storage Recommendations

If you house a collection in your home, consider the following recommendations to reduce damage to your wine:

• Do not store chemicals, paint or odour-producing materials near your collection.  These items can permeate through the cork and spoil the wine
• Do not store wine near heaters or sunlight, or in areas that are susceptible to flooding, such as beneath a bathroom or laundry room.  Also avoid placing wine in areas of the home that are beneath or next to a home theatre, which causes excessive vibrations
• Store wine at 12.8°C.  The humidity in a wine storage should also be 65 to 75 per cent.  Anything above or below that amount can damage the label or cork
• Install an alarm that warns against theft, temperature changes and moisture.  When selecting an alarm, purchase one that sends a message directly to your mobile device.

This blog is provided for informational purposes only.  The information provided herein is not intended to be exhaustive, nor should it be construed as advice regarding coverage.

Creating an Effective Home Inventory

Creating an inventory of your belongings may seem like a hassle, but it’s crucial when it comes to saving you time and money when filing an insurance claim.  A home inventory is essentially a detailed list of all of the valuables in your home and generally includes a description, serial number (if applicable), the purchase date, and estimated value of each item.  In the event of a natural disaster or home break-in, an up-to-date inventory can help expedite the claims process and verify your losses.

Before creating a home inventory, there are a number of tips to keep in mind that will simplify the process and help you create a more effective list:

1. Plan ahead.  The sooner you create your home inventory list, the better.  The longer you wait to catalogue your belongings, the more work you will have to do later on to catch up.  Getting ahead of your inventory list will ensure that you are prepared in the event that you have to file a claim.
2. Take photos.  Photographs are a fast and effective way to digitally create an inventory of your valuables.  Including notes along with the pictures can help add much-needed detail that will help when it comes time to file a claim.
3. Keep paper records.  Keeping a proof of purchase like a bill, receipt, or warranty not only confirms ownership, but it can also help you assign a monetary value to each of your possessions.  This ensures that you are not overpaying for coverage, and, when it’s time to file a claim, the value of your belongings will be properly estimated.
4. Storage.  Perhaps as important as the creation of a proper home inventory is the storage of the list.  In the event of a fire or other property damage, it is possible that your inventory can get lost or destroyed.  Keeping your list in a safe can help keep it protected.  In addition, consider saving a digital copy of your home inventory as a backup.

It should be noted that highly valuable items like fine art or jewellery may require separate insurance; however, they should still be included in your home inventory.  To keep lists up to date, homeowners should consider reevaluating their inventories once a year or as they increase the value of their homes.

For simple organization, the Insurance Bureau of Canada has developed an Excel spreadsheet to make the process even easier.  You can download the file from our website here.

For more tips for homeowners, follow us on Twitter, Facebook and visit our website today!

Replacement costs versus market value

When determining your insurance coverage options there is an important distinction to note: market value or replacement cost.

The Canadian insurance industry uses “insurance to value” (ITV) to measure risk and to ensure your insurance covers the replacement cost of your home.  If you do not have the appropriate coverage, you may find yourself short when it comes to replacing/rebuilding your home in the event of a loss.

Many people believe that market value is the best determinant when calculating insurance premiums, however replacement cost would be a more accurate assessment.  For example, what would it cost you to rebuild your home after a major event such as a fire?  The cost not only includes the higher costs of materials required but also the labour (which will be higher after an earthquake or other disaster due to scarcity), debris removal, changes in building codes, etc.

Being underinsured doesn’t help anyone.  Under many insurance policies it is up to you to report any changes in your property, such as renovations or additions, which may warrant an increase in your coverage to fully insure the replacement value of your home.

We are here to help!

As a trusted advisor, we will ensure that you carry the most appropriate amount of insurance.  Have you done any renovations or improvements to your home?  If you don’t declare it, you can’t insure it.

The real estate value of your home is not necessarily the same as the cost of replacing your home.  The costs of labour, materials, and constructing to code are likely to have increased since your last full inspection.

For more information about being underinsured or replacement costs, please give us a call at Scrivens Insurance and Investment Solutions at 613-236-9101.

Does homeowners insurance cover dog bites?

According to the Canadian Hospitals Injury Reporting and Prevention Program (CHIRPP), approximately one-third of all dog bites occur at dog owners’ homes.  Almost 30 per cent of dog attacks involve children between the ages of 5 and 9, and over 40 per cent of attacks result in injuries to the face.

To prevent dog bites, some communities around Canada have banned certain breeds that are perceived to be more dangerous or have a track record of violence.  These laws most commonly apply to pit bulls, Rottweilers and Presa Canarios.

Homeowners and renters insurance policies typically cover dog bites.  However, if you own a breed that has been historically violent, you may have to pay an increased premium (even if your dog has not displayed any violent behaviour).  If your dog has passed obedience school tests, you may qualify for a premium discount.

It is difficult to determine how a dog’s breed will predict its disposition, much like it is hard to predict how nature versus nurture plays a role in the development of a child.  Watch your dog’s behaviours: growling, snapping, biting family members, aggression towards strangers or showing signs of extreme fear.   Your vet can refer you to a veterinary behaviour specialist.  While the dog is going through treatment, be extra cautious when you take it out in public, and consider placing a basket muzzle over the dog’s mouth.

No dog breed is guaranteed to be attack- or bite-free.  Let Scrivens educate you on your insurance needs to protect you from a costly dog bite lawsuit.