Babar H. Shah

06/20/2022

What is a Hard Market in the Insurance Industry?

For insurance companies, premiums alone aren’t enough to cover costs, especially as claims rise in frequency and expense. During a period of low investment returns and an increase in claim payouts, insurers have to impose stricter rules for new policies and reassess the premiums they charge to make sure the company is financially secure enough to protect their customers.

❓ What does a “hard market” mean for the customer? During a “hard market” your options may be more limited when shopping for insurance. It may be difficult to renew an existing policy, or your premium may increase at the time of renewal.

❓ What can I do when I shop for insurance during a “hard market”? Be sure to take advantage of discounts and savings opportunities during a hard market and develop a good relationship with a broker you can trust.

05/01/2022

Have a blessed Eid! We wish you both happiness and health.

🌙 ❤

02/21/2022

From our BIG family to yours, we wish you an enjoyable day with the ones you love.

12/22/2021

We get this question a lot, "should I get term or whole life insurance?" Whole life insurance covers you for your entire life, albeit at a higher premium. Te...

12/22/2021

Moving to a new city, or even changing neighbourhoods can affect your insurance rate. We know you want to make an informed decision when you move, and part of that decision should include how the location can affect your home and auto insurance. Let’s talk about how your location can impact your rate and contact a broker to get a quote before you move!

🏡 Age of your area and home – older homes may have inadequate sewage systems and dated wiring/plumbing making you at higher risk for sewer backup, fire, and flooding.

🏡 Proximity to other buildings – homes that are closer together can be exposed to more risk with fire and other damage.

🏡 Fire services – homes with a greater distance/response time of fire services can increase premiums because there’s more time for the fire to spread and cause greater damage.

🏡 Traffic Patterns – urban areas typically have higher rates because there are more cars on the road and more intersections, increasingly the probability of a collision.

🏡 Crime rates – if your area has a higher probability of theft or vandalism, you may pay a higher premium. You can take steps to lower your premium by improving your home security and adding anti-theft measures for your car.

🏡 Environmental Factors – if you’re in an area with a higher risk of flooding near a lake or river, or wildfires near a forest, your premium may be higher, and it can affect your eligibility for certain coverages.

🏡 Premiums are also approved by regulatory bodies in each province, which will cause prices across Canada to differ by province.

Make sure you weigh the cost of insurance when you move. Our BIG brokers would be happy to help you find the best insurance option for your new home!

11/16/2021

Did you know you can save BIG when you combine your car and property insurance together?

Bundling your home and auto policies can save you between 15%-20% on your insurance. Oftentimes, the discount covers the entire cost of your property policy – it literally pays for itself.

With BIG, bundling your policies is a convenient way to have all your insurance in one place. We provide coverage from our trusted carriers for your vehicles, home, business, travel, pets, and life!

Bundling your insurance with BIG also means you get amazing client and claims service. Our brokers work hard to establish a genuine relationship with clients. We are here to truly understand your situation and recommend the right protection for you.

If you’re ready to save BIG, give us a call or visit our website to start a quote!

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