Mortgage insurance no longer offered to condo developers by CMHC

life insurance industry canada

The Canada Mortgage and Housing Corp. has announced that this coverage will no longer be available. A recent statement from the Canada Mortgage and Housing Corporation (CMHC) has revealed that the organization will no longer be providing mortgage insurance to condo developers in order to assist in financing new building construction. This doesn’t come as very much of a surprise to many in the insurance industry. The reason that many are simply shrugging their shoulders at the decision by the Crown corporation is that it hasn’t actually offered any of…

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Simple tips to save on condo insurance

condo insurance

Proper condo insurance coverage is important, but the premiums can be minimized with the right efforts. When you have purchased a new home, condo insurance can help to make sure that your investment is effectively protected against unforeseen circumstances, but this doesn’t mean that you need to pay the highest premiums. There are many quick and easy things that you can do to minimize your payments while still receiving the appropriate amount of coverage. Start by taking out two different condo insurance policies. The first will be your own insurance…

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Catastrophic tornados trample the South and Midwest, claiming 33 lives

An outbreak of deadly and devastating tornadoes wrought havoc in many Southern and Midwest states over the weekend. The disasters began on Friday last week. The tornadoes struck a major blow to four states: Kentucky, Indiana, Ohio and Alabama. The people in these states had little warning of the storms, which manifested at an alarmingly fast pace. The tornadoes quickly grew in intensity and caused a significant amount of damage to everything in their path. When the winds finally calmed after hours of fury, approximately 33 people were found dead.…

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2012 tornado season could be as active as the now notorious 2011

Last year, the U.S. was subject to an unnaturally active tornado season. The season spawned outbreaks of violent windstorms and powerful tornados that cut a path of destruction through much of the mid and mid-eastern states. Last year saw a total of 1,709 tornadoes touched down in the U.S. While this is well short of the 1,817 that formed in 2004, these tornados were far more destructive and widespread. Indeed, 2011 was one of the most disastrous years in recent history, so much such that the insurance industry was hoping…

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Understanding the basics of condo insurance

Condo owners, similar to owners of houses, can greatly benefit from the coverage provided by insurance that protects them from damage to their property, as well as from liability. Many condo owners do have questions about condo insurance, however, as it is slightly different from the typical homeowners policy. Though they remain quite similar, there are some ways in which they differ due to the nature of the condo itself. In order to find out what types of insurance are available to your condo, speak with an insurance provider. Many…

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Hurricane Irene expected to birth higher insurance premiums in the East Coast

Hurricane Irene has come and gone but the storms effects may linger for several years. To date, the storm accounts for an estimated $7 billion in damages throughout the East Coast, making it one of the most costly natural disasters to strike the nation. The costs of damage are expected to influence property insurers who have long been leery of offering coverage to homes and businesses in risk prone areas. Consumers may be seeing higher premiums this year as a result of the hurricane. Higher premiums have been the theme…

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Hurricane Irene threatens to make landfall in the U.S. this week

The first major hurricane of the season has manifested in Irene, and it has been gaining strength as it surges toward the Bahamas. Weather trackers from the National Oceanic and Atmospheric Administration are predicting that Irene may make landfall as soon as Thursday. The hurricane has been growing in strength since its formation early Tuesday and has yet to show signs of slowing. Florida will be the first state that is hit by Irene should the hurricane reach the U.S., but both South Carolina and North Carolina will bear the…

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Coastal area residents should prepare for the worst

The impending hurricane season is expected to be one of the most active in years, according to the National Oceanic and Atmospheric Administration (NOAA).While it is impossible to predetermine whether hurricanes forming in the Atlantic Ocean will ever reach land, NOAA is advising residents of coastal areas to be prepared for the worst. The Insurance Information Institute recently released a statement regarding the importance of adequate property insurance, particularly for those living in Florida. According to the Institute, there are many things to consider when preparing for hurricanes. Florida has…

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Officials urge policy reviews due to predictions of an overactive hurricane season

In the last two months, the southern and Midwest portions of the U.S. have been pounded by a rash of tornado outbreaks. These tornadoes have caused billions of dollars worth of damages and taken hundreds of lives. Unfortunately, they have struck areas where many of the homeowners were not insured or underinsured for the amount of damage that occurred. In the past eight weeks there have been reports of over one thousand tornadoes; 960 of those reports have been confirmed. This year, the portion of the U.S. known as “tornado…

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Damage from the worst tornado season in 50 years in the billions

As the storms of the south begin to relent, residents are beginning the long, arduous path towards recovery. Insurers have assessed the extent of the damage and are reporting insured losses could cost billions of dollars. The recovery efforts will be nothing short of massive. The National Weather System has accounted for nearly 200 tornadoes having formed during the worst of the storms – the highest number of tornadoes that has occurred in the region in over 50 years. Coupled with hail and wind storms, the damage throughout the Southeast…

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