DANIEL ENAYATZADEH FINANCIAL SECURITY ADVISOR
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HOW TO ENSURE YOUR HOME INSURANCE COVERS WATER DAMAGE

5/4/2017

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By: Aristotle Sclavounos, Damage Insurance Broker

Your home insurance can protect you against water damage but unfortunately not in all cases. They key is to choose the right type of additional coverage when you purchase your policy. I’ve outlined three additional coverage options you can add to your home insurance policy which will provide additional protection in the event of water damage.

In a standard home owner's insurance policy, coverage is generally included for damage caused by a city water main break and/or sanitary installations. However, damage caused by water infiltration is covered only if you purchased additional coverage called ‘’above ground water damage’’.

Furthermore, damage caused by ground water or sewer back-up is covered if you purchases additional coverage titled ‘’sewer back up damage’’ which can often be bundled with an additional coverage titled ‘’ground water damage ’’. Ground water damage would cover you for ground water accumulation from natural sources that can infiltrate through basement walls, doors or other openings.
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Lastly, damage caused by flooding when a body of water overflows (if you live near a lake or river) is only covered if you purchased additional coverage titled ‘’overland water coverage’’. This fairly new option is presently only offered by a handful of insurance providers and eligibility is primarily based on your property’s risk factors.

Important Note

In the event your insurance provider does not offer the ‘’overland water coverage’’ in your area and you have been affected by water damage caused by the overflow of a body of water, financial aid might be available through an assistance program by Quebec's Minister of public security. To find out if you are eligible, please refer to the following link: 
http://www.securitepublique.gouv.qc.ca/en/civil-protection/financial-disaster-victims.html
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Aristotle Sclavounos is a damage insurance broker at Aspler, Joseph, Jutras Inc. He can be reached at 514-625-8429 or at aristotle@ajjins.com. 

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​DISABILITY INSURANCE – ARE YOU ACTUALLY PROTECTED?

1/18/2017

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By: Daniel Enayatzadeh

Let’s get straight to the point. Whether or not your insurance company will pay your claim in the event of a disability often comes down to one word: Definition. 

Insurance companies often offer various types of disability insurance products and many vary on the details surrounding their definition of a disability. Let’s say you get injured or sick and want to claim benefits from your Disability Insurance policy. In the event of a claim, and in order to meet the terms of the contract, you must meet their definition of a disability. 
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Before you decide to purchase disability insurance, explore how your insurance company classifies a ‘’disability’’. This may mean the difference between being well protected or barely protected! 

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at daniel@thefinancialadvisor.ca 

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WHAT YOU NEED TO KNOW BEFORE BUYING TRAVEL INSURANCE

12/5/2016

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By: Daniel Enayatzadeh

Now that December has arrived, many of us are thinking of going on vacation! It’s important to remember that without travel insurance you may end up paying a large medical bill for even the smallest of medical emergencies. 

The following is a list of tips I’ve put together:
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  • Check your credit cards or your group insurance at work to see if travel insurance is already included.
  • If your current insurance policy includes travel insurance, call your insurer to determine the maximum number of travel days included as part of your coverage.
  • Discuss the main coverage, limits and exclusions with your advisor. Particularly if you have a health condition.
  • If you have a current medical condition, inquire if your policy will cover your pre-existing condition.
  • Make sure to speak with your advisor if you have consulted a physician in the past 6 months, if your health is unstable or if your medication has been adjustment or changed.
  • If you are travelling as a family, inquire about family plans which are generally more affordable than buying individual plans.
  • Ask your advisor if adjusting the deductible will lower your cost.​
  • Be honest. Complete the application as honestly and as accurately as possible.

If you have other suggestions or questions, please include them in the comments below!

Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at daniel@thefinancialadvisor.ca ​

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HOW MUCH LIFE INSURANCE DO YOU NEED?

11/29/2016

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By: Daniel Enayatzadeh

Life insurance needs are typically divided into two segments: short term needs and long term needs. An example of a short term need is coverage to protect any debt you’re currently carrying, like a mortgage for example. People often insure themselves for the value of their mortgage so in the event of their death, their loved ones are not burdened with the responsibility of paying off the mortgage. Another example of a short term need is money for your partner. Whether it be a romantic relationship or a business one, the death of either partners can have a significant impact on the survivor’s ability to maintain their lifestyle or to maintain the business. Having money assigned through a life insurance policy provides a much needed parachute during what is usually one of the most challenging moments in someone’s life.

A long term insurance need can be a legacy gift you’d like to provide to an organization that is dear to you.

There isn’t a quick answer to how much life insurance someone requires or what type of life insurance product is appropriate. Whether it’s for long term or short term needs, your insurance needs are established after we’ve undergone a detailed assessment of your personal and financial situation.
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Daniel Enayatzadeh is a Financial Security Advisor specializing in investment and insurance planning. He can be reached at 514-996-9400 or at daniel@thefinancialadvisor.ca ​


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