LPI Newsletter

LPI Winter Newsletter 2017

At LPI we care about the safety and protection of you, your family and your business. That’s why this winter’s newsletter covers important topics including Winter Driving, Earthquake Preparedness, Water Damage and Business Interruption Insurance.

The Winter Driving season is upon us and the unpredictable weather it brings can create adverse driving conditions and challenges due to heavy rain, snow, slippery roads and poor visibility. A simple way to drive safer in the winter is to reduce driving speed and double the braking distance you would normally need in ideal driving conditions. Topping up your windshield washer fluid and using winter tires also increases safety.

To learn more about safer winter driving check out ICBC’s website for more information: ICBC Winter Driving Tips

Heavy Rainfall Warnings Ahead!

The rainy season is well underway and personal property losses caused by overland flooding are typically not covered by insurance. Nearly 50% of home owner’s property damage claims are now water related so insurance companies are becoming more diligent about their payouts on water damage. What causes basement flooding? A crack or leak in your home’s foundation, basement walls, windows or doors. Failure of the weeping tile system (foundation drains) and overflowing eaves troughs also contribute to flooding risk. Having your drain tiles inspected for blockage is a good way to prevent water damage claims. Keeping your drain tiles clear is a relatively inexpensive way to protect your home and your claims free discount.

There is a 30% Chance of a Major Earthquake in BC in the next 50 Years. Are You Ready?

The earthquake in San Fransisco on August 24th, 2014 measured 6.0 on the Richter Scale and caused $4 Billion in property and business interruption losses. Yet another reminder that the pacific ring of fire that San Francisco and Vancouver sit on will continue to be an active and sometimes violent force in our lives. It is estimated that a large scale quake in the lower mainland could cause $25+  Billion dollars in property damage and another $70 Billion dollars in business interruption losses. Some people may be under the impression that in the event of an earthquake the government will step in and pay for repairs and property restoration – this is simply not the case. The question of who will pay for what is a big one. Earthquake preparedness should also include a review of your earthquake coverage to make sure that your deductibles are not sky high and living and business interruption expenses are covered.

BC Earthquake Preparedness

If you have any questions about the topics covered in this newsletter feel free to give us a call at Tel. 604.276.2474. We’ll be happy to talk to you!