Happy St.Patrick’s Day

The Costen Insurance Team would like to wish you and yours a Happy St. Patrick’s Day this coming Wednesday, March 17th!

Fun Facts

St. Patrick’s Day is both a cultural and religious holiday, celebrated annually on March 17th. The day celebrates Saint Patrick, a missionary and patron saint of Ireland, who died on March 17th in the 5th century. The day also celebrates the arrival of Christianity in Ireland and the heritage and culture of Ireland.

St. Patrick’s Day is a public holiday in the Republic of Ireland, North Ireland, Newfoundland, Labrador, and Montserrat. The day is also widely celebrated throughout the world, especially in England, Scotland, Wales, Canada, the United States, Argentina, Australia, and New Zealand.

Parades and festivals are held in celebration, and many Christians attend Church, with Lenten restrictions on food and drink being lifted for the day. There is also a tradition for those who celebrate to wear green and display shamrocks.

St.Patrick’s Day was made an official Christian feast day in the early 17th century, and in 1903 St. Patrick’s Day became an official public holiday in Ireland.

In Canada, St. Patrick’s Day has been celebrated since 1759, initially by Irish soldiers. The largest and longest running parade in Canada has taken place in Montreal since 1824. The city of Montreal also has a shamrock included in their flag.

We hope your St. Patrick’s Day is full of luck, rainbows, and maybe even a pot of gold!

Insurance Myths

In addition to the St.Patrick’s Day myths of leprechauns and pots of gold, we thought we would also share with you some common insurance myths!

Property:

• Myth: Homeowner’s policies cover flood and earthquake.
• Truth: Homeowner’s policies do not automatically cover flood and earthquake. Water damage, including overland water, and earthquake coverage can be endorsed onto a policy with most Insurers.

• Myth: If your jewellery is stolen or lost, it will be fully replaced.
• Truth: The majority of Homeowner’s policies have Special Limits that apply to items such as jewellery, so it is important to check with your policy wordings and discuss with your Broker regarding scheduling jewellery items onto your policy.

• Myth: Vehicles stored in your home or garage are covered under your Homeowner’s policy.
• Truth: Any motorized vehicles (such as automobiles and motorcycles) are not covered under your Homeowner’s policy and should be insured under a personal Automobile policy.  Items such as garden tractors are considered part of your Homeowner’s contents.

• Myth: A landlord’s insurance policy covers the tenant.
• Truth: The landlord should carry coverage on the building itself (Rented Dwelling), however, coverage does not extend to the tenant, their contents, or their liability.  A separate Tenant’s package for the tenant’s contents and liability is highly recommended.

• Myth: Your business interests are covered under your Homeowner’s policy.
• Truth: Business interests are not covered by your Homeowner’s policy and can be insured under a Home Based Business endorsement (if requirements are met), or under a separate Commercial insurance policy.

Automobile Insurance

• Myth: “Full Coverage” means you are covered for every circumstance.
• Truth: There is no such thing as “Full Coverage”, as there are limitations and exclusions to all policies.  Different coverage options are available, such as Liability, Collision, and Comprehensive coverage.  We highly recommend reviewing your coverage options with your Broker.

• Myth: Personal Automobile insurance covers you for business/commercial use.
• Truth: Personal Automobile insurance covers your for personal use of the vehicle only.  There are different classifications and rates for vehicles that are used for business or commercial purposes.

• Myth: Your Automobile insurance policy covers you no matter what you are driving.
• Truth: Your Automobile insurance policy provides coverage for your vehicles that are listed on the policy.  If you are driving someone else’s vehicle, their Automobile insurance policy would provide coverage.

• Myth: You will not be held responsible if your friend wrecks your car.
• Truth: If your friend has an accident while driving your vehicle, your policy will respond and depending on the circumstances, your rates may be affected.  We always recommend that you use caution when lending your vehicle to others and ensure that they hold a valid operators licence.

We hope that you have found this information useful. If there are any questions you have about insurance that you would like to have clarified, we would be more than happy to help!

Thank you and Happy St.Patrick’s Day,

The Costen Insurance Team