Property Insurance

Property insurance is a form of insurance which protects a building and its contents. There are a number of types of property insurance available on the market, and when purchasing this insurance product, people should definitely consult an insurance agent to confirm that they buy a product which is suitable for their needs. When discussing insurance needs, people should be explicit about the type of insurance they want and the level of coverage they need.

In an open peril property insurance policy, any form of damage which is not specifically excluded in the policy is covered. Named peril policies spell out a list of potential causes of damage which are covered. Propertyinsurance can be specialized, as in the case of earthquake, flood, fire, boiler, and theft insurance products. Theproperty insurance policy will usually contain very clear language about exclusions, and exclusions can vary depending on where someone lives and what type of policy it is.

Property owners commonly purchase property insurance which will allow them to replace a structure in the event that they experience a fire, earthquake, flood, or similar catastrophe. This type of property insurance may specifically exclude the contents of the building, or it may exclude certain types of contents. For example, fixtures may be covered, but movable property may not be. Separate policies are available for residential, commercial, and industrial properties.

Tenants can also buy property insurance. Commercial and industrial tenants commonly purchase insurance so that in the event that their inventories are damaged, they can replace them. Because a business can have large amounts of capital tied up in inventory and equipment, such losses could be catastrophic without insurance to cover them. Residential renters can also benefit from property insurance, although many are uninsured. Renters are sometimes astounded to learn how much it will cost to replace their possessions after a flood or fire withoutinsurance to cover the loss.

Before buying property insurance, tenants should ask their landlords about the policies already out on theproperty, and what is covered under those policies. There's no point in overinsuring a building and its contents, and a landlord may have advice about insurance agencies or companies for the tenant.

All About Home Insurance

Residence insurance isn’t a specific insurance type, but simply refers to any type of homeowners policy that you purchase to protect the financial investment you've made in your abode.

What it Covers

This type of plan is often referred to as a "package policy." That's because it provides coverage for:

1. Damage to the structure of your home
2. Damage to your personal belongings
3. Additional living expenses if you're temporarily unable to live in your home after it's been damaged
4. Liability if someone is injured on your property

Of course, the specifics of these coverages are determined by what kind of policy you have and how much you've insured your home for. To help you figure out what kind of policy you need, let's take a look at some general coverage options.

Coverage Options

As you shop for home insurance, you'll notice there are a handful of policies from which to choose.

According to the Insurance Information Institute (III), the most common examples include the following:

Limited (HO-1): This bare bones policy covers 10 perils, including damage caused by fire, smoke, lightning, theft and vandalism.

Basic (HO-2): This policy covers 16 perils, including damage caused by the weight of snow and ice, frozen pipes and other accidental water damage from appliances.

Special (HO-3): This is the most popular residence insurance policy, as it covers all perils, except for damages from flood, landslide, mudslide, and war.

It's important to remember that this is not an all-inclusive list; there are other comparable residence insurance policies available for other types of homes, such as condos, mobile homes or historic homes.

Levels of Coverage

Once you've decided which type of policy is right for you, you'll need to consider the level of coverage you need: actual cash value, replacement cost or guaranteed replacement cost.

Actual cash value: This level of coverage pays to replace your home and possessions, minus depreciation. That means if you bought a laptop two years ago for $1,200, you probably won't be reimbursed the full $1,200.

Replacement cost: This level of coverage pays to replace your home and possessions without a deduction for depreciation. This means if you can show you paid $1,200 for your laptop, you'll be reimbursed for that amount (up to your policy amount).This is the most popular level of residence insurance coverage.

Guaranteed replacement cost: This level of coverage pays whatever it costs to rebuild your home and replace your possessions—even if it exceeds the policy limit. As protection is concerned, this offers the highest level of coverage.

Saving Money 

Whether you live in a house, mobile home or condo, you can save on residence insurance by:

Shopping around. Online shopping sites like InsureMe.com allow you to compare multiple quotes from local insurers to find the policy that's right for you.

Increasing your deductible. Agreeing to pay more out-of-pocket on claims will automatically shrink your premium. Just remember to choose a deductible you can afford!

Combining your home and auto polices. Most insurers give a nice discount to homeowners who insure their vehicles with the same company.

Making home repairs. If you've recently replaced your roof, upgraded your plumbing, or purchased a new heating system, you may be eligible for a discount!

Installing electronic alarms and fire safety equipment. Make sure to tell your agent if you have an electronic anti-theft alarm, sprinklers or live near a fire department. All of these things may be worthy of a premium discount.

Source info : http://www.insureme.com/home-insurance/residence-insurance

Health Insurance

Drug spending estimated at $30 billion in 2008

April 16, 2009 - Total drug spending in Canada is estimated to have reached $29.8 billion, or $897 per Canadian, in 2008, according to figures released today by the Canadian Institute for Health Information (CIHI). This represents an estimated annual growth rate of 8.3%, an increase that exceeds other major health-spending categories, such as hospitals and physicians. In 2008, spending on drugs accounted for 17.4% of total health spending—nearly doubling since 1985 (9.5%). Spending on prescribed drugs continues to grow faster (9.0%) than spending on non-prescribed drugs (4.6%). Prescribed drugs are estimated to have accounted for 84% of total drug spending in 2008.

“Over the last 20 years, drugs have consistently remained one of the major cost drivers in health care,” says Michael Hunt, Manager of Pharmaceutical Programs at CIHI. “Spending on pharmaceuticals has more than doubled over the past 10 years, outpacing growth in health spending by hospitals, physicians and other health professionals.”

Spending on prescribed drugs growing faster in the private sector

For the third consecutive year, private-sector spending on prescribed drugs grew at a faster rate than that in the public sector. Private-sector prescribed drug expenditure reached $12.6 billion in 2007, and is forecast to have reached $14.0 billion in 2008, representing annual growth rates of 11.4% and 11.0%, respectively. Public-sector expenditure on prescribed drugs reached $10.5 billion in 2007, and is forecast to have hit $11.2 billion in 2008, representing annual growth rates of 7.6% and 6.7%, respectively.

The public–private split for total prescribed drug spending remained relatively stable over the past 20 years, with approximately 45% financed by the public sector and 55% financed by the private sector. However, among private-sector spending on prescribed drugs, the share of spending shifted from out-of-pocket spending to private insurers. Spending by private insurers is estimated to have accounted for 67% of private-sector drug spending in 2008, compared to 55% in 1989.

“The economic downturn is resulting in many Canadians losing their jobs. Since many Canadians have private health insurance through their employment it may also mean a loss of private health insurance,” says Hunt. “In light of this situation, it will be important to document what the impact will be on both the public sector as well as out-of-pocket drug spending over the next few years.”

Variation among provinces on prescribed drug spending

Prescribed drug expenditure per person varies across Canada. In 2008, prescribed drug spending per person is estimated to have ranged from $651 in Alberta and $652 in British Columbia to $841 in Quebec and $865 in Nova Scotia.

There is also variation among the provinces in terms of the source of funding for drugs. On average across Canada in 2008, 44% of total spending on prescribed drugs was publicly financed. The proportion of public spending on prescribed drugs ranged from 32% in New Brunswick and 34% in Prince Edward Island to 50% in Quebec and 54% in Saskatchewan. Public-sector spending per person on prescribed drugs ranged from $236 in B.C. and $253 in P.E.I. to $377 in Saskatchewan and $420 in Quebec.

International comparison in drug spending

When comparing 23 countries in the Organisation for Economic Co-operation and Development (OECD) with similar health-reporting systems as Canada’s in 2006 (latest available information), Canada had the second-highest level of total per capita drug spending (including prescribed and non-prescribed drugs). The United States had the highest level of 2006 per capita spending ($1,015) followed by Canada ($770) and Belgium ($703)—the position of Canada has been stable over the past few years.

In 2006, Canada was below the OECD median in terms of what proportion of total drug spending was publicly financed. The public share of total drug spending in Canada was 39%, compared to the OECD median of 59%. Among the 23 OECD comparator countries, the share of total drug spending funded by the public sector ranged from 15% in Mexico to 84% in Luxembourg.

About Drug Expenditure in Canada, 1985 to 2008

Drug Expenditure in Canada, 1985 to 2008 provides a descriptive overview of Canadian drug expenditure trends from 1985 to 2006 and includes estimates for 2007 and 2008. Drug expenditure consists of prescribed drugs and non-prescribed products purchased outside hospitals and other health care institutions. The report draws upon data compiled from CIHI’s National Health Expenditure Database, Canada’s most comprehensive source of information on health care financing and spending, as well as Statistics Canada and the OECD.