Recently at Business By Referral (BBR), members heard from longtime insurance professional Eldon Gaw, who shared practical insights from more than 40 years in the insurance industry. The discussion covered Ontario auto insurance changes, accident benefits, vacant property risks, flood zones, and some of the biggest mistakes homeowners and drivers make when it comes to coverage.
Understanding What’s Actually in Your Insurance Policy
One of Eldon’s biggest points was simple:
Most people don’t actually know what’s in their insurance policy.
He explained that Ontario auto insurance includes several sections beyond basic liability, including accident benefits that help cover:
- Medical rehabilitation
- Chiropractic and physiotherapy care
- Income replacement
- Attendant care
- Caregiver support
- Death benefits
- And other included or optional benefits that may be important to many people
Eldon also explained that the accident benefits section is where the term “no fault insurance” comes from. Regardless of who caused the accident, your own insurer provides these benefits to insured persons under the policy.
Ontario Auto Insurance Changes
Eldon discussed upcoming Ontario insurance changes that will allow drivers to opt out of certain accident benefit coverages in exchange for slightly lower premiums. His concern was that many people may unknowingly leave themselves underinsured to save a relatively small amount of money.
He emphasized how quickly standard coverage can be exhausted after a serious accident and noted that optional upgrades can significantly increase protection for a relatively low additional cost.
Vacant Homes & Water Damage Risks
The conversation also shifted into property insurance, particularly around vacant homes.
A key takeaway:
If a property becomes vacant, the insurance company must be notified.
Failing to do so can result in denied claims — especially in cases involving water damage. Eldon shared real-world examples of homes suffering catastrophic losses after burst pipes or leaking fixtures went unnoticed.
He also stressed the importance of preventative maintenance, pointing to common household risks like:
- Washing machine hoses
- Toilet supply lines
- Refrigerator water lines
- Dishwasher leaks
Flood Zones & Real Estate Due Diligence
Another important topic was flood exposure and insurance limitations in certain neighbourhoods. Eldon explained that some homes may have restricted flood coverage — or may not qualify at all — depending on location and claim history.
For realtors, homeowners, and investors in the room, the message was clear:
- Verify insurability early
- Understand flood and environmental risks
- Don’t assume all properties can be insured equally
Final Takeaway
Eldon’s presentation was a strong reminder that insurance is not something to set and forget. Understanding your policy, reviewing your coverage regularly, and asking questions before problems happen can make an enormous difference when life takes an unexpected turn.