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Each year in Canada, approximately one out of every twenty homes places an insurance claim and over 160,000 car accidents. With numbers this high, it’s no wonder that so many people are seeking out comprehensive insurance plans that will help to keep them safe and insured in the case of an accidental or unpredicted event.
Purchasing insurance, whether for your home or automobile, is extremely important. Insurance helps to protect some of your biggest investments in the event that something unforeseen happens in the future. Damage from fire, theft, accidents and storms are all real possibilities and without a comprehensive insurance policy, you would be left responsible to pick up the pieces and cover the expenses of repair or replacement yourself.
When purchasing automobile insurance there are a few different types of insurance plans to consider, including:
Some of the most common types of home insurance that you should be aware of, prior to purchasing, include:
This insurance will cover damage to your home and/or the contents inside due to fire, certain weather conditions or theft.
Liability coverage will protect you against any legal liability if someone injures themselves while on your property or if their personal property becomes damaged or stolen while they are visiting you.
Insurance premiums can be costly but there are ways that you can reduce these premiums, which could result in saving you hundreds of dollars each year. Some of the most common ways to reduce your insurance premiums include:
Home and auto insurance can be purchased in person, online or through an insurance broker. No matter which method you choose, purchasing insurance is a relatively simple process. Ensure that you have the following information handy:
Your broker or insurance specialist will be able to walk you through the process and will let you know of any specific information that you will be required to provide based on the policy that is right for you.
No. Home insurance is not mandatory in Canada if you own your home in full. Most financial institutions and mortgage companies however, do require a comprehensive home insurance policy in order for you to qualify for a loan.
Yes. There are different requirements regarding the type and amount of insurance coverage that is required depending on the province that you reside in but some level of auto insurance is required if you live in Canada.
An insurance broker is someone who works on your behalf to find you the right insurance coverage to meet all of your needs, with the right insurance company and will help to negotiate the best price possible.
If you have enlisted the help of an insurance broker, then you do not need to shop around for insurance. The broker will take on this task for you. If you plan on buying insurance yourself, then yes. It definitely pays to shop around, obtain quotes from different companies and compare the rates and coverage to find the policy that suits your individual needs the best.
