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Things You Must Know About before buying Property Insurance in Canada

 In addition to life insurance companies, there are many companies that offer property insurance in Canada. Having property insurance in Canada helps you protect your property and its contents in case of loss, theft, or damage to the interiors and exteriors of your property. It may also cover other living expenditures if you are temporarily incapable of living on your property. These extra living expenditures may contain residing in a hotel or leasing a residence.

 

Property insurance covers:

●     damage to your property

●     damage, theft or loss of your possessions in the property

●     personal property robbed from your automobile

●     injury or damage to others who visit your property

●     unexpected damage you cause to someone else’s property

 

Insurance firms also refer to property insurance as home and casualty insurance. Property insurance also includes car insurance, business insurance and disaster insurance.

 Some of the things you don’t know about home & property insurance in Canada are:

  1. Different types of insurance: Insurance firms provide several types of property insurance policies with different levels of coverage against varied causes of damage and risks. Some of them are:

a. Comprehensive: A comprehensive policy offers maximum coverage. It is also known as a special or all-perils policy. It covers all risks to your property and scopes, excluding all risks mentioned as exclusions.

b. Standard: A standard policy offers less coverage than a comprehensive policy. It is also known as a basic or named perils policy. It only covers the risks to your property and the scopes mentioned in the policy.

c. Broad: A broad property policy offers coverage between comprehensive and standard policies. It is also known as a broad-form policy.

d. No-frills: A no-frills policy covers the least amount of damages. It offers very basic coverage for properties that don’t satisfy the typical standards for insurance.

2. Events covered: Usually, your property insurance in Canada covers unexpected events such as fire, theft, or windstorm. Circumstances that your insurance company considers predictable aren’t covered. For example, if you’re not at home for more than four days in a row and it’s cold outside, your property insurance may not cover damage to your home due to your pipes freezing.

3. Settlement options: Your insurance company will check your policy and decide how to settle your claim. You’re always responsible for paying the deductible when you make a claim. The claim money you get from your insurance company will rely on your insurance benefits. Don’t forget that your deductible amount may be lower than the amount you get from a claim.

To know more about home & property insurance in Canada, visit our website.

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