Types of Insurance Policies

Do you want to buy insurance? Insurance is a guarantee that you will get compensation from insurance companies in the case of loss, injury or damage to your life or property. That’s in exchange for paying monthly or annual fees that are called premiums. There are many types of insurance in Ontario. In this guide, we look at what Ontario insurance offers you:

Insurance Offers

Insurance companies provide you with property and casualty P&C insurance. This insurance is commonly known as general insurance and covers all insurance types except health and life insurance. It includes:

• Automobile Insurance

You should know that 50% of Canada’s P&C premiums are from auto insurance.

That’s because all vehicles must get insured at least at third party liability level. You should also keep in mind that most drivers protect themselves against damage to their vehicles, loss, and theft.

• Property Insurance

Insurance includes property insurance. These are also the second largest premiums source. You should keep mind that if you have a home with mortgages you are legally required to insure your home.

That’s against injury and loss to other people. Some insurance companies in Ontario also offer content insurance to cover damage to property inside and outside your houses.

• Personal Property Insurance

You should consider buying this insurance as it covers properties that are not for business use. They include homeowners, tenant, mobile home, seasonal dwelling, secondary residence, and condominium unit owner types of insurance.

• Business Insurance

Insurance companies also offer business insurance policies that cover business properties. Business insurance policies provide you with coverage in the case of damage, loss and liability issues.

This insurance covers both the contents in these premises and the premise itself. It also covers you for losses that you might incur while your business is recovering from these setbacks.

• Liability Insurance

You should consider purchasing insurance that covers you in the case you unintentionally cause damage or injury to others.

What to Look Out For

• You should compare quotes when purchasing these insurance policies. That makes you sure that you are buying the best coverage.
• Insurance agents from insurance companies should inform you that they are from such firms. That helps to eliminate the conflict of interest issues.

Conclusion

Finding an insurance company that caters to your needs should be easier using the above guide. The key point to remember is buying policies that suit your needs and budget.