Ontario Home Insurance

Explaining Ontario Home Insurance

Why do Ontario homeowners need insurance?

You will need money to repair or replace your house if it is destroyed by a fire or damaged by a natural disaster. Liability protection may help you pay expenses if a guest in your home is injured. And your homeowners insurance can cover your losses or the cost of repairs if you are a victim of theft or vandalism.

Should your Ontario home be destroyed or seriously damaged, failure to accurately insure your property can delay the processing of your claim and in some cases, result in insufficient funds being available to properly rebuild your home.

It pays to have the right type of home insurance to ensure your Ontario property is properly protected, and our experienced insurance brokers can get you the cover you need.

Types of personal property insurance in Ontario

Every home in Ontario is different. That’s why it is so important to have the right tailored protection for your dwelling. Sometimes referred to as fire insurance, homeowners insurance in Ontario is generally broken down into four categories:

• Homeowners Insurance: This insurance covers private homes, their contents, and homeowner liability.
• Renters Insurance*: Renters insurance protects tenant belongings and provides liability coverage.
• Condo Insurance: Condo insurance protects individual condo units and contents and may cover living expenses during repairs.
• Seasonal Insurance: Seasonal home insurance covers property structures, contents, and provides liability.

*Renters require home insurance too, as a landlord’s coverage doesn’t extend to tenant belongings. As a renter, your insurance will cover liabilities and living expenses if relocation becomes necessary due to repairs.

Depending on which house insurance policy you need, your Ontario Acera Insurance broker will guide you through the coverage and put together a program that suits your lifestyle.

Ontario home insurance info: questions to ask

At Acera Insurance, we are committed to providing you with flexible insurance solutions to help you select the policy based on your specific needs. Here are a few things to discuss and consider that will influence your decision.

• How much will it cost to rebuild my house and replace my belongings?
• What extensions are available to insure my jewellery, boat and other valuables?
• What amount of liability insurance is adequate?
• Does the insurance company have a good reputation for customer service and is it financially stable?
• Does the insurance company have a good reputation for claims? How do I report a claim?

What is umbrella insurance and why do you need it in Ontario?

Once the liability limits are exhausted on your home or auto policy, your umbrella policy takes over and provides another layer of liability protection should you be sued and found legally liable for causing injury to someone else or damaging their property. Because the average size of jury awards has increased in Ontario over the last few years, umbrella insurance has become more important. Best of all, the average cost for this protection is less than a dollar a day. Ask an Acera Insurance advisor how you can protect you and your family from an unexpected claim.