As an average consumer, buying car insurance is not at all easy, considering you might not exactly know which policies are the most advantageous for your situation. The options put at your disposal are virtually endless, varying in terms of benefits as well as price. To make the process of shopping for car insurance a bit easier, understanding the coverage possibilities will be necessary. These are the details you should be aware of on the subject:

Collision policy

Just as the name itself suggests, a collision policy covers any type of damage that a vehicle undergoes during a crash. The accident or collision can be one with another car or with an inanimate object. Any expense that you will be subjected to by the car repair process due to the road crash you have been involved in will be compensated or paid directly by the insurance company as long as you have opted for a collision clause. Incorporating this policy in your coverage is optional in Canada, but although the price demanded can be a bit higher (depending on vehicle type, driving experience and so on), for increased protection against financial losses, you should consider adding this component.

Liability policy

The liability clause of a car insurance is the only one that is mandatory. As a car owner/driver, you are legally obligated to purchase an insurance that comes with liability coverage. What a labiality clause implies is protection for other individuals (drivers, passengers, pedestrians, and cyclists) affected by the car accident that you have been responsible of, while driving your vehicle.  In Canada, any standard liability policy provides protection for you as the driver, against potential financial losses triggered by a road incident, whether these are of medical nature, or income loss (personal injuries that might prevent you from working). The insurance part that offers support in the eventuality of dealing with personal injury expenses is called “accident benefits”, and you have the opportunity to make a claim from the insurance company even if you were the at-fault party.

Comprehensive coverage

Being probably the most extensive coverage policy, you can resort to, but at the same time the most advantageous as well, comprehensive coverage includes protection from losses that might not be directly linked to the actual operation of the car. From vehicle theft to vandalism, you will be compensated financially for any incident that falls outside your control. A policy that incorporates comprehensive coverage can include damage compensation against natural disasters or environmental issues as well (aggressive storms, floods etc.).

Each type of policy comes with its own set of advantages, as well as drawbacks, and this is why it’s essential for you to understand your coverage options thoroughly. The details mentioned above can clarify the three general Canadian auto insurance coverages a viable, and what they cover with exactitude. However, each insurance company can add further benefits to their sold policies, so it’s imperative for you to research their offers and deals carefully, and to compare quotas in advance.

For many, home insurance policies may seem like useless insurance products. But objectively thinking the matter, you will come to a conclusion that you really need a product like this, even if it is for your peace of mind. Below are some of the most common questions regarding this matter, answered by professionals and defined by the Canadian Government.

Q: Why do i need a homeowner’s insurance policy?

A: Home insurance policy products are necessary if you want to protect your property and belongings in case of a theft or a natural disaster, but also if you want to have it covered in the prospect of a damaged exterior or interior structure. In some cases, these policies will also offer you coverage if you are unable to pay the hotel or accommodation expenses if you’re unable to stay in your home for a variety of reasons.

Q: What will my home insurance policy cover?

A: These insurance products may cover the following, as the Canadian Government claims.

  • Damage, theft, loss of the possessions that can be found on the premises of your property;
  • A personal property that has been stolen from the premises of your vehicle;
  • The unintended damage that you may cause to another person’s property;
  • Damage or loss of your property, due to a variety of circumstances;
  • Damage or injury to others that may be visiting your property.

Some insurers will also offer insurance products also known as house and casualty insurance. In this case, all your belongings, starting with your property and continuing with your vehicle, and business will be insured. In several other cases, a disaster insurance is also included in the same package.

Q: What events and circumstances are covered by homeowner’s insurance policies?

A: These aspects vary from policy to policy, this is why expert recommend carefully reading the policy’s provisions before signing it. Make sure that you fully understand what it covers and what it doesn’t for your peace of mind. Discuss with your insurance broker all the aspects that may be unclear to you. However, home insurance policies usually cover two types of events: unexpected and predictable events. In the case of the unexpected events, you can be sure that fires, windstorms and other natural calamities are covered, as it is theft. In the case of predictable events, insurance companies don’t usually cover those, but discuss with them and see exactly.

Q: What is a Premium?

A: A Premium is an amount you will end up paying for your policy.

Q: How do insurance companies calculate Premiums?

A: Usually, insurance companies and brokers take into account several variables when they calculate a policy’s Premium.

  • The crime rates data available for your neighborhood;
  • Your claim history;
  • The deductible and coverage that you opt for;
  • The value of the property and other goods you want to cover;

These are some of the most common questions people have about homeowner’s insurance policies, answered by some professional insurance brokers.

Building or buying a house demands time, energy and money so we can definitely view it as one of the biggest investments in a person’s life. Unfortunately, not many people understand the importance of protecting that investment for years to come by simply opting for home insurance. If you fall into the same category, pay close attention to this article in order to become familiar with the basics and lesser-known benefits of this policy because it will prove to be fundamental when choosing the most affordable coverage for your needs.

Main types of home insurance policies

First, most people already know that homeowner’s insurance has the purpose to cover damages and losses that you might experience because of natural disasters, theft, and accidents inside or outside the property, but what they do not know is that it includes multiple policies like structure, liability and personal belongings. The structure policy covers the building itself: floor, walls, roof, and windows meaning that in case of vandalism or a burst pipe, you will be able to make the necessary repairs or replacements. Liability protection is for the people residing inside the respective building and in what concerns personal belongings, namely appliances, furniture and clothing, the policy applies in case of destruction or theft. Paying attention to exclusions is extremely important when analyzing each of the options mentioned.

The obvious benefits provided by homeowner’s insurance

Moving on to the benefits associated with homeowner’s insurance, you will notice the term “protection” appearing more than once in the rest of the article because this is what companies provide you when purchasing a certain policy. Whether we are talking about unfavorable weather conditions or malicious people, your house might have to bear the negative consequences. In fact, some hazards occur by accident. Imagine that one of your neighbors peacefully lights a cigarette in in your front yard unintentionally starting a fire. Only if you have home insurance, you can cover the significant damage and prevent ending up on the streets (or living with your guilty neighbor). Furthermore, if everyone in the neighborhood knows your love for quality art, leaving town is the risky decision because it represents the perfect chance for any thief to break in and steal your valuable items.

The lesser-known advantages of the homeowner’s insurance

These benefits might be too obvious and for this reason, we decided to dive into other potential situations when you might need homeowner’s insurance. For instance, did you know that certain companies provide coverage for damage resulted from the power outage or even dog bites? If that neighbor who likes to smoke has a dangerous dog, then you should definitely consider liability insurance. Some people regret not purchasing this policy when ending up in the situation of making a claim. Surprisingly, even if the chances of a satellite falling through your home’s roof are minimal, homeowner’s insurance covers this damage as well. Finally, yet importantly, a member of the family who used to live in the house and still has belongings there can benefit from coverage in case of loss.