See below for frequently asked Insurance Questions *This is not to act as any form of Insurance Advice, each case is unique and requires you contact a Broker directly to discuss your specific insurance coverage needs*
🔹 General Insurance Questions
Q1: Is insurance mandatory in Ontario?
A: Auto insurance is mandatory in Ontario, but home, tenant, and business insurance are not legally required. However, lenders typically require home insurance, and landlords often require tenant insurance.
Q2: What types of insurance should I consider?
A: Common types include auto, home, tenant, commercial, farm, life, and health insurance. Your needs will depend on your lifestyle, property, and financial obligations.
🔹 Home Insurance
Q3: What does home insurance typically cover?
A: Home insurance generally covers damage to the building and contents caused by events like fire, theft, wind, and water damage (some exclusions apply), plus personal liability protection.
Q4: Is home insurance mandatory?
A: It’s not required by law, but most mortgage lenders require it as a condition of the loan.
Q5: What happens if I don’t have home insurance?
A: You’d be fully responsible for any damage, theft, or legal claims, which can result in major financial loss or foreclosure if you have a mortgage.
🔹 Auto Insurance
Q6: What insurance is legally required for vehicles in Ontario?
A: You must have liability coverage, accident benefits, uninsured automobile coverage, and direct compensation–property damage (DCPD). Additional coverages like collision or comprehensive are optional but recommended.
Q7: How is my auto insurance premium determined?
A: Factors include your driving history, location, vehicle type, age, gender, insurance history, and chosen coverages.
Q8: What can I do to lower my car insurance premium?
A: Maintain a clean driving record, bundle policies, increase deductibles, install anti-theft devices, and ask about discounts (e.g., for safe driving or winter tires).
🔹 Tenant Insurance
Q9: What does tenant insurance cover?
A: It typically covers your personal belongings, additional living expenses if you need to relocate due to a covered loss, and liability if you accidentally cause damage or injury.
Q10: Do I need tenant insurance if my landlord has property insurance?
A: Yes. Your landlord’s insurance covers the building—not your personal belongings or liability.
🔹 Business & Farm Insurance
Q11: Why do I need commercial insurance?
A: It protects your business assets, covers liability risks, and may be required for leases, loans, or contracts.
Q12: What does farm insurance include?
A: Farm insurance can cover buildings, machinery, livestock, crops, liability, and business interruption, depending on the size and type of operation.
🔹 Other Questions
Q13: Can I bundle different insurance policies?
A: Yes, bundling home and auto (or other policies) often results in a discount and simplifies your billing.
Q14: What is liability insurance?
A: It covers legal and medical costs if you’re found responsible for injury or damage to someone else or their property.
Q15: How do I file a claim?
A: Contact your broker or insurer as soon as possible, provide details and documentation of the incident, and follow their claim process.
