Let Bill Blaney Insurance Brokers help you find the best insurance for your needs. In Ontario, it is not mandatory for you to have property insurance but of course we recommend that you do. There are multiple types of property insurance.
You are legally responsible for any damage you cause to any part of the building and for unintentional harm caused to others who live in or visit your property while you are renting. Renters insurance will also ensure that you will be placed in another location if you are not able to remain in your location due to an insured peril (like fire). The personal property coverage that you invest in is your choice.
Although not mandated by law, insuring your home will ensure that you are covering possibly the biggest investment of your life. Home insurance covers your dwelling, additional buildings and personal property. If you are not able to stay in your home due to an insured peril, your insurance covers potential liabilities, voluntary medical and property damage.
This is similar to home insurance but differs in that you are not covering the actual dwelling that you have purchased. With condo insurance you will be insuring the inside of the location, including betterment and improvements.
You require this insurance when you own a location but don’t live in it and rent it out to others. This coverage is very similar to home insurance but you are able to add on extensions to cover rental income and damage by tenants.
There are optional coverages that can be added to property policies such as:
- Sewer Backup
- Overland Water
- Jewellery, furniture and fine art
- Home business
And many more! It is important for your broker to know your full situation so we are able to best advise you on the right coverage.
Some tools to help you determine what insurance you need:
Water Damage Prevention Checklist
To maintain your home’s flood protection features:
- Remove debris from your nearest storm drain and eavestroughs
- Test sump pump(s) and backup power source
- Clean out backwater valve
- Test flood alarms
To prevent water from entering your basement:
- Correct grading to direct water at least 2 meters away from your foundation
- Extend downspouts and sump pump discharge pipes to direct water at least 2 meters away from your house
- Install window well covers
- Install window wells that are 10-15 cm above the ground and are sealed at the foundation
- Install water resistant basement windows
- Install a backwater valve (work with a plumber and get required permits)
To remove water from your basement as quickly as possible:
- Remove obstructions to the basement floor drain
- Install a backup sump pump with a battery
To protect belongings in your basement:
- Store valuables in a watertight containers or remove from basement
- Store hazardous material (paints, chemicals) in watertight containers or remove from basement
- Raise electronics off the floor
- Select removable area rugs and water resistant furnishings