Homeowners
Homeowners policies are designed to cover the various risks of a home owner in one package policy. It is a very flexible product and the three option types available are generally referred to as standard, broad and comprehensive. The standard product provides coverage for the basic perils of fire, explosion, water escape from a plumbing appliance and theft. The comprehensive or "all risk" coverage on both building and contents includes sewer backup with broader limits for such items as jewelry, furs, money, silverware and watercraft. All homeowners forms provide personal liability coverage in the package.

In a sense homeowners coverage is mandatory in that mortgages require that this coverage be confirmed to your lawyer prior to the closing date or prior to any refinancing of a mortgage.

The limit placed on a homeowners policy is not the purchase price, nor is it the amount of the mortgage. It is, however, today's cost of rebuilding your home with like kind and quality including the cost of debris removal. This limit easily can be calculated for most residences by using a replacement cost calculator that bases the calculation on such things as the type of house, square footage, number of bathrooms, fireplaces, finished basements and attached or detached garages.

Condominium
Condominium policies are designed to protect the unit owner for all interior damage to the unit itself against all risk perils. In addition it provides protection for personal contents, betterments and improvements made to the unit from the date of original construction, special assessments levied by the condominium corporation from an insured peril loss, and unit owner contingent coverage for the owner in the event of a shortfall or lapse of coverage under the condominium master unit building policy. All condominium package policies include personal liability coverage in the package.

Premiums for this package are based on the replacement cost of the owner's contents, with increase in limits available for betterments and improvements, unit contingency coverage, and special assessments, from the basic percentage applied as may required.

Tenants
Tenants policies, while not mandatory, are now being included as part of the lease requirements by landlords of the property being leased to the tenant. A tenants package policy is designed to protect the tenants personal contents, and personal liability, including the tenant's legal liability for damage that is done to the landlord's building or other tenant's personal property as a result of tenant negligence, such as a careless smoking, cooking, or water damage claim.

Coverage can be on an all risk comprehensive form, or the basic named peril standard form. The premiums are based on the replacement cost of the policy holder's total personal contents, including any betterments and improvements made by the tenant to the rented property, and any contents of the landlord, such as white goods, that are the legal responsibility of the tenant under the lease agreement.

Automobile
Automobile insurance is mandatory for all owners of a registered vehicle in Ontario, as legislated by the provincial government. In fact the maximum fine for operating a vehicle without insurance is $5,000. Proof of such valid insurance is the pink liability card that is produced with the new policy or with the renewal or the endorsement amending the insured vehicle. Failure to produce a current pink liability card to authorities also carries a fine. It is, therefore, important that your current liability slip be in the vehicle at all times along with the owners registration so that any person operating the vehicle with your permission and who possesses a valid drivers license can produce proof of insurance on behalf of the owner of the vehicle.

The Ontario automobile policy provides coverage within all Canada and the United States with the pink liability card as proof of valid insurance in all jurisdictions within Canada and the United States. There is no coverage under the policy outside these two jurisdictions.

While collision and comprehensive coverage's are not mandatory, they must be a part of the policy coverage if the vehicle is leased, or if there is a lien against the vehicle in favour of a lending institution, as required by the lessor or the lien holder under the terms of the lease agreement or the financing agreement. Deductibles are applicable to both collision and comprehensive claims.

There are a multitude of policy endorsements that can be attached to the statutory policy from vehicle rental as a result of a collision loss, to vehicle rental while on vacation in Canada or the United States, to excluded drivers, to limited depreciation on new vehicles, to compensation for hire, to family protection coverage.

As well there are optional increased limits available that extends the basic "no fault" benefits provided by the policy itself. All of these extensions of coverage require specific discussion with a licensed independent broker, who is best able to assess the needs of you, the registered owner of the vehicle and owner of the policy, for you must remember that it is you, as the owner of the vehicle, that is sued in the event of a catastrophic claim, not the driver.