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Personal Insurance Ontario

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Personal Insurance in Ontario

Everyone is unique, which means our homes, hobbies, and lifestyles are unique. However we choose to live our lives, we all have one thing in common—we want to protect our homes and belongings and secure our finances against devastating setbacks. The best way to do that is with the right personal insurance.

Morison Insurance is your Ontario personal insurance specialist! We can provide insurance for your home, condominium, apartment, and cars, including your antique or vintage vehicle, seasonal or secondary properties, ATVs, boats, and other possessions. If you have it, we can insure it.

What Is Personal Insurance?

There are different varieties of insurance coverages, and one of the most extensive and encompassing types is personal insurance. Ontario residents are covered by some personal insurance, including mandatory coverages such as auto insurance.

So why is it so important to have personal insurance? Ontario is a peaceful, friendly place to live. Still, no matter how careful and diligent you are about protecting your property and bodily safety, sooner or later, you'll experience a disastrous event such as a fire, flood, vehicle collision or theft that can take away what you've worked so hard to build in a flash. To add insult to injury, you could then be on the hook to pay for eye-watering costs associated with legal fees, settlement costs, medical expenses and property damage restoration if you don't have personal insurance. Ontario residents who are protected with the right combination of coverages to suit their lifestyle and unique needs can get financial assistance to recover from unexpected expenses that could be absolutely devastating without a helping hand from their personal insurance. Ontario, don't let an unfortunate event derail your financial goals and change the course of your life when you can have peace of mind knowing you won't have to pay out of pocket when something goes wrong.

Types Of Personal Insurance Ontario Residents Can Get From Us

We offer a variety of personal insurance Ontario residents can benefit from, including:

What Are The Categories of Personal Insurance In Ontario?

Because there are so many kinds of personal insurance, Ontario residents naturally will only need some of them. When you speak with the experts at Morison Insurance about your lifestyle and the perils that are most likely to affect you, we can recommend the right combination of basic and additional coverages for personal insurance. Ontario insurance brokers on our team are committed to finding you the best possible type of insurance policy at a reasonable rate.

Personal Insurance: Home

Home insurance offers you financial compensation for certain types of damage and losses related to your residence when you have the right personal insurance. Ontario home insurance coverage generally pertains to your permanent residence. However, there are several other types of personal insurance Ontario residents can get to cover non-permanent residences and specific types of homes, such as:

  • Condos,
  • Cottages,
  • Duplexes, triplexes or fourplexes
  • Apartments
  • Secondary homes
  • High-value homes

Depending on how you manage or operate your residential properties, you may also need landlord insurance, tenants insurance, first-time homeowners insurance or other types of home-related personal insurance. Ontario homeowners are proud of their properties and like to keep them looking and functioning at their very best, so it makes perfect sense to protect them with adequate home coverage.

What does your home-related personal insurance cover? Ontario homeowners will find that the coverage can vary quite a bit depending on how their individual policy is written. Basic home insurance typically includes coverage for the following:

  • Accidental damage
  • Damage caused by harsh weather and natural disasters
  • Water damage
  • Fire-related damage
  • Vandalism damage
  • Contents coverage (for damage to items and belongings inside your house)

However, there are additional coverages that you may wish to include if you live in an area or building that is especially prone to certain types of damage. For example, looking into overland water coverage on your personal insurance makes perfect sense if you live in a known flood zone. Ontario homes with this kind of coverage are protected in the event of sudden flooding due to heavy rain, overflowing lakes or rivers, spring run-off and similar situations where water moves over land and causes damage to your house. Sewer backup coverage is also a critical endorsement to add because, of course, every home has a plumbing system, and that means every home has a certain level of vulnerability to major plumbing issues like sewage backups that can damage not only the building but also belongings such as furniture.

Personal Insurance: Contents

Protecting your home with the right Ontario personal insurance is very important—but what about all the expensive and nostalgic belongings you have in your house or travelling around with you? Home insurance usually offers some essential content insurance, but if you have valuable items to protect, there may not be sufficient coverage on standard personal insurance policies. Ontario homeowners, imagine coming home one day to find your front door ajar and the inside ransacked for anything of value. Not only would it be heartbreaking on a personal level, but you would also need to contend with the reality of replacing everything that was lost. Or, imagine the worst happens and a fire sweeps through your home, destroying everything in its path. You don't just need insurance compensation to deal with the expense of restoring your home or rebuilding it entirely—you also need to be able to replace all the contents of your home as well, from mundane items like clothing and furniture to collections that have taken you years or decades to accumulate and are worth a notable amount of money. With content coverage on personal insurance, Ontario homeowners can get financial support from their insurance provider to cover the cost of replacing those items up to the limits listed on their policy. Additional coverage for valuable items can be added to a homeowners policy as policy limits may not be sufficient for certain high value items. 

Personal Insurance: Liability

Personal liability coverage is included as a part of your home insurance coverage. Still, it bears mentioning in its own category because it works differently than property insurance, which is designed to offer you insurance compensation if something you own is damaged or destroyed and needs to be replaced. Liability insurance, on the other hand, is there to help you deal with the costs of litigation and legal settlements if you or a member of your household are sued for allegedly causing third-party bodily harm or third-party property damage.

For example, if you didn't shovel and de-ice your walkway in the winter and a visitor injured themselves by slipping and falling, they could bring legal action against you to recover the cost of their injury recovery and potentially other damages. As another example, if your teenager was over at a friend's house and accidentally damaged expensive artwork, the owner could sue you for repairing it or replacing it with a similar item of equal value. In those types of scenarios, your personal liability coverage would prompt your insurance company to compensate you for associated costs such as legal representation and court fees, along with the costs of the settlements should you be found liable for causing injury or damage, up to the coverage limits listed on your Ontario personal insurance policy.

Personal Insurance: Auto

As we all know, auto insurance is mandatory in Canada—and that makes perfect sense because a lot can go wrong when you're out on the road. It's essential to have the protection afforded by auto-related personal insurance. Ontario drivers can't account for problems caused by poor weather conditions, careless drivers on the road and much more, even when wholly dedicated to cautious, defensive driving techniques.

Like other types of personal insurance, Ontario auto coverage varies depending on what is included in your specific auto insurance policy. At a minimum, you need third-party liability, statutory accident benefits, direct compensation property damage (DCPD) and uninsured automobile coverage for your car or truck personal insurance. Ontario drivers involved in an at-fault collision and, as a result, cause injury to someone else or damage to their vehicle are required to pay associated costs for medical care and damage restoration. They may also need to pay legal defence fees and settlement costs if they are successfully sued. But with auto-related personal insurance, Ontario residents can get significant financial relief from those obligations and recoup expenses up to the limits on their policy.

Personal Insurance: Recreational

It's not all about getting from point A to point B—sometimes you want to be able to enjoy your life and participate in other leisure activities. Naturally, that fun also needs coverage from personal insurance. Ontario is blessed with abundant natural beauty, and if you like to get out and explore nature with a recreational vehicle such as an ATV, snowmobile, boat, RV or travel trailer, you should be protected by recreational personal insurance. Recreational coverage is mandatory in many scenarios, such as riding an ATV or snowmobile on public trails.

But even in cases where it's optional, it doesn't make sense to go without it. Recreational vehicles and other items can be costly and represent a significant investment in your chosen lifestyle. They also have the potential to not only be damaged or destroyed. At the same time, they're being used but also to cause third-party property damage or third-party bodily injury that could lead to significant litigation costs. With the right recreational coverage added to your personal insurance package, you can receive financial assistance from your insurer to deal with a wide range of potential costs, whether you need to replace your property or contend with legal expenses. Our expert brokers have compiled a recreational insurance resource centre for even more information about recreational insurance. 

Personal Insurance: Umbrella

Umbrella insurance coverage is essential extra liability insurance that applies when litigation and settlement costs exceed the limits of regular home, auto or recreational insurance. As we mentioned above, all those types of Ontario personal insurance include some liability coverage that can be used if you are sued for causing third-party bodily injury or third-party property damage or for slander, libel, vandalism or invasion of privacy. Each policy has coverage limits listed, and once those limits are reached, you are generally responsible for paying the remainder of the costs out of your pocket. But if you have umbrella insurance, it will apply to the liability costs that exceed the coverage limits on your other insurance policies. Of course, your umbrella insurance policy also has its own coverage limit that can be reached.

Many people assume they won't need umbrella coverage, and it's usually because they need to learn how expensive litigation and settlement costs can be. If you have $1 million worth of liability coverage limits on your home insurance policy, you may assume that will be enough to cover your costs if you are sued. Unfortunately, many people discover that the costs of being sued can easily exceed a million dollars and keep climbing. With the added financial protection of umbrella insurance, you don't have to worry about that and can rest easy at night knowing you're protected against major financial setbacks.

Is It Best To Bundle Personal Insurance Coverages?

Yes, bundling home, auto and other types of personal insurance is usually preferable. Ontario residents who choose to bundle their insurance with a single insurance provider can better maximize their discounts to get a lower rate on their overall insurance package.

Most people know that home and auto insurance can be bundled together, but several other types of insurance are also eligible for bundling. That includes combining auto insurance with various types of home insurance such as condo, cottage, high-value, and more. If you rent your home, your tenant insurance coverage can be combined with your auto insurance. Secondary and recreational vehicles can also be added to bundles. However, it's worth noting that some types of coverage have prerequisites—for example, if you need motorcycle insurance, you must also have an auto insurance policy. However, your auto and motorcycle insurance can be bundled with your homeowner's insurance or tenant insurance.

Most insurance companies in Ontario offer a wide range of personal insurance coverage, and your Morison Insurance broker has the experience and skill to find the ideal package for your particular Ontario personal insurance needs.

Who Is Eligible For Personal Insurance In Ontario?

The eligibility requirements vary widely according to the specific type of personal insurance. Ontario professionals at Morison Insurance are well-versed in the eligibility criteria for a wide range of insurance products. When we can speak with you and learn more about your life and unique insurance needs, we can recommend the best policy additions based on your particular eligibility criteria.

How Much Personal Insurance Is Recommended?

The common question is, "How much insurance do I need?" The amount of personal insurance Ontario residents need depends mainly on their unique circumstances. That being said, our experts typically recommend a minimum of two million in liability personal insurance. Ontario residents may require significantly more than that should they be exposed to specific perils. At Morison Insurance, we personalize your insurance to fit your needs and budget. We provide peace of mind.

Are There Discounts For Personal Insurance Ontario Residents Can Access?

With the many options that Morison Insurance can provide, there are many ways to save. We offer many discounts such as family discounts, mature-age discounts, seniors discounts, multiple policy discounts, retirees, non-smokers and alarm systems, to name just a few. Find out more about potential home insurance discounts and auto insurance discounts you may be eligible for. Combining your home, auto, and other policies with the same company can save even more. Morison Insurance offers easy monthly payment plans, some without a service charge or with reduced service charges.

Where Can I Get A Quote For Personal Insurance?

For all needs related to personal insurance, Ontario residents can call the team of expert personal insurance brokers at Morison Insurance to get a quote today. As a family-owned and operated business, we treat our clients like extended family members. We'll work tirelessly to track down the best personal insurance options for you and ensure all your insurance processes are smooth and hassle-free. Get started today by calling 1-800-463-8074 or by filling out the form on our website. You will be glad you did!

 

This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.

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