| Given all of the expenses that come with owning a home, it'sreasonable to wonder if homeowners insurance is just another seeminglyuseless expense. The answer is no, it's not useless -- in fact,homeowners insurance is essential. Not only will a good policy save youmoney in the event that something happens to your home or belongings,an insurance company can also help you with other matters, like makingyour home more resistant to natural disasters. And though havinghomeowners insurance isn't required by law, most mortgage lenders require you to have homeowners insurance in order to borrow money from them. If you live in a condominium or rental, you may also be required by your condominium corporation or tenants' association to have condominium or tenants insurance.
Even if you have a relatively new, well maintained house, homeownersinsurance can help you in situations that may not be preventable. Say,for example, that you are having a dinner party at your house. A groupof guests is gathered on the back patio, and one of the guests trips ona loose tile and breaks his ankle. You, as the homeowner, arepotentially liable for the guest's injury. The right homeownersinsurance policy should protect you against legal action and pay forthe injured man's medical bills.
Now that you know why you need it, let's take a look at what it is you're buying.
If you own your own car, you probably already know a little about car insurance. You may have heard the words deductible or premium. But, do you truly understand the different parts of an auto insurance policy and do you know how to choose the best coverage? All Canadian Provinces & Terrirtories require that at least minimum limits of liability and medical coverage of some kind for car insurance, so it's a good idea to know what the law requires you to have and what additional or optional coverage will help to protect you in the event of an accident.
Types of Auto Coverage Everyone who drives needs car insurance. In fact, most provincesrequire it by law. When you buy car insurance, you are buying what iscalled a policy. Your policy is based on a variety offactors including what kind of car you drive as well as what kind ofinsurance you want. Auto insurance policies are actually a package ofdifferent types of insurance coverage. The first step inunderstanding an auto insurance policy is to learn the various types ofcoverage insurance companies offer. Some of this coverage may berequired by your province and some of the coverage may be optional. - Liability- This coverage pays for accidental bodily injury and property damagesto others. Injury damages include medical expenses, pain and sufferingand lost wages. Property damage includes damaged property andautomobiles. This coverage also pays defense and court costs. Statelaws determine how much liability coverage you must purchase, but youcan always get more coverage than your state requires.
- Collision - This coverage pays for damages to your vehicle caused by collision with another vehicle or object.
- Comprehensive- This coverage pays for loss or damage to the insured vehicle thatdoesn't occur in an auto accident. The types of damages comprehensiveinsurance covers include loss caused by fire, wind, hail, flood,vandalism or theft.
- Accident benefits & Medical Coverage - Pays medical expenses regardless of fault when the expenses are caused by an auto accident.
Accident BenefitsYou can claim accident benefits (also known as statutory accident benefits or no-fault benefits) from the insurance company if you have been injured in an automobile accident. Accident benefits are provided according to the Statutory Accident Benefits Schedule (SABS), which is a regulation made under the Insurance Act. You should be aware that the benefits and the rules differ depending on when you had your accident. If you qualify, you may receive several kinds of accident benefits. The rules are complicated, but the following list will give you an idea about what may be available: - Income replacement benefits help replace lost income if an employed or self-employed claimant is disabled.
- Caregiver benefits pay certain childcare or other caregiver expenses if a stay-at-home parent or other caregiver is unable to care for a child or other person in need of care.
- Non-earner benefits are paid if a claimant who is not employed or self-employed is unable to carry on with normal life.
- Medical and rehabilitation benefits pay for treatment and rehabilitation assistance that is not covered by OHIP or another disability insurance plan.
- Attendant care benefits pay for someone to look after a seriously injured claimant.
- Funeral expenses and death benefits are paid if an insured person dies as a result of the accident.
- Depending on your circumstances, you may also be entitled to other benefits ? for example, benefits to pay for housekeeping assistance, visitors? expenses, repair or replacement of eyeglasses or clothing damaged in the accident, or case manager services.
- Uninsured Motorist - Pays your car's damages when an auto accident is caused by a driver who doesn't have liability insurance.
- Underinsured Motorist - Pays your car's damages when an auto accident is caused by someone who has insufficient liability insurance.
- Rental Reimbursement- This type of coverage will pay for a rental car if your car isdamaged due to an auto accident. Often this coverage has a dailyallowance for a rental car.
Many insurance policiescombine a number of these types of coverage. The first step in choosingthe insurance you want for your car is to know the laws in your Province.This will tell you the minimum insurance you need for your car. It'sgood to keep in mind that, just because your province may not requireextensive insurance, extra coverage may be worth the expense. Afterall, no one wants to be stuck with thousands of dollars worth of billsbecause of an auto accident.
Now, let's take a look at how to determine your insurance needs for your Home & Auto. Make the call to MyInsuranceBroker professional who can help you make this decision making process real simple and help you choose the best coverages for your needs. | 
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