Insurance

What should I know about insurance policies on homes? 

Insurance policies vary from company to company in terms of price and service coverage. 

Competing insurance companies to work with you through its agents or independent insurance brokers. Including but not limited competition solely on price, but on service and coverage as well. The insurance broker can help you get the insurance policy to suit your needs by searching among insurance companies to provide a good deal for you. This, and gets on the brokers fees for their services. 

If you purchase a home that asks you which banks are Baqradk mortgage to obtain private insurance or homeowner mortgage insurance because your property will be considered is the original guarantor of the loan. And the availability of homeowners insurance policy to cover the building in which they live and its contents. The policy covers only the structure of the house without the foundation or the value of the land on which the house. Insurance will not cover the full amount you have paid peer-house. 

If you are a tenant of the apartment ownership or rental apartment will be limited coverage for contents only because you do not own the building. 

And called on the amount of insurance that you pay every month fee or premium. This installment is based on the value of the house or contents. May suggest the bank or lender that you are buying life insurance for a mortgage, which represents an additional premium to regular mortgage payments. This type of insurance to pay your mortgage mortgage in full in the event of your death or the death of a life partner. 

Types of insurance policies 

Insurance policies are divided into 3 categories: 

Known risks - provides coverage for your home (the actual building) and its contents for loss or damage directly caused by the "risk" or hazards / disasters such as lightning, storms and flood damage caused by water and theft. This is the cheapest policy, but the most vulnerable to risk. 

Extensive policy - provide protection list at all "risk" on your home (the actual building), but you have to label the known risks for the contents. "All risks" - insurance covers all losses caused by a lot of reasons. 

Comprehensive insurance - provides protection for your home (the actual building) and its contents against all risks - anything that could cause you to lose or damage. This represents the most expensive categories. 

Insurance coverage may vary in the scope of those three categories of the believer to another. It also has called on those classifications different names based on the products of each company. 

It is essential that the agent or insurance broker to explain the policy to you before your agreement. Make sure you know what to buy, and you understand what the policy covered it. 

Important Phone Numbers 

Office represents insurance in Canada (1) (IBC) The Insurance Bureau of Canada, Canada, most of the insurance companies. You can contact Consumer Information Center and Ontario's Office to gain access to a company member in the office. 

Toll-free: 1-800-387-2880 

Phone: 416-362-9528 

Can Ontario Association of Insurance Brokers (2) The Insurance Brokers Association of Ontario (IBAO) help you get the insurance broker. Contact: 

Phone: 416-488-7422 

Toll free: 8845 or -268-888-1. 888 ASK-IBAO 

You can also look in the Yellow Pages telephone directory under the local "Insurance Agents" or "Insurance Brokers". 

Authority for the Canadian Mortgage and Housing (3) Canada Housing and Mortgage Corporation (CMHC) - is a body created by the Canadian government to ensure safe housing, peace and cheap for Canadians. It also provides information about home financing and research in this area. 

Business Center Authority (CMHC) Toronto, Ontario: 

Phone: 416-221-2642 

Toll-free: 1-866-389-1742 

For more information: 

(1) the office of insurance in Canada 

http://findlink.at/ibc 

(2) Ontario Association of Insurance Brokers 

http://findlink.at/ibao 

(3) the body of the Canadian Mortgage and Housing 

http://findlink.at/cmhc