Choosing the Right Insurance Policy

Mississauga has witnessed a few weather events (wind, ice, snow, flooding) in the past that resulted in severe damages to residential properties. Damages caused by these events have led to an increase in insurance claims and made significant economic and health and safety impacts on residents.

Residents in general should ensure that their homeowner’s policy provides adequate coverage of the appropriate hazards in their area. It is important that you are familiar with your insurance policy and that you fully understand what is and is not covered.

Know your policy

Speak with your insurance representative about tailored package policies designed to insure your home, condo or apartment.

• If you own a house, homeowner’s insurance is available to protect your property and personal liability as a policyholder, and that of your spouse/ partner and your dependent children.
• If you own a condo, there are specific types of coverage you can purchase in addition to liability and contents coverage.
• If you rent, tenant’s insurance is available to help you replace your belongings and rebuild your life after an insured loss. Tenant’s insurance policies generally include personal liability and contents coverage on a named perils or all-risk basis. Liability coverage offers you protection for any damage you may accidentally cause to your apartment.
• If you own a mobile home, it can be insured under a basic named perils policy. Mobile home insurance may also include liability coverage.
• If you own a vacation home, it can be insured separately or under the same policy as your home. Coverage for vacation homes is usually more limited.

Five questions to ask your provider about your insurance policy

1. What is covered and what is excluded in the policy?
2. How much is the liability coverage for?
3. What is the deductible?
4. Does the provider offer tailored policies for any additional items that you may want to get coverage for?
5. Are you eligible for any discounts? Some companies offer discounts to non-smokers or those who bundle home and car insurance policies with the same insurer.

Do not wait until you need to make a claim to discover that your existing policy does not cover you against a specific loss. Speak to your insurance advisor to ensure you have the necessary coverage for your personal circumstances and update your policy regularly. For more information on insurance visit the Insurance Bureau of Canada’s website: ibc.ca

The City has an Emergency Management Plan that enables the City to respond to planned or unplanned incidents/ emergencies. To learn more visit City of Mississauga’s Emergency Management webpage.