Insurance helps protect you against risks like a house fire, car accident or burglary. A insurance agency can help you choose the best policy for your lifestyle. Its important to know what you are or aren’t protected against. To maintain your insurance policy, you must pay a premium each month. The amount you pay depends on the risk and on the value of the contents you’re insuring. If something does happen that is covered by the policy, you will receive compensation for the event.
In Ontario, the government-run health plan is called the Ontario Health Insurance Plan (OHIP). You must have a health card to show that you are entitled to health care services. Health cards are free and available to all Ontario residents that are eligible.
OHIP coverage normally becomes effective three months after the date you establish residency in Ontario. New and returning residents are strongly advised to purchase private health insurance in case you become ill during the OHIP waiting period.
If you are buying a home, banks that lend you money for your mortgage will require you to have homeowners insurance because your property is the security for your loan. A homeowner insurance policy provides coverage for the building you live in and its contents. The policy covers only the structure of the house, not the foundation or the value of the land the house is on.
If you are renting a condominium or apartment, your insurance policy will be only for the contents inside the unit as you do not own the building.
It is illegal to drive without car insurance in Canada. If you own a car, or regularly drive someone else’s car, you need to be covered under an insurance plan. In Ontario, automobile insurance is sold by brokers and agents that represent private insurance companies.
If you lose your job, you might be eligible for Employment Insurance. If you are sick, pregnant or caring for a newborn or adopted child, or if you must care for a family member who is seriously ill with a significant risk of death, you may qualify for Employment Insurance to provide temporary financial insurance.
If you are travelling outside of Canada, travel insurance will cover medical expenses, trip cancellations, lost luggage and other losses you may have while travelling.
Life insurance pays out a sum of money after your passing to help take care of your loved ones.