Home insurance is critical, whether you are living in a big or small house. It is essential to take out quality insurance to ensure that your home is well taken care of in case of any eventuality. It is vital to know about this insurance, and what it entails, to ensure that you choose the right cover for you. Below are three types of home insurance Ontario that you need to know.
1. Contents Insurance.
Contents insurance usually protects all the items in the house that are not part of the property structure. These include the beds you have in your bedroom, the sofa sets in the living room and the contents of the freezer, to name a few. This policy usually offers protection against loss that is caused by theft, natural disasters, floods, fire and leaks, among others. With this type of insurance, it is prudent to note that you will not be protected against wear and tear of these contents, this will only happen when they are damaged.
2. Buildings Insurance.
This type of insurance usually covers the cost of repairing damage to the property structure. This will include the house walls, roof and windows. It will also include the permanent fixtures in the home such as bathrooms, fitted kitchens and toilets. Buildings insurance usually covers the cost of rebuilding the house from the ground up, due to being damaged.
3. Buildings And Contents Insurance.
The third type of home insurance is the buildings and contents insurance. It means what it says, in that the buildings and contents are both combined. Having these two in one policy will be advantageous to you since you will be able to protect the structure, together with the things inside it. Also, you will only need to deal with one renewal date, as opposed to the other two, which you could forget, and be fined.
In most places, if you have a mortgage, you are required to take out buildings insurance. However, if you live in a rented property, then it will; be the responsibility of your landlord. It is crucial to know these details to avoid getting a mix-up. Also, ensure that you shop around before settling on one insurance provider. This is because you may get a better offer elsewhere, and also, you need a company that you can trust, and that will suit all your needs. When it comes to insurance, it is crucial to remember that it is not a one size fits all situation. Therefore, ensure that you choose what works for you.