Understanding Insurance Options
Maintaining a current insurance policy is the best way to protect yourself from loss. If you own your home, you should carry homeowners insurance, which typically covers any repairs as well as personal property within the home. If you rent your home or apartment, you can choose renters insurance, which protects your assets, since a rented property’s dwelling coverage will not cover your personal property. Many mortgage lenders have a contingency that you must carry a policy in order to meet the terms of the loan, so make sure you understand the legal requirements when you start the process.

Auto insurance is another legal requirement in Canada, so any vehicle on the road legally must be covered under an insurance policy. Each province has separate requirements, so be aware of the minimum policy amount in your home province so you don’t get a ticket. You can also add collision coverage, which protects you in the event of a crash with an object. If you have an expensive luxury car, your collision cost will be higher, since the repairs on your vehicle would ultimately cost more.

You can also add comprehensive auto coverage to your insurance policy, which covers a wide range of potential claims to your car. For example, if someone vandalizes the car, or if there is a natural disaster that causes damage to your vehicle, repairs would be covered under the comprehensive portion of the policy. Also available from most insurance companies are emergency road rescue, rental car coverage, and accident forgiveness coverage.

If you need insurance in Collingwood ON, contact us at Noble Insurance. We have been serving the greater Georgian Bay area for 60 years. Call us today and rest easy knowing your assets are protected.