Personal Insurance Ontario

Ontario Personal Insurance 

Everyone is unique, which means our homes, hobbies, and lifestyles are unique. However we choose to live our lives, we all have one thing in common—we want to protect our homes and belongings and secure our finances against devastating setbacks. The best way to do that is with the right personal insurance. 

Morison Insurance is your Ontario personal insurance specialist! We can provide insurance for your home, condominium, apartment, and cars, including your antique or vintage vehicle, seasonal or secondary properties, ATVs, boats, and all your other possessions. If you have it, we can insure it. 

What Is Personal Insurance? 

There are different varieties of insurance coverages, and one of the biggest and most encompassing types is personal insurance. Ontario residents are covered by some personal insurance, including mandatory coverages such as auto insurance. 

So why is it so important to have personal insurance? Ontario is a peaceful, friendly place to live, but no matter how careful and diligent you are about protecting your property and bodily safety, sooner or later, you’ll experience a disastrous event such as a fire, flood, vehicle collision or theft that can take away what you’ve worked so hard to build in a flash. To add insult to injury, you could then be on the hook to pay for eye-watering costs associated with legal fees, settlement costs, medical expenses and property damage restoration if you don’t have personal insurance. Ontario residents who are protected with the right combination of coverages to suit their lifestyle and unique needs can get financial assistance to recover from unexpected expenses that could be absolutely devastating without a helping hand from their personal insurance. Ontario, don’t let an unfortunate event derail your financial goals and change the course of your life when you can have peace of mind knowing you won’t have to pay out of pocket when something goes wrong. 

What Are The Categories of Personal Insurance In Ontario? 

Personal insurance in Ontario includes home insurance, contents insurance, liability insurance, auto insurance, recreational insurance, and umbrella insurance.

Because there are so many kinds of personal insurance, Ontario residents naturally won’t need all or even most of them. When you speak with the experts at Morison Insurance about your lifestyle and the perils that are most likely to affect you, we can recommend the right combination of primary and additional coverages for personal insurance. Ontario insurance brokers on our team are committed to finding you the best possible type of insurance policy at a reasonable rate. 

Home Insurance

Home insurance is a type of property coverage that offers you financial compensation for certain types of damage and losses related to your residence when you have the right personal insurance. Various types of home insurance coverage include: 

• Apartment Insurance 
• Chalet Insurance
• Cottage Insurance 
• Condo Insurance 
• Duplex Insurance 
• First-Time Homeowner Insurance 
• Hamilton Home Insurance 
• High-Value Home Insurance 
• Outbuilding Insurance Coverage 
• Secondary Home Insurance 
• Landlord Insurance 
• Tenants Insurance 
• Penthouse Insurance 
• Rented Dwelling Insurance 
• Student Rental Insurance 

Are you wondering what is covered by your home-related personal insurance? Ontario homeowners will find that the coverage can vary quite a bit depending on how their individual policy is written. Basic home insurance typically includes coverage for the following: 

• Accidental damage 
• Damage caused by harsh weather and natural disasters 
• Water damage 
• Fire-related damage 
• Vandalism damage 
• Contents coverage (for damage to items and belongings inside your house) 

However, there are additional coverages that you may wish to include if you live in an area or building that is especially prone to certain types of damage. For example, if you live in a known flood zone, looking into overland water coverage on your personal insurance makes perfect sense. Ontario homes with this kind of coverage are protected in the event of sudden flooding due to heavy rain, overflowing lakes or rivers, spring run-off and similar situations where water moves over land and causes damage to your house. Sewer backup coverage is also an important endorsement to add because, of course, every home has a plumbing system, and that means every home has a certain level of vulnerability to major plumbing issues like sewage backups that can damage not only the building but also belongings such as furniture and anything else that happens to be below flood level. 

Contents Insurance

Protecting your home with the right Ontario personal insurance is very important—but what about all the expensive and nostalgic belongings you have in your house or travelling around with you? Home insurance usually offers some essential contents protection, but if you have valuable items to protect, there may not be sufficient coverage on standard personal insurance. Ontario homeowners, imagine coming home one day to find your front door ajar and the inside ransacked for anything of value. Not only would it be heartbreaking on a personal level, but you would also need to contend with the reality of replacing everything that was lost. Or, imagine the worst happens and a fire sweeps through your home, destroying everything in its path. 

You don’t just need insurance compensation to deal with the expense of restoring your home or rebuilding it entirely—you also need to be able to replace all the contents of your home as well, from mundane items like clothing and furniture to collections that have taken you years or decades to accumulate and are worth a notable amount of money. With contents insurance coverage, Ontario homeowners can get financial support from their insurance provider to cover the cost of replacing those items up to the limits listed on their policy. 

Some common contents insurance coverages include:

• Golf Equipment Insurance 
• Fine Art Insurance 
• Engagement Ring Insurance 
• Musical Instrument Insurance 
• Photography Equipment Insurance 
• Scotch and Whisky Collection Insurance 
• Watch Insurance 
• Wine Cellar Insurance 
• Wood Stove Insurance 

Liability Insurance

Personal liability insurance is included as a part of your home insurance coverage, but it bears mentioning in its own category because it works differently than property insurance and is designed to offer you insurance compensation if something you own is damaged or destroyed and needs to be replaced. Liability insurance, on the other hand, is there to help you deal with the costs of litigation and legal settlements if you or a member of your household are sued for allegedly causing third-party bodily harm or third-party property damage. 

For example, if you didn’t shovel and de-ice your walkway in the winter and a visitor injured themselves by slipping and falling, they could bring legal action against you to recover the cost of their injury recovery and potentially other damages. As another example, if your teenager was over at a friend’s house goofing off and accidentally damaged an expensive piece of artwork, the owner could sue you for the cost of repairing it or replacing it with a similar item of equal value. In those types of scenarios, your personal liability coverage would prompt your insurance company to compensate you for associated costs such as legal representation and court fees, along with the costs of the settlements should you be found liable for causing injury or damage, up to the coverage limits listed on your Ontario personal insurance policy. 

Auto Insurance

As we all know, car insurance is mandatory in Canada—and that makes perfect sense because a lot can go wrong when you’re out on the road. It’s important to have the protection afforded by auto-related personal insurance. Ontario drivers can’t account for problems caused by poor weather conditions, careless drivers on the road, and much more, even when completely dedicated to cautious, defensive driving techniques. 

Like other types of personal insurance, Ontario auto coverage varies depending on what is included in your specific auto insurance policy. At a minimum, you need third-party liability, statutory accident benefits, direct compensation property damage (DCPD) and uninsured automobile coverage for your car or truck personal insurance. Ontario drivers involved in an at-fault collision and cause injury to someone else or damage to their vehicle are required to pay associated costs for medical care and damage restoration and may also need to pay legal defence fees and settlement costs if they are successfully sued. However, with auto-related personal insurance, Ontario residents can get significant financial relief from those obligations and recoup costs up to the limits on their policy. 

Various types of car insurance coverage include: 

• Audi Insurance 
• Bentley Insurance 
• Classic Car Insurance 
• Electric Car Insurance 
• Ford Insurance
• Honda Insurance 
• Hyundai Insurance
• Jeep Insurance 
• Kia Insurance 
• Land Rover Insurance 
• Lexus Insurance 
• Luxury Car Insurance 
• Mercedes Insurance 
• Nissan Insurance 
• Pickup Truck Insurance 
• Porsche Insurance 
• Second Car Insurance
• Sports Car Insurance 
• Telematics Insurance
• Tesla Insurance 
• Toyota Insurance
• Usage-Based Insurance 
• Weekend Car Insurance 

Recreational Insurance

It’s not all about getting from point A to point B—sometimes you’ve just got to cut loose and do something purely for fun, and naturally, that fun also needs coverage from personal insurance. Ontario is blessed with an abundance of natural beauty, and if you would like to get out and explore nature with a recreational vehicle such as an ATV, snowmobile, boat, RV, or travel trailer, you should have the protection of recreational personal insurance. Recreational coverage is mandatory in many scenarios, such as riding an ATV or snowmobile on public trails. 

But even in cases where it’s not mandatory, it doesn’t make sense to go without it. Recreational vehicles and other items can be costly and represent a big investment in your chosen lifestyle. They also have the potential to not only be damaged or destroyed while they’re being used but also to cause third-party property damage or third-party bodily injury that could lead to major litigation costs. With the right recreational coverage added to your Ontario personal insurance package, you are eligible to receive financial assistance from your insurer to deal with a wide range of potential costs, whether you need to replace your own property or contend with legal expenses. 

Some common recreational insurance coverages include:

• ATV Insurance 
• Boat Insurance 
• RV Insurance 
• Seadoo Insurance 
• Ski Equipment Insurance 
• Snowboard Equipment Insurance 
• Snowmobile Insurance 
• Travel Trailer Insurance 
• Yacht Insurance 

Umbrella Insurance

Umbrella insurance coverage is essential extra liability insurance that applies when the costs of litigation and settlement exceed the limits of regular home, auto or recreational insurance. As we mentioned above, all those types of Ontario personal insurance include some liability coverage that can be used in the event that you are sued for causing third-party bodily injury or third-party property damage or for slander, libel, vandalism or invasion of privacy. Each policy has coverage limits listed, and once those limits are reached, you are normally responsible for paying the remainder of the costs out of your pocket. But if you have umbrella insurance, it will apply to the liability costs that exceed the coverage limits on your other insurance policies. Of course, your umbrella insurance policy also has its own coverage limit that can be reached. 

Many people assume they won’t need umbrella coverage, and it’s usually because they don’t know how expensive litigation and settlement costs can be. If you have $1 million worth of liability coverage limits on your home insurance policy, for example, you may assume that will be more than enough to cover your costs if you are sued. Unfortunately, many people discover the hard way that the costs associated with being sued can easily exceed a million dollars and keep on climbing. With the added financial protection of umbrella insurance, you don’t have to worry about that and can rest easy at night knowing you’re protected against major financial setbacks. 

Is Ontario Personal Insurance Legally Required? 

The answer depends on the type of personal insurance in question. It’ll come as no surprise to Ontario drivers that personal auto insurance is mandatory for anyone operating a vehicle on public roads, so in that case, it is unequivocally legally required. Other types of Ontario personal insurance, such as home insurance, are not legally mandated by the government, but that doesn’t necessarily mean another party won’t require those coverages. For example, if you want to get a mortgage to purchase a new house, your mortgage lender will require you to have personal insurance for your new home before they agree to the mortgage.  

Even if no party specifically requires personal insurance, Ontario residents need the protection from major financial setbacks that is offered by the right personal insurance coverages. You likely can’t pay out of pocket for the costs of your legal defence and settlement if you are sued or for the cost of rebuilding your home if it is destroyed, and even if you could afford it, you shouldn’t have to. Ontario personal insurance prevents financial devastation so you can go about your life without constant worry. 

Is It Best To Bundle Personal Insurance Coverages? 

Yes, bundling home, auto and other types of personal insurance is usually preferable. Ontario residents who choose to bundle their insurance with a single insurance provider can better maximize their discounts to get a lower rate on their overall insurance package. 

Most people know that home and auto insurance can be bundled together, but several other types of insurance are also eligible for bundling. That includes combining auto insurance with various types of home insurance such as condo, cottage, high-value, and more. If you rent your home, your tenant insurance coverage can be combined with your auto insurance. Secondary and recreational vehicles can also be added to bundles. 

Most insurance companies offer a wide range of Ontario personal insurance coverage, and your Morison Insurance broker has the experience and skill to find the ideal package for your particular Ontario personal insurance needs. 

Who Is Eligible For Personal Insurance In Ontario? 

The eligibility requirements vary widely according to the specific type of personal insurance. Ontario professionals at Morison Insurance are well-versed in the eligibility criteria for a wide range of insurance products. When we have the opportunity to speak with you and learn more about your life and unique insurance needs, we can recommend the best policy additions based on your particular eligibility criteria. 

When Should I Consider Changing or Adding to My Personal Insurance Coverage? 

While you may have Ontario personal insurance that makes sense for your insurance needs right now, your life isn’t static, and that means your personal insurance needs will change over the years as you go through some of life’s big milestones. Just like any other type of insurance, your Ontario personal insurance will come up for renewal annually. Many people give the renewal document a cursory glance and sign off on it, but it’s a good idea to stop and give a little thought to any changes that have occurred in your life over the past year that may warrant a change or adjustment to your personal insurance. 

Ontario policyholders may have various reasons for wanting to adjust their insurance coverage, and they aren’t all big, life-defining moments. But those big moments usually signal a change in your insurance needs, so it’s worth taking heed of them. That includes: 

• Getting Married: When you join your life with another person, it makes sense to combine your personal insurance coverage to ensure that it is effective protection for your joint assets and that you each have the personal liability insurance that makes sense for your risk exposures. Keep in mind that this applies to common-law relationships as well, so whether or not you choose to formalize your relationship with a marriage ceremony, cohabitating with a romantic partner should prompt you to contact your insurance broker and review your Ontario personal insurance options. 

• Purchasing a Home: You’ll need to alter your Ontario personal insurance coverage when you purchase a house because home insurance is one of the most crucial types of personal insurance. Ontario residents who are planning to get a mortgage for a new property must have home insurance coverage in place before the mortgage will be approved, but even if you aren’t using a mortgage, home insurance is essential. 

• Welcoming a New Family Member: If you’re bringing home a newborn baby, Ontario personal insurance may not be at the forefront of your mind. However, it is important to let your insurance broker know when you add a member to your household, whether it’s a baby or an older family member or friend who is moving in with you. 

• Acquiring a High-Value Item: Maybe you’re building a fine art collection, or you’re a connoisseur who loves filling your wine cellar with rare bottles. Maybe you inherited several pieces of heirloom jewelry, or you’re a comic book collector who found the score of a lifetime at a garage sale. Regardless of the type of high-value item you are acquiring, it’s very important to make sure your personal insurance adequately covers it. Ontario policyholders sometimes rely on standard coverage limits for their high-value belongings, but that’s a mistake. Your standard contents coverage is insufficient to replace your high-value items should they be damaged, destroyed or lost. 

• Renovating Your Home: If you’ve recently completed a renovation on your home, it’s necessary to call your Morison Insurance broker and let them know about the alterations. Your home insurance was initially calculated based on the state of your house before the renovations. If you don’t update the home portion of your Ontario personal insurance and damage occurs, you won’t be able to receive insurance compensation to restore your home to the condition it was in following the renovation. 

How Much Personal Insurance Is Recommended? 

The common question is, “How much insurance do I need?” The amount of personal insurance Ontario residents need depends largely on their unique circumstances. That being said, our experts typically recommend a minimum of two million in liability personal insurance. Ontario residents may require significantly more than that should they be exposed to certain perils. At Morison Insurance, we personalize your insurance to fit your needs and budget. We provide peace of mind. 

What is Not Covered By Personal Insurance? 

Ontario personal insurance is a broad category of insurance encompassing many types of coverage, such as home insurance, auto insurance, personal liability insurance, recreational insurance, umbrella insurance and more. That means the coverage offered by personal insurance will vary widely depending on the types of coverage you need and choose to invest in. 

That being said, there are some risks and perils that are simply not covered by personal insurance. Ontario policyholders should note that the biggest distinction is that personal insurance does not apply to commercial properties, commercial vehicles, commercial contents, or liability situations related to commercial services or products you offer. This may seem obvious, but there are some “grey areas” that can make it confusing. For example, if you operate a business out of your home and you have homeowners insurance, you may assume that you will be covered if a client brings legal action against you, or if your business equipment is destroyed in a fire. This is not the case. Even if the damaged items are in your home, or the liability situation occurred in your home, your Ontario personal insurance coverage does not extend to any perils that are related to commercial activity. For that, you need the right commercial insurance coverages, such as commercial general liability, professional liability and commercial property insurance. 

Are There Discounts For Personal Insurance Ontario Residents Can Access? 

With the many options that Morison Insurance can provide, there are many ways to save. We offer many discounts such as family discounts, mature-age discounts, seniors discounts, multiple policy discounts, retirees, non-smokers and alarm systems, to name just a few. Find out more about potential home insurance discounts and auto insurance discounts you may be eligible for. Combining your home, auto, and other policies with the same company can save even more. Morison Insurance offers easy monthly payment plans, some without a service charge or with reduced service charges. 

Where Can I Get A Quote For Personal Insurance? 

Ontario residents can call the team of expert personal insurance brokers at Morison Insurance for all personal insurance needs to get a quote today. As a family-owned and operated business, we treat our clients like extended family members. We’ll work tirelessly to track down the best Ontario personal insurance options for you and ensure all your insurance processes are smooth and hassle-free. Get started today by calling 1-800-463-8074 or by filling out the form on our website. We are here to help!