IBAO urges Ontarians to protect themselves and their assets

(Toronto, Ontario) Ensuring you have the correct insurance is essential. It can be overwhelming when shopping around for the different varieties available, so the Insurance Brokers Association of Ontario (IBAO) is offering tips to consumers on how to find the right insurance that will fit their specific needs.

There are a number of policies available on the market and they vary from company to company.

“Your first step is to visit your local insurance broker. Your broker acts as advocate on your behalf and it is their job to evaluate your needs and offer you choice in the products available,” said IBAO CEO Randy Carroll.

The most popular and all inclusive home insurance policy is the ‘comprehensive coverage’. This type of insurance covers the home and all of its contents unless something was specifically omitted. Check with your broker if this comprehensive policy has additional ‘optional insurance’ and if there are stipulations on any uninsurable items.

Another form of insurance is called ‘broad form/named perils.’  This type of policy only covers specific items listed in your policy. This is only a good option if you can financially support most of your losses in case a catastrophe hits.

‘Broad’ insurance is a ‘meet in the middle’ compromise of comprehensive and broad form. Broad insurance will provide comprehensive coverage on large, expensive items, such as the home itself and specifically named additional items inside the home.

“To ensure you are properly protected visit your broker before purchasing. You want to make sure you are making the right choice,” concluded Carroll.

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