Ontario Home Insurance

Ontario borders on Manitoba, Quebec and the United States. Its capital of Toronto is Canada’s most densely inhabited city that is also a bustling business center, which makes the province a highly desirable hub for business professionals moving into the area. First-time homebuyers and also apartment dwellers will do well to learn the ins and outs of buying Ontario home insurance in an effort to protect their property against a host of possible losses and subsequent fiscal disaster.

For example, 2004 crime statistics bear out that crime is on the decrease all across Ontario; the province has had the distinction of being the one locale with the lowest crime rate for a number of years in a row. Even so, the percentage of charges filed for possession of stolen goods has increased by six percent, and the homeowner with electronics and even just nicer than average furniture will do well to look to Ontario home insurance agents for assistance in protecting these assets.

Ontarians have the option of buying an Ontario home insurance policy that centers on a term clause. This term insurance remains in effect for a pre-arranged period of time or until the insured ceases to make the payments. Thereafter the consumer may decide to go ahead and reinstate the policy or switch to an entirely different insurance product.

Costs may be reduced quite drastically if the homeowner lives in an area known for its low crime statistics or if it is situated within the vicinity of first responders, such as a police or fire station. Since Ontario home insurance policies protect not only against burglary but also fire loss, the installation of a sprinkler system and home fire alarm greatly reduces the monthly premiums even further.

Another aspect that makes the investment in home insurance such a good idea is the personal liability aspect. Ontario home insurance policies with this clause not only reimburse homeowners for the losses of computers, furniture and other assets, but it also holds them harmless against third party damage lawsuits for injuries sustained while on the homeowner’s property. Ontario home insurance products provide policies not only for single family homes but also for rental apartments and condominiums.

Renters value the accidental damage clauses that help them prevent liability if their actions cause damage to another tenant. A good example is the overflowing bathtub or slow leak that causes a downstairs tenant to experience the loss of property and enjoyment of his apartment for a short period of time. For the tenant, who is also the purchaser of the insurance policy, this has the added benefit of reimbursing him for any apartment upgrades he might have invested in. These upgrades usually include the installation of new carpeting or upgrades to various appliances.