Most common types of insurance policies in Ontario

Insurance plays a crucial role in our lives, providing protection and peace of mind against unexpected events. There are several types of insurance policies tailored to meet diverse needs. Understanding these policies can help individuals and businesses make informed decisions about their coverage. Let's delve into some of the most common types of insurance policies in Ontario.

Auto Insurance

Auto insurance is mandatory for all drivers in Ontario. It provides coverage for damages resulting from vehicle accidents, theft, and liability in case of injuries to others. Ontario's auto insurance includes accident benefits, third-party liability, direct compensation-property damage (DCPD), and uninsured automobile coverage. At Armour Insurance, we provide insurance for auto, classic car, and recreational vehicles such as ATV/UTV, Boat, Golf Cart, Motorcycle, RV/Trailer, Segway, and Snowmobile.

Homeowners Insurance

Homeowners insurance protects one of your most significant investments - your home. It covers damages to your property from perils such as fire, theft, vandalism, and certain natural disasters. Additionally, it provides liability coverage if someone is injured on your property.

Life Insurance

Life insurance ensures financial security for your loved ones in the event of your death. It provides a lump-sum payment to beneficiaries, which can be used to cover funeral expenses, debts, mortgage payments, and ongoing living expenses.

Health Insurance

While Ontario provides residents with access to universal healthcare through OHIP (Ontario Health Insurance Plan), many individuals opt for supplemental health insurance. This coverage can include prescription drugs, dental care, vision care, and paramedical services not covered by OHIP.

Business Insurance

For business owners, various insurance policies protect against risks specific to their industry. These may include commercial property insurance, general liability insurance, business interruption insurance, and professional liability insurance.

Travel Insurance

Travel insurance is essential for anyone traveling outside of Ontario or Canada. It covers medical expenses, trip cancellation, lost luggage, and other unforeseen events while traveling.

Tenant Insurance

For renters, tenant insurance protects personal belongings and provides liability coverage. It covers losses due to theft, fire, vandalism, and certain types of water damage.

Disability Insurance

Disability insurance replaces a portion of your income if you become unable to work due to injury or illness. It ensures you can maintain your standard of living and meet financial obligations during a period of disability.

Critical Illness Insurance

Critical illness insurance provides a lump-sum payment if you are diagnosed with a covered illness such as cancer, heart attack, or stroke. This benefit helps cover medical expenses and other financial needs during recovery.

Pet Insurance

Pet insurance covers veterinary expenses for your furry companions. It helps offset the cost of medical treatments, surgeries, and medications for illnesses or injuries.

Understanding these types of insurance policies empowers individuals and businesses to make informed decisions about their coverage needs.

Get in touch with us today at (905) 452-5127 or visit www.armour-insurance.com for a fast & free insurance quote. Our team is here to guide you through the process, ensuring you have the coverage you need.

YOUR SAFETY IS ARMOUR'S TOP PRIORITY.