When you buy property insurance, you're buying coverage for your home and its contents. Depending on the type of policy you buy, the cost can range from a few dollars to hundreds of dollars per year.
There are a few different types of property insurance in Ontario that you may be interested in. Coverage can vary depending on what type of property you own and where it is located.
Homeowners insurance covers your home and its contents if it is lost or damaged due to a covered peril such as fire, storm, theft, or an explosion. Coverage typically includes losses from both natural disasters and human-caused events.
Image Source: Google
This type of insurance is usually required by state law. Renters insurance covers your belongings in the event that they are damaged, stolen, or destroyed while you are not using them. This type of insurance is not typically required by state law but is often included with rental agreements.
This type of coverage can protect you from both natural disasters and human-caused events such as vandalism. Flood insurance helps cover the cost of rebuilding if your home becomes flooded due to a covered peril such as a rainstorm or flash flooding.
In addition to property insurance, many people also carry automobile insurance, health insurance, life insurance, and umbrella policies to cover various aspects of their lives.
When you buy property, you're also buying insurance. Property insurance protects your investment against damage or loss. There are many types of property insurance, and each can protect different parts of your property.