Having property insurance is one thing. Understanding what it covers is another. CAA Insurance Company has released a new Property Insurance Guidebook to help Ontario homeowners, condo owners and renters better understand property insurance, including what different types of coverage mean, questions to ask about their policy and what to consider before making a claim.
“Insurance is there to help protect the places and belongings that matter to us, but understanding a policy can sometimes feel overwhelming,” says Elliott Silverstein, Director of Government Relations, CAA Insurance Company. “This guidebook gives Ontarians a practical starting point so they can ask informed questions and have more confident conversations with their insurance agent or broker.”
What does property insurance cover?
Coverage varies by policy, but common property insurance concepts include dwelling coverage, detached structures, personal belongings or contents, and additional living expenses. The CAA Insurance Property Insurance Guidebook explains these and other common insurance terms in clear, everyday language.
What Ontario consumers can learn from the Property Insurance Guidebook
The guide provides plain-language information to help consumers understand:
- Common property insurance terminology
- Coverage considerations for homeowners, condo owners and renters
- How replacement value differs from market value
- How renovations may affect insurance coverage
- What to consider before a property insurance claim
- Questions to ask an insurance agent or broker
Understanding your property insurance before making a claim
Consumers should not wait until they need to make a property insurance claim to learn what their policy covers. Understanding the basics of a policy ahead of time can help consumers identify questions about their coverage and reduce the chance of unexpected surprises.
Updated guide helps Ontario drivers navigate auto insurance
CAA Insurance has also updated its Auto Insurance Guidebook with information about changes to auto insurance in Ontario. Originally introduced in 2022, the guidebook takes a back-to-basics approach to common auto insurance terms and helps Ontario drivers have more informed conversations about their policies and coverage needs.
“Whether someone is protecting their home, condo, apartment or vehicle, they should feel comfortable asking questions about their coverage,” adds Silverstein. “These guides are designed to make insurance information more approachable, so consumers can make informed decisions based on their individual needs.”
The guidebooks are educational resources and are not intended to replace the expertise of a licensed insurance agent or broker or provide advice about an individual policy. Consumers with questions about their coverage should speak directly with their insurance representative.
Both the Property Insurance Guidebook and Auto Insurance Guidebook are available for download through the CAA Insurance website.
