A general insurance is any other type of coverage service except for life insurance. As a human being, you would most probably need one or two of the general insurance services at some point in your life. In Canada, there are many types of insurance coverage which you could apply for as a resident. Whether you need insurance for your health, home, business or vehicle, a financial company will be able to help you.
These types of coverage are crucial because they could protect you from a probable financial loss. Also, in a few cases, having insurance is a mandatory requirement demanded by the law. Some of the general insurance services which are legally required in Canada and elsewhere are as follows:
- Household Insurance. Often, when you are paying for mortgage, the loan company will compel you to purchase a household insurance. This is most helpful to a homeowner during calamities or natural disasters hit. If your home is damaged due to a hurricane, a household insurance will allow you to get financial support. On the other hand, this type of coverage will also hold you liable to any damage you may have caused to the home.
- Motor Insurance. Just like household insurances, motor insurance allows the person with this coverage to acquire financial coverage when his or her vehicle gets into a traffic collision causing damages to another automobile. Some insurance providers also offer protection to the damage of a vehicle not caused by road accidents.
General insurance services also have some types of insurances which may not be required by the law in Canada. Some examples are:
- Health Insurance. This coverage kind is not compulsory in most instances. However, this is one insurance type that is very important and should be purchased by any adult. A health insurance can help ease the burden of a piling up medical bill if a family member is hospitalized. Medications and medical treatments can get very expensive these days that is why it pays to purchase a health coverage.
- Renters Insurance. This is especially useful for people who rent homes. The insurance helps protect the belongings owned by the tenant. Also, it can help cover for expenses brought about by third party liability.
Apart from required and non-required insurances, another aspect worth taking note of when learning about general insurances is the package policy. Many companies providing insurance services offer the said policy.
- An example of this is the insurance plans needed by business owners. If you own a business, you will need to protect not just yourself but your assets and commercial space or office as well. With this, you may look for companies which could offer you with property, contents, and liability insurance all in one policy.
- If you are planning to get an insurance for the entire family, some insurers will be able to combine your household’s insurances. This will not only make it easier for the coverage holder, but the financial company as well because it would mean less paperwork.
A lot of general insurance services in Canada allow the customizing of policies depending on the needs of the insured individual. Exclusions to the policy may be added or deleted as per the request of the client. On the other hand, this may entail a significant adjustment in the premium which needs to be paid. Therefore, a good knowledge regarding insurance policies should be reviewed first before visiting an insurer. Assess what you need most, then book an appointment with an insurance provider.