What Newcomers Should Know

Insurance in Canada is about protecting yourself and your family from unexpected dangers and risks. Newcomers to CanadaYou can also find out more about the following: International students.

Even before you arrive, it is important to know about the different types of insurance available in Canada.  

Your insurance is a part of your financial plan Personal finance portfolio. Understanding how it works is important smart financial planningThis can save you money Build security.

The first type that newcomers must understand is . Most LandlordsYou’ll need to know what it is (we’ll explain below). And then there’s . And for those who purchase a carFor work or travel, auto insurance is essential. 

Why do newcomers require insurance?

Insurance is one of the key ways that newcomers to Canada can manage risks. Things can go awry. Accidents can happen. Floods happen. And you don’t want to start over financially from scratch. In exchange for a premium (also known as a payment), you transfer the potential cost of a loss to the insurer. Insurance companies invest the funds securely, grow, and pay out when there’s a claim.

Broker vs Agent

Brokers are not the insurance agent. Brokers are familiar with the insurance policy process You can also find out more about the following: can access more options than an agent. This allows them to compare the rates of many insurance companies and find the best deal for you.

What are insurance premiums?

An insurance premium is the amount you or your business pays for an insurance policy. Insurance premiums are paid for policies such as health, auto insurance, rental, life, and home insurance.

Why do I need Risk Insurance?

Your home and property is protected by risk insurance. “risks and perils.”It covers loss or damage to property due to accidents or unforeseeable incidents such as floods, sewer back-ups, frozen pipes and so on.

Renters Insurance

Most renters in Canada get renter’s insurance You can also find out more about the following: Many landlords, and even buildings, require it so it is highly recommended for newcomers and Students from abroad are welcome to apply.As it protects and reimburses in the event of an accident. Remember that if you are a student or a newcomer in Canada and you rent your first house, you own the contents.furniture, electronics, personal possessions, valuables, etc.). 

Renters insurance should be a priority because most renters are not covered by their own insurance. Canadian landlordsHere are the requirements Five reasons you need it.

The landlord has insurance

This is true but that only covers the building you’re living in. It does not cover your family’s belongings. The landlord’s insurance can’t always protect you from everything that could wrong in your new home in Canada. Renters’ insurance does. Learn more about why you need renters’ insurance.

Travel Medical Health Insurance

Canada is renowned worldwide for its healthcareOne of the main reasons for newcomers to settle in Canada is our healthcare system. Government health insurance programs such as OHIP in Ontario and AHCIP in Alberta let you apply for coverage once you arrive in Canada and establish your Permanent residency 

But, it’s smart to buy travel medical health insuranceCover unexpected medical costs before you and your family are eligible to join a government-sponsored health insurance program. Without it, you may end up paying out-of pocket costs that are significant. 

What’s the difference between provincial health plans and medical insurance?

After you arrive in Canada, you can apply for government health insurance. Some provinces have a waiting time before you’re eligible for government-sponsored health insurance. That’s where private insurance coverage is a good idea for both temporary visitors to Canada and people on the path to becoming permanent residents and Canadian citizens.

Who is eligible to purchase visitor insurance in Canada?

Travel medical health insurance is a difficult purchase for international students and newcomers. They have to consider age and health conditions as well as other risk factors. Finding the right insurance is crucial. It’s vital to know the basic requirements you or a loved one need before you buy a travel medical health policy.

Selecting the right insurance policy

When purchasing travel insurance, there’s no one-size-fits-all solution. As a newcomer in Canada, it is important to understand the options available to you and select the best coverage based on factors such as age, dependents, health status and deductible preference.

Car Insurance 

Most newcomers to Canada purchase a car at some point. They may do so to travel, to get to and from work, or to accomplish certain tasks. In Canada, you MUST have car insurance if you own a car or other vehicle. This insurance protects you against:

• Repair costs for your car or other vehicle if it is damaged or involved in an accident

• Liability claims if you’re responsible for an accident that injures people or damages another person’s vehicle.

If you own a car, it is important to have auto insurance. 

Auto insurance is required

In Ontario, each vehicle must be insured. Insurance is mandatory in Ontario. The fines are severe. If caught driving without insurance, your driver’s license could be suspended for a year and your vehicle impounded for up to three months. It’s important to understand which car insurance is mandatory to be fully protected.

What is covered by car insurance? A comprehensive auto insurance policy explains in detail the protections provided by each section.It is not necessary to be able to speakIf you have specific questions about the coverage, consult an insurance expert. Click Here to Read More. 

What cities in Ontario have highest insurance rates?While this might be a non-issue when Choose the city where you wish to live and work in Canada, it’s always good to know where and why auto insurance is more expensive. Click Here to Read More.

Can I get insurance on a car that’s not mine? That’s a good question for newcomers – and it’s complicated. There are many scenarios where a family or friend might ask you for insurance on a car that is not yours. Always consult an insurance expert. Click Here to Read More. 

To discover more about Auto Insurance, click here.

Homeowners’ Insurance

Did you know? Most newcomers in Canada buy a house within 3 to 5 year of their arrival? It’s true. And for most of us, it’s the largest purchase we make.  So, it’s smart to become familiar with homeowners’ insurance. It’s an important part of your financial security net and in many cases a requirement if you have a mortgage. Knowing how much you’ll have to pay for your coverage should be factored into where and what you buy.  

How do home insurance rates vary across Ontario

Yes, they are. There is a median value for all of Ontario but this can be misleading as many factors contribute to your homeowner’s premium.

Home insurance and natural catastrophes

Yes, natural disasters – ice storms in February to flooding in April to wildfires in August— Canada is a great place to visitHome insurance can protect you and your family from the potentially life-altering effects of fires. You and your family can be protected by home insurance from life-altering events.

What is the all-risk insurance policy?

All Risk is just one of the two types of insurance for your home. The other type is called a “named perils” policy. The main difference is the a “named perils” policy only covers potential instances that are listed (anything else isn’t covered), whereas an “all-risk”Policy covers almost everything, except for exceptions specifically named.

What is mortgage Insurance?

Mortgage insurance (not to confuse with home insurance) is sometimes called home buyer’s insuranceIn Canada, mortgage insurance can help you save money upfront and still afford a home. Mortgage insurance can help you buy your home sooner than later By lowering the downpaymentYou must make.

Basic living costs for first-time homebuyers

These are essential living costs for nearly all first-time homebuyers, no matter where they choose to live. Click Here to Read More.

Business Insurance

Why do I require it?Business insurance can seem like a burden to newcomers who are entrepreneurs in Canada. Some business owners don’t consider business insurance a necessity. Your company has financial and legal risks even if you don’t have inventory or a retail location.

Pets need protection too

Pets are a common arrival for newcomers in Canada (we love them!). Dogs, cat, whatever. Pet insurance is increasingly important for pet health, and owner liability. 

Your dog is legally yours “property” which can come with a fair amount of liability exposure if you’re not careful. For that reason, dog bites usually fall under the purview of your personal liability insurance, which is a part of your home insurance policy. Inform your insurance broker and landlord about this liability exposure. Tell your insurance broker (and landlord!) that you own a dog.

Finding the best pet health insurance depends on your pet’s situation and the coverage.

Other Resources

 If you would like to know more about insurance in Canada, here are some helpful links:

• Insurance Bureau of Canada