How can I reduce my home insurance premiums?
There are a few easy steps you can take that could help lower your insurance premiums.
What can I do if my insurance company has denied my claim or decline coverage?
Unfortunately, we cannot make an insurance company sell you a policy or mediate disputed or denied claims. We recommend you seek legal advice to resolve these issues.
General insurance agents and companies have obligations and responsibilities to you, the insurance buyer.
(Broker responsibilities are different. Visit the Registered Insurance Brokers of Ontario (RIBO) website to understand a broker’s responsibilities.)
Here is a handy guide to agent responsibilities:
- Have a current license to sell insurance in Ontario.
- Comply with the Ontario Insurance Act
- Treat you fairly as a core component of their company governance and business culture
- Have policies and processes to handle any complaints in a timely and fair manner
- Protect your private information and immediately inform you of any breach.
- Agents must disclose to you in writing any conflicts of interest they may have.
- Agents must successfully pass the qualifying exam conducted by the Insurance Institute of Ontario*
*Agents are exempt if they have a Chartered Insurance Professional designation.
- Understand and receive plain language explanations about your policy
- Receive clear information about the claims process
- File and resolve any complaints
- Protection of your privacy
- Paying all premiums as outlined in the policy
- Disclosing information about the value of your home and contents:
- If you undervalue your home or contents when buying the policy, you might not have enough coverage
- If you overstate the value when making a claim, your policy may be cancelled or voided
- Disclose full and complete information on your home insurance application including:
- Previous home insurance claims
- Renovations or home-based business activities, no matter how small
- Review the application thoroughly before signing and submitting