is one of life’s forgotten necessities. Not everything in life can be predicted and not every unpredicted item can be paid for wit ease. In these situations insurance comes into its own. Many items can be insured, such as car insurance
, life insurance
or home insurance
. Each of these markets has different rules and procedures and in many case providers.
Canada has a number of different insurance providers, some of them specializing in one area such as life insurance or auto insurance and some of them offering the whole range of insurance products. They can also differ from co-operative ventures, to Canadian companies, foreign subsidiaries or the government.
Auto insurance or car insurance is when a person’s driving is insured. This can cover a number of different consequences. The core thing that is insured when taking out auto insurance is the liability for any injury caused by the driver. Every province and territory requires all drivers to have this insurance in place. Many auto insurance providers will also insure against theft or damage to the driver’s car. The last type of insurance is known as “fully comprehensive” insurance. As well as car insurance it is possible to get motor home and motorcycle insurance
By its very nature travelling involves risks that staying at home does not. Risks such as losing luggage, the air line going bankrupt while abroad and medical emergency. Travel insurance
insures against these. People usually need travel medical insurance in case they will require medical treatment. Different countries have different health services. Some are government run; some are private and most are in between. Travelling has its risks especially when you are travelling with children and travel insurance brings the peace of mind that is needed when going to a foreign country.
Medical expenses can mount up at the very time when a person can’t work. Medical insurance or health insurance
is designed to help with this. It is offered mainly by life insurance companies, although there have been some new entrants offering a wider range of coverage. It is often offered by employers or as part of a health plan in an affinity scheme by a trade union, employee group or alumni association. Dental insurance
is similarly designed to meet the same needs for dental work.
Dying without having provided for family can weigh upon many people’s minds. Life insurance can sort this problem out. Canada has seen a large number of mutual life insurers grow up. They offer a choice of products including term life insurance, which means that the person is insured for a certain amount of years.
Home insurance or house insurance covers what is most people’s most precious investment, their main residence. If someone’s home was burnt down, or hit by a truck, then it can often be very expensive to make it right - and often beyond most people’s means. Similarly if there is a burglary or fire then contents need to be replaced very quickly, something that home insurance can deal with. To deal with this catastrophic event home insurance was developed and it is offered today by general insurance companies
. It can also extend to second homes and investment properties. Renters insurance
is a stripped down version of home insurance that only covers the contents in the rented house or apartment.
Businesses have different needs from households, and the risks that they carry are different. To deal with these different risks, business insurance has grown up. These can cover areas such as debtors not paying, employees being injured or specialist insurance for commercial premises and car fleets. Public liability insurance
is very important for a business because one of the least predictable risks is of a member of the public being injured on the company premises, or due to company actions. This large and heavy loss is covered by public liability insurance.
Many home buyers can find it hard to get a mortgage with a small deposit due to the increased risk that the mortgage will turn bad and that when it does the mortgage provider will not be able to recover the whole amount of the loan. Mortgage insurance
covers this and enables people to buy their home at an earlier stage in life. The federal government is a big presence in this market through the Canada Mortgage and Housing Corporation.
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