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Make sure your home is protected against the biggest risks in Toronto


Compared to towns in wildfire-prone areas or coastal regions vulnerable to hurricanes, Toronto is pretty safe as far as the weather goes. That said, there are still plenty of risks that homeowners face, and there are events that can cause pretty extensive damage to your property. There are plenty of weather-related and other risks that you want to make sure your home insurance policy covers.

The next time you renew your insurance policy, take a moment to review your coverage and make sure you’re protected from the most common risks that GTA homeowners face.

1. House Fires

House fires are among the most common emergencies that Canadian families face, and they typically affect 10,000 residential properties each year. Any type of fire can lead to a costly cleanup, but some fires are more devastating than others, and a major or total loss can be a big expense, even with insurance coverage.

In the event of a total loss, your deductible and your coverage limits will be important factors in how much money you get from your insurance. Make sure your coverage limit is high enough to cover a total loss and that you have enough in savings to cover your deductible.

If your home is affected by a major house fire, consider working with an insurance lawyer for help on your claim. Firms like Virani Law provide assistance that can secure a fairer settlement from the insurance company by guiding you through the insurance process and challenging the insurance company if they make a low initial offer.

2. Flooding

The Greater Toronto Area has seen serious flooding before, and it’s a known risk for homeowners, with some neighbourhoods getting much harder hit than others depending on their geography and infrastructure.

In 2013, Toronto saw 126 mm of rainfall at Pearson Airport, trapping commuters on a flooded DVP and on GO trains. Approximately 4,800 basements flooded in the city, but it’s not just historic rainfall that can cause localized damage.

Basement floods are a common risk in Toronto in vulnerable areas like Black Creek, Rockcliffe-Smythe, Bedford Park, and southern Leslieville by the lake. Homeowners should double-check their home insurance policies. Flood insurance is not common in Canada and not generally included in standard home insurance policies. Some insurers may not even offer it in flood-prone areas, which you should always look into before buying a property.

3. Liability

Liability coverage in your home insurance policy protects you when someone gets hurt on your property or you cause damage to a neighbour’s property. For example, if you improperly store a propane tank on your property and it explodes, it can cause a fire on a neighbour’s property. That makes you liable to pay damages to your neighbour.

Given the close proximity of many properties in the city, the odds that someone can get hurt on your property or that a fire can spread from your property to another are considerably higher. Liability insurance protects you from the risk of lawsuits when damage or injury happens.

When was the last time you revisited your home insurance policy? When you’re next up for renewal, take the time to make sure you’re insured against the biggest risks in the city.

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

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