What to review in your insurance
June 28 is National Insurance Awareness Day! This is as a great reminder to review your insurance policies, so you know what coverage you have before you need it.
When you are reviewing your insurance policies, make sure you check the following:
- Accuracy of information: Are all names and addresses spelled correctly? Does your policy cover a specific duration of time? Does your policy accurately reflect your property and possessions?
- Eligibility and exclusions: What are you covered for? What are your obligations in the event of an insurance claim? Did you request specific endorsements and are they represented correctly? Are there any exclusions for events you will not be covered for?
- Policy limits: What are your deductibles (the amount you, the policy holder, are responsible to pay when you claim coverage) under your insurance policy?
- Interested parties: Have you accurately listed any interested parties such as a mortgage company or vehicle financing company?
- Claim Procedure: Are you aware of how to report a claim and what information is required by your insurer to handle and process your claim?
For more information on understanding your insurance policy, read our latest blog, How to read your insurance policy.
Water Damage and Insurance
Water damage is one of the most common insurance claims under personal property policies. These claims can become complicated because there are many different types of water damage coverage and often, coverage is optional.
When reviewing your insurance policy, pay close attention to which types of water damage you are covered for and the limit of insurance provided by each different type coverage.
Another important factor to consider are the exclusions in your policy which vary between policies and companies. Typical exclusions related to water damage claims are damage caused by wear and tear, slow leaks or seepage, mold, and water damage caused by freezing while you are away from your home for a set period of time as defined by your insurer.
To learn more about the different types of water damage available under personal property insurance policies see here.
Latest Blog Posts
We release monthly blogs to help consumers better understand their insurance policies. In case you missed it, check out some of our latest posts below:
Property Insurance: 7 Things to Look for in your Property Insurance Coverage
Whether you’re a homeowner in Toronto, a condo owner in Vancouver, a landlord in Quebec or a tenant in Halifax, having the right property insurance is crucial in protecting your investment. But not all policies are created equal, and as a property owner you need to know what to look for in a policy that reflects your risks, and financial needs in the event of a loss.
Auto Insurance: Fault Determination
What happens if you disagree with your insurance company’s assessment that you’re the one to blame for the accident? Can you challenge the decision? In Canada, licensed auto insurance providers and governments have protocols in place that allow drivers to appeal at-fault determinations.
This blog explains your options for disputing an at-fault assessment and where you can find more information.
Why Misrepresentation Matters: What Every Insurance Consumer Should Know
While most consumers focus on the protection insurance provides, many don’t realize how important the information they give to their insurer really is. Accuracy and honesty aren’t optional, they’re essential. That’s where misrepresentation comes into play.
GIO on the Move
Over the last few months, the GIO team has been busy attending conferences, connecting directly with consumers and peers, and sharing more information about GIO’s role in the insurance industry. Here are some highlights:
The GIO team was also in Toronto to attend the OIAA 2026 Claims Conference on March 26, and the IBC InSight Summit, on April 1.
What’s coming up for GIO
Mid-year trends report
Our mid-year trends report outlines trends our team is noticing in the insurance industry based on calls we are receiving from consumers. Stay tuned.
Connect with GIO
Stay in-the-know with the latest extreme weather news, get tips on everything insurance related and more by connecting with GIO on social media and by subscribing to our newsletter:
Photo: Jung EJ Lee