I am here to help dispel myths around insurance! Nope, I don’t work for an insurance company, but between home insurance, car insurance and life insurance (and I am sure there are many more types of insurance that I don’t know about yet), I tend to get a little confused. <awkward>
I was asked to answer a few questions about insurance and although some answers I knew, there were a lot of things I hadn’t realized until now. TEST YOURSELF: below are the questions, try answering them and then compare your answers to the actual answer and see how much you know:
Question 1: Are Ontarian’s paying more for auto-insurance, but getting less coverage?
My Answer: I remember being told about the different insurance policies and thinking that it was a lot of money for really not very much coverage. I keep reading in the news that premiums are very high and insurance companies are cutting the coverages that they offer which nobody likes.
Actual Answer is here: http://www.getintheknow.ibc.ca/explain/7_some_ontarians_think_theyre_paying_more_for_insurance_and_getting_less_coverage_
*Clearly, my thoughts were correct.
Question 2: Is the money I pay for insurance set aside just for me to cover any claims I may have in the future?
My Answer: This answer I know – NO!
Actual Answer is here: http://www.getintheknow.ibc.ca/explain/1_is_the_money_i_pay_for_insurance_set_aside_just_for_me_to_cover_any_claims_i_may_have_in_the_future
* I guess I never really thought about where all this money I am paying goes when not claiming for any injuries and well now I know that no matter what, you are still being protected in the end
Question 3: Is flood damage caused by a spring thaw covered by your home insurance?
My answer: Yes, my thought is flooding is flooding and I think we are covered for it.
Actual Answer is here: http://www.getintheknow.ibc.ca/explain/4_is_flood_damage_caused_by_a_spring_thaw_covered_by_your_home_insurance
*I am actually quite shocked at this answer! I would think you would be covered as flooding is common especially with some of these crazy rainstorms we have and therefore you would be covered, but clearly I am very wrong.
For more helpful information about insurance, check out http://getintheknow.ibc.ca/
T.
xo
Although this post has generously been sponsored by the Insurance Bureau of Canada, the opinions and language are all my own, and in no way do they reflect the Insurance Bureau of Canada.
Thatnks for posting this. It’s always good to learn more about this kind of stuff. I think people often renew their insurance without actually checking what has been updated or changed in their policies. I do feel good that I got 2 out of 3 right, but like you, I’m a little bit shocked that your house being flooded by any event wouldn’t be covered. Maybe this is a good reminder for all of us to learn a little bit more about this.