Commercial & Personal Property Insurance

When you want to safeguard your property and possessions, property insurance is the right choice for most people. Similarly for businesses that want to protect their assets, they would need to consider commercial property insurance. Whether protection is needed for personal property or business, there are some important details to be aware of and options to be considered for property insurance in Ontario.

Personal Property Insurance

Your home is usually the most expensive property you’ll ever own so for property insurance we’re really talking about homeowner’s insurance, which not only protects your residence but also your belongings inside – at least most of them. This is one of those important details – what’s covered and what is not covered by your homeowner’s policy. A standard homeowner’s policy usually covers the following:

  • Buildings: the house, garage, and any out buildings are protected if damaged or destroyed by fire or other disaster listed in your policy.
  • Contents: the cost to replace furniture, carpets and possessions that are destroyed by an insured peril or stolen.
  • Liability: protects you if you are found responsible for injury to others or damage to their property.

For condo owners and tenants, only the contents and liability aspects are part of their homeowner’s policy or property insurance.

If needed, be sure to check on coverage for these items:

  • Some ‘Acts of God’ are often covered such as hurricanes or tornadoes, while others are not e.g. flood, earthquake, etc.
  • Valuables: highly valuable artwork, jewelry, furs, and other unusually expensive items may require specific additional coverage.

Commercial Property Insurance

Owning your own business probably didn’t happen without a lot of hard work so protecting your investment with the right commercial property insurance makes good sense.  Like the details mentioned above for personal property, a commercial policy covers a company’s buildings, contents, and equipment including:

  • Inventory
  • Furniture, equipment (owned or leased) and supplies
  • Computers and data processing equipment
  • Signs, fences, and other outdoor property not attached to a building.

An important option for many companies to consider is Business Interruption coverage that could result from a fire, vehicular accident, vandalism, etc.

Shopping around for property insurance quotes is easy when you contact an insurance broker since they already work with a number of different insurers and can help you get the best rate for the coverage you need.

For a no obligation insurance quote of any type, call Mitchell & Whale Insurance Brokers at 1-800-731-2228 or email us at info@mitchellwhale.com.

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