The purpose of insurance is to protect yourself and your family from unexpected events that may occur when we least expect it and which may cost a lot to handle.
Ask yourself the following questions and you will better understand why insurance is something you need:
- How would I get the money to replace all of my lost personal possessions if an unexpected event, such as a fire, destroyed my home?
- If my negligence causes a fire, which also destroys my neighbour’s property, or the entire complex I live in, and I am sued, how would I pay for my legal expenses?
Don’t have the answers? Please keep reading.
There are two basic types of insurance coverage:
- Property Coverage
Protects you from loss or damage to your personal property from fire, theft, water damage, and pays for additional living expenses if you are forced to leave your home because of a covered loss.
- Liability Coverage
Protects you from the costs of claims made against you for accidental injury and for damage to other people’s property caused by your negligent actions.
SoHo Insurance Inc. offers affordable tenant insurance for residents of social housing. Their affordable plans protect you from loss or damage to personal property from fire, theft, and water damage and pays additional living expenses if you are forced to leave your home because of a covered loss
If you are a social housing resident in Ontario, or a recipient of OW or ODSP benefits, and you pay your premiums, you are eligible for coverage. This insurance program is not dependent on your income or postal code – you won’t be rejected because of how much you make or where you live. You will only be denied coverage if you are renewing coverage and have made a fraudulent claim against the policy.
For full details of this insurance coverage, please refer to the complete policy
wording available on their website at: