Personal insurance protects your livelihood and lifestyle. It is important coverage that helps to reduce the financial burden of an unexpected event—such as a house fire, a vehicle collision, theft of property, causing damage or injury to a third-party, and more.
The cost to repair damaged property, replace stolen goods or defend a liability lawsuit can be staggering. Having the right personal insurance coverage in place can help you financially recover from such events.
Personal insurance is also required in certain instances. For example, auto insurance is mandatory across Canada and all drivers are required to carry certain levels of coverage, as defined by each province and territory. (ICBC provides the mandatory and optional auto insurance required in British Columbia; Megson FitzPatrick is an ICBC Autoplan broker.) Your mortgage lender may also require you to carry comprehensive home insurance, so to protect their financial investment.