Umbrella Insurance Toronto

Umbrella insurance in Toronto is one of the most overlooked and essential insurances available.

Many landlords and homeowners do not realise that they can be held accountable for dog bite injuries sustained by anybody on their property. Many people also do not realise that their standard property and personal insurance may not cover them in these instances. With over $108 million paid out in insurance claims for dog bites in Canada in 2013, many people cannot afford to not have coverage in this event. In addition to dog attacks, many insurance customers do not know what they would do if they faced a situation where they were liable for more than the maximum coverage afforded to them by their current insurance plans.

This is where Toronto umbrella insurance comes in.

What is Umbrella Insurance?

Umbrella insurance in Toronto is a kind of insurance that offers an additional layer of protection for insurance holders that goes above and beyond their standard home, personal, and auto insurance.

Almost all property, personal, and auto insurance policies will come with a range of exclusions, special cases, and maximum coverage amounts. This means that should you encounter any of the scenarios that are excluded from your policy, or your liability is determined to be greater than the maximum payable amount, then you could be on the hook for hundreds of thousands of dollars.

Umbrella insurance in Toronto acts like its namesake and provides protection from this overflow of liability costs that your other insurance policies do not cover. For instance, if you were involved in a car accident and your liability was determined to be $500,000 but your auto insurance only covered up to a maximum of $300,000, your umbrella insurance would kick in to cover the remaining $200,000. Similarly, your property and personal insurance policies might not cover you at all in the event of your dog attacking someone. Your umbrella insurance would protect you from paying potentially hundreds of thousands of dollars in liability payments, which can give you peace of mind knowing you’re covered.

Close up of umbrella insurance in toronto

Why is Umbrella Insurance so Important?

Umbrella insurance is such a crucial part of any insurance coverage as it provides a safety net against unforeseeable catastrophic events that fall outside the realms of standard policies. It is a way of guaranteeing you will be able to survive any rare but possible situations where you could be liable for hundreds of thousands or even millions of dollars. Umbrella insurance in Toronto tends to be cheaper than many people expect, putting it well within reach for many customers.

What Does Umbrella Insurance Cover?

Umbrella insurance in Toronto can cover individuals and businesses for a wide range of scenarios and liability thresholds. These can include:

  • Bodily Injury Liability: This covers you for any damages to another person’s body they might sustain where you are deemed to be liable. Common scenarios that would fall into this category would include guests hurting themselves on your property, your dog attacking someone, or car accidents where bodily injury is involved.
  • Property Damage Liability: This covers you for damages to another person’s property where you are at fault. This would include damage to vehicles during an auto accident, any damage your dog causes to other’s property, or damage to school property caused by your child.
  • Landlord Liability: Your umbrella insurance can cover your rental property in certain scenarios. These would include someone hurting themselves on your rental property, or your tenant’s dog hurting someone.
  • Other Legal Scenarios: Many personal insurance policies won’t cover for certain legal issues. Your umbrella insurance policy can protect you should you be sued for libel, slander, false arrest, malicious prosecution, or mental anguish.

The extent of your umbrella insurance in Toronto will depend on what you require. KASE Insurance is the leading commercial insurance brokerage in the GTA, specialising in creating unique umbrella policies for our clients.

Who Needs Umbrella Insurance?

Umbrella insurance can benefit anyone, from landlords to tenants and everyone in between. Anyone who values having a safety net to cover them for worst-case scenarios will instantly see the benefit of a catchall policy.

The biggest misconception about umbrella insurance in Toronto is that it is only necessary for people with extensive assets. Sure, people with expensive boats, homes, cars, and bank accounts will certainly benefit from extra protection, as they might become targets for lawsuits. However, anyone that owns anything can still take advantage of the extra coverage afforded by an umbrella insurance policy to help them avoid severe financial hardship.

Should you be found liable for a large settlement, your assets will likely be liquidated, leaving you with nothing. If that does not cover the full amount, you might even have to face the prospect of wage garnering, which can add even more financial stress. Umbrella insurance in Toronto will protect you from this eventuality, allowing you to carry on with your life.

Why go with KASE Insurance?

Ontario topped the list in the number of dog bite lawsuits in Canada, with over $2.5 million being paid out in 2013. This number continues to grow as the number of Ontarians increases, along with dog ownership. Toronto is also home to the hottest property market in the country, accounting for more landlords than any other province. Umbrella insurance in Toronto has never been more relevant or necessary, and a leading commercial insurance broker like KASE Insurance is ready to meet those needs.

At KASE Insurance, we pride ourselves in our commitment to client satisfaction and peace of mind. We work with a wide range of individuals and businesses in many different sectors to provide them with the insurance they need. Our team of experts makes it their top priority to find our clients the right insurance policy for them at rates they love.

If you are looking for a comprehensive umbrella insurance policy in Toronto, contact KASE Insurance today and protect yourself for tomorrow.