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23% of Canadians don’t know what their insurance policies cover: TD Insurance poll


October 7, 2010   by Canadian Underwriter


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Almost one-quarter of Canadians admit they’re unsure or have no idea what they’re covered for in their insurance policies, according to TD Insurance’s Coverage Uncovered Poll.
The poll quizzed 1,503 Canadians about what they knew about their insurance policies during the first week of September 2010.
More than half (53%) of the Canadians polled said they have made a claim on their insurance before. Of those who said they had made a claim, 42% were surprised by something on their insurance policy.
The Top 3 things Canadians believe are covered by a standard home insurance policy include:
•damaged or stolen property (82%);
•protection from liability if someone hurts themselves on their property (78%); and
•roof damage from tree branches (73%).
Twenty per cent of Canadians believe a standard home insurance policy covers damage to lawns and gardens, although coverage in these cases is typically limited.
Although the majority of Canadians (77%) say they think they understand what is included in their insurance policies, most don’t take the proper steps to protect themselves, the TD Insurance poll found.
For example, nearly six in 10 (57%) said they don’t bother to keep a detailed inventory of their home’s valuables. Less than a third of Canadians (29%) update their insurance policy when they acquire something of major value.
When asked what causes the most home insurance claims, 36% of Canadians said water damage. The other top responses were burglary (26%) and fire (24%).
Few Canadians think the most damage is caused by wind and tornadoes (4%). Even fewer think the most damage is caused by third-party bodily injury claims (3%) and lightning (less than 1%).
According to TD Insurance, last year, 37% of home insurance claims were the result of water damage. Seventeen per cent of the home insurance claims that TD Insurance received last year were the result of wind and hail.
Fourteen per cent were due to theft and only 2% were due to fire.


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