Imagine your investment of $425,000, along with your dreams, being burned away in a matter of minutes.

Unfortunately, a Toronto couple experienced this first-hand. The couple’s in-progress cottage on Georgian Bay was destroyed in a matter of minutes due to a suspected act of arson. You can read the full news article here.

“They chose not to insure it, in part because they relied solely on their savings so there was no bank loan involved to require insurance.” says Reynolds, Canadian Press.

Just because you don’t legally need to insure something, does not mean that you shouldn’t. If there is not a third-party lender for your property, as the owner, you can choose to forego insurance on the building and its contents. 

This offers a grim reminder for us all. If your home, along with all of your possessions, suddenly vanished, could you financially recover everything that you’ve lost? The majority of us would answer “no”.

This is also true for people who rent, for business owners, for car owners… and the list could go on. If you own something, there is insurance for it.

  • For renters – your possessions that you keep in your apartment are worth something and there is insurance to protect it.
  • For business owners – the tools that you use to run your business, whether it be technology, construction equipment, your products are all insurable.
  • For car owners – if you own your car, and do not lease, and there is not a third-party lender, this doesn’t mean that you aren’t required to have car insurance.

No one likes to pay for insurance, but insurance exists to protect you and your possessions- to prepare for the unexpected.

The same goes for grossly underinsuring your possessions. If you do not have adequate insurance for your home, and the contents of your home, for example, you could still face a monetary loss if a claim happens.

Insurance Bureau of Canada spokesperson Anne Marie Thomas says home insurance is necessary even just for the liability portion.

“Even if it was literally just a shack, it’s always a good idea to have insurance … for the liability portion. If someone trips, slips, breaks their arm, injures their head – the dog tripped them up on the way in the door, whatever – they can be sued by the person coming into the home,” Thomas said.

We never think that something bad will happen to us, but the reality is that it can and insurance exists to mitigate that risk.

Roughley’s team of insurance professionals is standing by to answer your call. If you have questions about your insurance, we invite you to call us and speak to one of our team members.

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We are available Monday to Friday, 9am until 4:30pm.
Oshawa Location
Phone: 905.576.7770 • Toll Free: 1.888.558.0883
Fax: 905.576.3610
[email protected]

Bowmanville Location
Phone: 905.697.4257 • Toll Free: 1.888.558.0883
Fax: 289.316.3662
[email protected]