What you should know about renting your house to fans and visitors
TORONTO, June 25, 2015 /CNW/ - With the Pan Am Games only 15 days away and the Parapan Am Games shortly after, the Greater Toronto Area (GTA) will see an influx of athletes, coaches and fans. If you are considering renting your home to game attendees, Insurance Bureau of Canada (IBC) recommends making sure you are properly insured.
"Most home insurance policies anticipate that family or friends will use your house from time to time. However, when renting your property, it's important to check your policy with your home insurance representative," says Ralph Palumbo, Vice-President, Ontario, IBC. "Before the Games, review your insurance policy, call your insurance representative and ask questions. Consumers can also contact IBC's Consumer Information Centre. We're here to help."
IBC encourages consumers in Ontario and across the country to become insurance aware: regularly review insurance policies; ask questions to insurance representatives about limits, deductibles and exclusions; and shop around to find the right policy for your unique needs.
Scores of people will be attending the Pan Am Games in the GTA and surrounding Ontario communities, adds Palumbo. "With more people on the roads, the likelihood of collisions can increase. Be sure to put down your phone and drive according to road conditions."
If you choose to use your car to transport customers for payment, check with your insurance representative to make sure you have proper coverage.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or @IBC_Ontario and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2-ASK-IBC.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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