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Mind the Gap

Common Gaps in Insurance Coverage


You may know what’s in your insurance policy, but do you know what isn’t in your policy?  It might mean being suddenly responsible for paying a large repair bill or finding out that the “water” coverage in your policy doesn’t necessarily mean the water in your basement.  Here, you’ll find some common areas where gaps in coverage exist.

Liability Coverage

Most of us already have some kind of liability coverage – it’s mandatory to drive a car in Canada.  But one of the most common gaps in insurance right now is the amount of liability coverage. April Parlee, Director of Client Experience at Josslin Insurance says “$1 million was good 10 years ago, but court cases are settling for more damages now and you don’t need to be a millionaire to be sued like one”,  as you can see in our recent blog How Much Liability Coverage is Enough?

Rising settlement costs also affect how much home insurance liability coverage you’ll want.  Dog owners in particular should pay attention to how much they have.  If your dog bites or injures someone your home insurance is what is going to help cover costs and those costs.

Increasing the maximums of your liability coverage may sound expensive but it tends to be only an extra few dollars a month.  Get the peace of mind that comes with increasing your coverage, no matter how serious something may become.

Auto Accident Benefits

It is also important that your liability coverage reflects the rising cost of medical care.  The accident benefits part of your auto policy protects you, your passengers or pedestrians if they suffer an injury while you’re driving your car.  This is true regardless of who is at fault.  Make sure your accident benefits are enough to help you no matter the injury.

Water Damage Coverage

Whether you own or rent make sure you know what type of water coverage you have. There are many different ways that water can cause damage to your home and each insurance company’s coverage is slightly different.  Think about what could happen in your home and speak to your broker or insurance advisor.  Nothing is too weird, whether it’s sewer backup, a foundation leak or a burst pipe your broker has probably dealt with it before. 

Haven’t changed anything about your insurance in a while?  A quick chat with your broker can reveal where your coverage may be lagging behind the times.  A Real Insurance Broker knows recent claim trends and can tell you where you need to boost your coverage so nothing falls through the cracks.  Email us at info@josslin.com or call us at 1-888-567-7546. We’re here to help.