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How would you manage to keep the roof over your head if you were to find yourself unemployed? What would happen if you fell ill and had to remain out of work for many months while you recovered? If you had an accident, could you guarantee you had the income each month to be able to continue meeting your mortgage payments? All of these questions should be given some thought while you are fit, well and working. Considering it after the event is useless. One way that you would be able to maintain your mortgage outgoing each month is if you take out mortgage protection cover.

Mortgage payment protection insurance is just part of a family of insurance policies aimed at providing you with a replacement income. In the case of protecting your mortgage, you can choose a policy that would provide you with up to a certain amount of your mortgage repayment each month. This means that you would not have to worry about losing your home if you were to have to take time from work or if you should become unemployed.

Mortgage protection can be taken to cover all three unfortunate events, accident, sickness and unemployment. However your circumstances could mean that you do not need to protect against all three. Some providers will allow you to tailor your protection so you protect what you need to. For instance, if you just need to protect your mortgage against being unemployed for any length of time you could just take a policy for unemployment alone. Alternatively, you could only need to safeguard against accident and sickness only. This means that you are only paying out for the protection you want and need. Premiums for policies are based on the amount of mortgage repayment you are covering and your age when applying.

You do have to shop around for the cheapest premiums as they can differ greatly between providers. If you buy protection when taking on your mortgage with the lender on the high street then this is usually not the cheapest option. For the majority of time, quotes will be cheaper with a standalone specialist provider. Just as the cost of mortgage payment protection insurance will vary between lenders, so does the conditions of the policy. Usually cover would begin to pay after you had been out of work for between 30 days and the 90th day. This can be found in the small print and must be checked and compared. You can also find how long you would be able to continue claiming for; all policies only pay for a fixed period of time. This is usually in the 12 to 24 month range before expiring.

Mortgage protection should be taken seriously and shopping around for the cheapest premiums can save you a whole lot of problems and heartache, as it can literally help you to keep the roof over your head. You would be able to relax and not give any thought to maintaining your repayments; instead you would be able to go and find work again or recover and get back to work.

Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of mortgage protection.

House Insurance in Ontario and car Insurance alike are spread out over a very broad insurance market. There are thousands of insurance brokers and agents working in Ontario. But, we all ask ourselves where do we go and why? The first insurance policies ever written or should I say agreed upon date back to the 1500's

It all started in the early 1500's when ship owners use to meet in London coffee houses where they selectively retained, shared, and transferred the cost of risks associated with their ships. In essence, these were often mutual or reciprocal arrangements, akin to today's insurance arrangements. But that is another story, I will be writing about.

For now the focus is House Insurance in Ontario. Decisions affect you and your family when it comes to insurance and that is why you need to choose your house insurance carefully.

How to find the best home insurance company to service your needs. Most times people like to combine their auto and house insurance together.

There are 3 standard methods to shop for insurance:

-local broker representing multiple insurance companies

-brokerage call center representing multiple insurance companies

-local agent or call center representing 1 company

Once you find out about the insurance company quoting you, take some time and research them by searching the internet or contact the Financial Insurance Services Commission of Ontario to find out more.

The choice is really up to the consumer depending on how they like to conduct their business. Some will be quite complacent shopping on line. If you choose this method and you are transferring your personal information, make sure that the page you are putting your info on is secured. Check your browser and the first 5 letters before www. should read https not http.

What type of house insurance should you buy?

I always say never go cheap unless you are covered for the right things. First off I will explain the difference between standard coverages and comprehensive coverage's that are included in insurance policies. The dwelling building, outbuildings and personal property are normally covered for specified perils form, broad form, comprehensive form or all risks (all perils) depending on the form offer by the house insurance representative you have chosen to deal with. Below is a brief definition of the two types of coverage availabe. For a complete definition consult a broker or agent.

A Named Perils policy would include: fire, lightning, explosion, smoke, falling objects, impact by aircraft or land vehicle, riot, vandalism and malicious acts, water damage, windstorm or hail, transportation,

An All Risks policy would include: When you are insured for All Risk insurance coverage, your are covered against all risks except for the named exclusions in your policy. Check your policy for exclusions usuall follows extensions of coverage.

Coverage Extended under a property policy:

Section 1: Describes the insurance on your property, which also includes additional living expenses and fair rental value.

Coverage A: Dwelling Building - Example is the house structure

Coverage B: Detached Private Structures - example is a garden shed

Coverage C: Personal Property - example is jewelery which has a special limit

Coverage D: Additional Living Expenses

Common Extensions of Coverage are:

Debris Removal, property removed, moving to another home, fire department charges, change of temperature, freezer food, lock replacement, tear out, arson or theft conviction reward, personal data stored in a computer, credit or credit cards forgery and counterfeit money, headstones, inflation protection

After reviewing my own house insurance polciy, I found exclusions and counted 28 of them not to mention what they will pay and won't pay!

The next section in your policy wordings to pay close attention to are the exclusions. This is the most important part of an insurance policy when you are concerned about the fine details of your house policy.

Section 2: describes the insurance for your legal liability for bodily injury and personal injury to others or damage to property of others arising out of your premises or your personal actions. It also includes benefits following injury or damage to property of others.

Coverage E: Legal Liability - example, someone walks on your property and slips because you did not maintain the area makes you legally liable.

coverage F: Voluntary Medical Payments - if a person slipped on your stairs and takes an ambulance to hospital, your insurance company will pay reasonable expenses to cover the costs of the injured person. There is no deductible applicable.

Coverage G: Voluntary payment for damage to property - example would be if your child accidently hit a baseball and it went through the neighbours window, you can voluntarily pay for this and expense it through your insurance company. There is no deductible applicable.

Important - Read the exclusions for this section because there is more, I counted 10 more exclusions which were subject to the liability section.

In conclusion, there are many insurance brokers and many insurance companies that want your business. Take your time and know the information about your home. Explore the different coverages and know what you are looking for before you shop on line. Before you accept a policy, review the coverages, extensions and exclusions and ask for a copy of the special limits in the policy. This way you will know if you are fully covered the way you want to be.

Dave Melanson has been working in the insurance industry for more than 14 years as an agent and a broker. Dave's areas of expertise include: auto, home, boat, motorcycle and commercial insurance. Dave has consulted with more than 140 insurance brokerages and has been interviewed on insurance related topics with CBC news.