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Insurance Bureau of Canada/nu/Insurance 101/Financial Literacy/Financial Literacy Month

Financial Literacy Month

​​Financial Literacy Month aims to empower Canadians with the knowledge, skills and confidence to make responsible financial decisions.

​A car collision, a basement damaged by water and a business interrupted by vandalism are risks that people face each day. After a loss happens, everyday life can change in big ways. Now is the time to Know Your Policy and better protect yourself.

​Insurance literacy is an important part of overall financial literacy. IBC supports Financial Literacy Month by sponsoring and organizing community events, and taking part in events organized by key stakeholders and awareness campaigns. Visit the Financial Consumer Agency of Canada (FCAC) for news and more information.

Learn about IBC’s upcoming financial literacy events in your province.

Year-Round Financial Literacy

It’s important to understand your car, home and business policies every month of the year. When buying or renewing insurance, consider asking these questions:

​Home Insurance

  1. ​What does my policy cover?
  2. Is there a specific kind of insurance for my home type? (i.e., condo/strata, cottage, mobile home or recreational property)?
  3. Are there risks I cannot buy insurance for?
  4. What optional coverage is available?
  5. Should I make a claim for every loss?

​Auto Insurance

  1. If I get into a collision tomorrow, what kind of coverage can I expect under my policy?
  2. What optional coverage is available?
  3. Should I purchase collision insurance on an older car?
  4. What kind of deductible is recommended?
  5. Does the distance I travel affect my premium?

​Business Insurance

  1. What kind of insurance do I need?
  2. Are there risks I cannot buy insurance for?
  3. What are the cyber risks?
  4. If my business is home-based, do I need special coverage?
  5. What does professional liability or errors and omissions liability insurance cover?
  6. What can I do to keep my premium down?