According to the statistics for Canada, there are 728,700 teachers in Canada. This is a huge target market for Insurance companies that are offering home insurance. Many of these teachers are homeowners and require this product as any other homeowner does. Teachers in this country don’t make big wages, so they need to capitalize on home insurance savings to keep their expenses down. There are different options for home insurance that may allow them to do this.
- 1 Professional Organizations
- 2 Ontario Teachers Insurance Plan
- 3 Elementary Teachers’ Federation of Ontario
- 4 Elementary Teachers Federation of Toronto
- 5 Canadian Association of University Teachers
- 6 Retired Teachers Association
- 7 Teachers Insurance Coverage in Alberta
- 8 About Johnson Insurance Company
- 9 Insurance Companies Offering Insurance to Professionals
- 10 If Group Insurance Doesn’t Fit the Needs
The teachers throughout Canada often have an opportunity to participate in different professionally related organizations. Many of these organizations will offer them different incentives to join their organizations. Some of these incentives are in the form of insurance deals. These organizations are able to provide these because they have arranged for group insurance.
Ontario Teachers Insurance Plan
This Ontario Teachers Insurance Plan is offered and controlled by a not for profit organization. They believe that teachers in Ontario deserve the chance to save some money on their insurance. While at the same time having the opportunity to buy the type of home insurance products that are going to meet their needs. To provide this, the organization has arranged for group insurance through well respected and established insurance providers.
For teachers who buy their insurance through OTIP, they will receive some additional benefits such as;
- Guaranteed claims service satisfaction
- Free assistance program
- Claims counseling
- 24/7 Claims service
Teachers who are opting into this home insurance coverage will also have some options to scale up their home insurance coverage with;
- The worry-free bundle
- Disappearing deductibles
- Personal property claims protector
- Identity theft expense
- High-Value homes coverage
- Education Extra Package
- Personal Umbrella
- Home Business Protector
- Sewer/backup water endorsement
- Overland water protection
- Bylaw coverage
- Specialized coverage
- Service line endorsement
Although the teachers insuring through OTIP may get a cheaper rate because it is group home insurance, there may be additional discounts that are available to them. Such as;
- Newer home discount
- Mortgage free discount
- Claims-free discount
- Home alarm discount
- Loyalty discount
- Bundling discount
Elementary Teachers’ Federation of Ontario
There are different classifications of teachers throughout Canada. As such, different organizations cater to these individual groups. For elementary teachers in Ontario, there is the Elementary Teachers Federation of Ontario. Through this organization, elementary teachers have options to obtain home insurance through Johnson Insure.
Those who have opted into this insurance may be eligible for the following discounts on their home insurance.
- The home is less than 30 years old
- No claim history
- No mortgage
- Home is, alarm system monitored
- The insured is 50+
- The insured has been with this insurance for 3+ years
- The insured also has their vehicle insured under the same policy
Elementary Teachers Federation of Toronto
This organization is a spin-off of the Ontario organization, and members have the opportunity for the same home insurance coverage.
Canadian Association of University Teachers
Another association for teachers throughout Canada focused on the University group of teachers. Insurance for members of this group is provided through Johnson Insurance. Much of the home insurance being offered is the same as what Johnson is offering for the other teacher’s organizations. However, in this case, there may be an additional option.
Insurance for Professional Property
There is an option for professional property coverage that will include insurance on items such as;
- Lab Equipment
For these items that are typically used in the workplace. The coverage provided for these is all risk insurance.
Teachers have the opportunity to buy standard home insurance that comes with the possibility of these extra discounts;
- Identity theft
- ID restore
- Home plus
- 24/7 claims
- Bundle discounts
- Not smokers
- Teachers also get to earn air miles on their premiums
Retired Teachers Association
This organization as the name implies is for teachers that have retired. Under this organization, members are qualified for home insurance that is provided through Johnson Insurance as group insurance.
Teachers Insurance Coverage in Alberta
There may be home insurance opportunities for teachers according to their province. Alberta teachers can purchase home insurance through Morgex Insurance.
About Johnson Insurance Company
Johnson Insurance Company is one that is commonly used for organizations in different professions that want group insurance for their members. They have an extensive database of professions that use their services. Included in this are teachers and nurses for example.
The company affiliated with several other insurance providers to be able to offer the different types of group insurance that they promote.
Insurance Companies Offering Insurance to Professionals
Other insurance companies do offer insurance packages for professionals. Some of these may be under group insurance. Others may provide a reduced rate discount based on an individuals profession. One Company that may offer this is Lmi Canada.
If Group Insurance Doesn’t Fit the Needs
Group insurance can offer a lot of benefits. Most often individuals opt into it because they are getting discounted rates as part of the group. Aside from this most often many of the discounts offered are the same as what the insurer provides to their other clients. These may not be enough for some individuals.
They may find that by buying their home insurance from a company of their choice that they are getting options for more discounts that apply to them. These extra discount savings may result in more savings than what the group discount offers.
Do Your Homework
Before deciding to opt for the teacher’s group insurance, it would be worth the effort to shop around. At least get some insurance quotes and make some comparisons. This way you will know whether you are getting the best deal for you through your group insurance.