Some Ontarians may be putting their insurance at risk by purposely omitting important facts

- Part one of TD Insurance 2011 State of Insurance Report also reveals 14% of Hamilton and Niagara residents are not sure what their insurance policies actually cover -

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HAMILTON, April 27 /CNW/ - More than one-in-ten Ontarians (14%) admit they didn't reveal some important facts when completing an insurance application, according to a report released today by TD Insurance.

"Our poll uncovered some really eye-opening information. Whether intentional or not, failing to disclose important information to your insurance provider can put your insurance coverage at risk," says TD Insurance Vice President and Chief Underwriter Henry Blumenthal. "It's great to see that so many Ontarians recognize the value of investing in insurance but it's very important to be honest about your needs and personal circumstances so that your insurer can recommend the best policy for you. At the end of the day, insurance should give you peace of mind. If you feel uncertain or have questions, it's always best to check with your insurer."

In addition, although the report revealed that four-in-ten Hamilton and Niagara residents say they know exactly or are confident they know what their insurance covers (43%), some may be putting themselves at an unnecessary risk by not owning any. Fifteen percent of Hamilton residents admit they don't own insurance, 11% of St. Catharines residents say they don't have insurance, and 10% of those in Niagara Falls do not own insurance. The report also revealed that one-in-ten Hamilton and Niagara Region residents (14%) aren't sure what their insurance policies actually cover.

"While it's unrealistic to know your policy line by line, the basics of your coverage shouldn't be a mystery," says Blumenthal. "Just like you wouldn't buy a car without knowing what features you paid for, it's important to understand what's covered by your insurance. It can save you from costly headaches in the event that something unexpected happens."

TD Insurance goes through coverage options and policy details with customers when they purchase or modify their policy, and this information is also outlined in the certificate of insurance that comes with the policy.

"It's also worth taking a few minutes when you receive your policy to review it again to make sure that you understand everything. Knowing what your insurance covers not only gives you peace of mind, it can help you to better understand how to take care of your home and avoid problems altogether," adds Blumenthal.

Do Ontarians have enough insurance?

Sixty-seven percent of Ontarians claim they have the right amount of coverage. Ten percent say they don't have enough insurance, and another 18% aren't sure whether they have the right amount.

"It's always best to call your insurer if you have questions about your coverage," says Dave Minor, TD Insurance Vice President, Life and Health. "Insurance needs change over time and if you haven't looked at your coverage recently, it might be time to revisit your policy to make sure it reflects your needs. This is especially important after certain key milestones like buying a house or starting a family. Insurance shouldn't be something that you think about once and then tuck away in a drawer."

TD Insurance also has an online calculator to help customers learn about how much life insurance coverage they need. "It's a great first step towards gaining a better understanding of insurance and it only takes a few minutes," adds Minor. Ontarians are the most likely in the country to use an online calculator to determine their insurance needs, with 30% saying they've used this tool. Furthermore, those who aren't sure if they have the right amount of coverage are more likely to say that they have not used an online insurance calculator (81%).

These results are from part one of a two part series called the TD Insurance 2011 State of Insurance Report, which was commissioned to identify Canadians' understanding of, and attitudes towards insurance. Part two, which will delve into Canadians' habits and knowledge of specific insurance products will be released in the third quarter of 2011.

About the TD Insurance 2011 State of Insurance Report

TD Insurance commissioned Environics Research Group to conduct a custom online survey of 1,000 Canadian adults, including 250 from Ontario. Results were collected between March 5 - 13^th, 2011.

Results for the Hamilton-Niagara region were collected through a custom online survey conducted by Environics Research. A total of 400 completed surveys from the Hamilton-Niagara region were collected from March 14 to April 14th, 2011.

About TD Insurance

TD Bank Group's insurance companies and operations carry on business under the TD Insurance brand. TD Insurance offers a wide range of products to help protect clients from the 'accidents of life' including credit protection, life, health, travel, home and auto insurance. With more than three million clients, TD Insurance authorized products and services are available through a network of more than 1,000 TD Canada Trust branches, the Internet and telephone. The TD Insurance brands include TD Insurance Credit Protection and TD Insurance Life and Health, which are the number one provider of critical illness insurance and direct life and health premium origination in Canada. And through its TD Insurance Meloche Monnex and TD Insurance Home and Auto brands, TD Insurance is the largest direct-response insurance group in the country. For more information, visit www.tdinsurance.com.