Our Home Insurance Hub is here to help you make informed decisions about protecting your property and belongings. From understanding policy types to navigating coverage options, we provide everything you need to secure your home and your peace of mind.
Home insurance protects your home and belongings from risks, including structural damage and personal possessions.
Home insurance helps cover repair, replacement, and liability costs, easing financial strain during unexpected events.
Home insurance provides peace of mind, ensuring your home and belongings are protected from the unexpected.
Covers legal and medical expenses if someone is injured on your property or if you're held responsible for damages.
Home insurance (also known as homeowner’s insurance) protects your home and belongings against damage, theft, and liability risks.
It helps cover the cost of repairs, rebuilding, or replacing your home and possessions in case of unexpected events like fires, storms, burglaries, or accidents.
Understanding the different types of home insurance coverage can help you choose the right policy for your needs. Here are the most common types of coverage included in home insurance:
Covers repair or rebuilding of the home structure from risks like fire, storms, vandalism, or theft.
Protects your belongings inside the home: furniture, electronics, clothing, and personal items.
Protects you if someone is injured on your property or if you damage someone else's property.
Helps pay for temporary living expenses while your home is being repaired or rebuilt.
Covers flood damage to your home that is not included in standard policies.
This coverage protects you if you're sued for damages or injury on your property.
Evaluate the value of your home, possessions, and any additional coverage you might need (such as flood or earthquake insurance) to help you determine the right amount of coverage for your policy.
Obtain quotes from multiple insurance providers to compare rates.
Use online comparison tools or reach out directly to insurance companies.
Be sure to compare policies with similar coverage to ensure an accurate comparison.
The deductible is the amount you’ll pay out of pocket before your insurance coverage kicks in.
Increasing your deductible can lower your premium, but make sure it’s an amount you can comfortably afford in the event of a claim.
Many insurance companies offer discounts for bundling home and auto insurance, having a security system, or maintaining a claims-free history.
Ask providers about available discounts that can lower your rates.
Your rates will be impacted by the location, age, and condition of your home and any specific risks (such as flood zones or wildfire areas).
Be aware of these factors when shopping for coverage.
While price is important, ensure the insurer has a good reputation for customer service and claims handling.
Look for reviews and ratings from other customers to ensure they will handle your claim efficiently.
Read the terms and conditions of each policy carefully, ensuring that coverage limits, exclusions, and any add-ons meet your needs.
Don’t focus solely on the premium—check if the policy provides sufficient protection.
After purchasing home insurance, review it annually to ensure it still fits your needs.
Changes in your home, possessions, or risk factors may require adjustments to your coverage or a switch to a better deal.
While home insurance is not mandatory by law, most mortgage lenders require you to have a policy in place before they fund your loan.
This is because the lender wants to protect their investment in your home.
Without insurance, you would have to cover the full cost of rebuilding or repairing your home in the event of major damage, which could also jeopardize your ability to continue paying your mortgage.
You might have also heard about mortgage insurance, which is different from home insurance. Mortgage insurance (commonly from the Canada Mortgage and Housing Corporation, or CMHC) protects the lender if you default on your loan payments.
Home insurance, in contrast, protects you (and indirectly the lender) from property-related perils. Make sure you understand both types and don’t confuse one with the other.
Home insurance typically covers damage to the structure of your home, personal belongings, and liability in case of accidents on your property.
This can include protection from risks like fire, theft, vandalism, weather-related damage, and more.
Depending on your policy, it may also cover additional living expenses if you’re unable to stay in your home due to damage.
Standard home insurance may not cover everything. You may need additional coverage if you own high-value items like jewelry, artwork, or collectibles or live in an area prone to specific risks (like floods or earthquakes).
Speak with an insurance advisor to assess your unique needs and ensure you’re fully protected.
There are several ways to lower your home insurance premium. Consider bundling your home insurance with other policies (like auto insurance) to get discounts.
Maintaining a good credit score, increasing your deductible, and implementing home safety measures (such as security systems) can also help reduce your costs.
Always compare different policies to find the best value for your coverage needs.
Replacement cost covers the full cost of replacing your home or belongings without depreciation, while actual cash value factors in depreciation.
For example, if your 5-year-old TV is damaged, replacement costs will be charged for a new TV, while actual cash values will only cover a portion of the cost based on its current value.
Yes, even if you own your home outright and don’t have a mortgage, home insurance is still essential.
It protects you from the financial burden of repairs or replacement in case of damage or disaster. Without insurance, you’d be responsible for all repair costs, which can be extremely expensive.
Most standard home insurance policies cover some natural disasters like windstorms, hail, and lightning, but they may not cover others like floods or earthquakes.
If you live in an area prone to these risks, you may need to purchase additional coverage or a separate policy to protect your home.
While home insurance isn’t legally required in Canada, it’s highly recommended. If you have a mortgage, your lender will typically require you to have insurance to protect your investment.
Even without a mortgage, having home insurance offers invaluable protection for your property and belongings.
To file a claim, contact your insurance provider immediately after an incident. Provide all necessary details and documentation, such as photos of the damage or a list of stolen items.
Your insurer will guide you through the process and assess the damages to determine the payout.
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