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Home Insurance Quotes

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Insurance Coverage for Your Home

Home insurance may help protect your home and its contents in case of theft, loss or damage to the inside and outside of your home or property. It may also help you cover additional living expenses if you’re temporarily unable to live in your home. These additional living expenses may include living in a hotel or renting a home. Your home is probably the largest single financial investment you have ever made. Most people could not afford to replace everything they own, or repair the building itself, in the event of fire, theft or other disasters. That is where home insurance can help.

Home insurance pays for damage to or loss of your house, condominium or property. It may cover:

  • damage, theft or loss of your personal possessions
  • personal property stolen from your vehicle
  • damage or injury to others who visit your home or property (for example, if someone falls in your driveway and is injured)
  • accidental damage you cause to others’ property (for example, if a fire that starts in your house causes damage to your neighbour’s house).

Most financial institutions require you to get home insurance before giving you a mortgage. Generally, your home insurance policy covers you and your family members. If you share your home or rent out a part of your home to a friend, relative or roommate, you must let your insurance company know.

There are many levels of home insurance, ranging from comprehensive or all perils insurance (which covers both the building and the contents for all risks that are not specifically excluded), to basic or “named perils” insurance (which covers you only for specifically named risks). Talk to an insurance agent or broker to determine the best type and level of coverage for you.

When determining how much you’ll need to pay for premiums, insurance companies may consider factors such as:

  • the type of residence you live in, such as a single family home, semi-detached, condo, rental property, or seasonal residence
  • characteristics of your residence, such as materials your house is made of, age, size, location, replacement value
  • value of your property and contents to be insured
  • the distance between your home and a fire hydrant or a fire station
  • the crime rate in your neighborhood
  • your claims history
  • the type of policy and coverage you selected
  • the amount of your deductible

A deductible is the amount of your claim that you agree to pay before your insurance company pays the rest. Premiums will vary from one insurance company to another. It’s important to shop around, ask for quotes and compare prices before deciding on one insurance company.

Be sure to compare rates between providers, and research companies to learn more about the services they provide.

Source: Financial Consumer Agency of Canada, Government of Canada