Whether you own a house, a condo, a cottage or a rental property you live in, homeowner’s insurance helps protect your property and personal belongings against the damages and insured loss. In this article, we explain what homeowner’s insurance is, the different levels of coverage, the differences between landlord’s insurance and home insurance, and the tools you can use to compare home insurance policies.
Home insurance is not legally required in Canada. However, mortgage lenders require it for properties that are not fully paid up. That said, homeowner’s insurance is essential to protect your property, personal belongings and potential liability claims.
Homeowner insurance covers homeowners with or without a mortgage, condo owners, cottage owners and owners of rental properties (which they live in).
Landlord insurance differs from homeowner insurance. Of course, the choice between the two types of insurance depends on whether or not you occupy the property. But protection is different too.
Here are the main differences:
Homeowner’s insurance policies in Canada are quite comprehensive. They cover the items below, but you can also add additional protection.
Standard protections include :
Optional coverage includes :
For each of these coverages, conditions and limits apply. For example, the types of damage covered and the amounts insured. Check with your insurer.
There are three types of home insurance, and they differ in their level of protection:
If necessary, don’t hesitate to talk to an insurance agent or damage insurance brokerage firm like YouSet.
Several factors influence the cost of homeowner insurance premiums in Canada, including :
Of course, homeowner’s insurance premiums vary from person to person, depending on a number of factors. But you can save money and pay less for your home insurance with the following tips:
Before purchasing homeowner’s insurance or renewing your current policy, compare several quotes. Check the conditions, exclusions and coverage in the event of damage for each insurance company. To make this task easier, use our online comparator to compare home insurance quotes based on your specific needs.
That said, insurance is a complicated business. So don’t hesitate to ask a professional for advice. For example, you can contact a damage insurance brokerage firm like YouSet. They have access to several insurance companies and exclusive discounts. Hence, they can then present you with the best offer available on the market. On the other hand, an insurance agent only has access to the products of the insurance company he or she works for.
In short, homeowner’s insurance protects your property and personal belongings against unforeseen events and claims. Although not legally required in Canada, we believe that home insurance is essential for owners of homes, condos, cottages and rental properties.
Finally, try our home insurance comparison tool to find the best policy for your needs.
If you live in the property or one of its units (owner-occupier), you must choose home insurance. On the other hand, if you don’t live in the property (non-occupant owner), you must choose landlord’s insurance.
Home insurance is not legally required in Quebec or elsewhere in Canada. However, mortgage lenders require it for properties that are not fully paid up. That said, homeowners insurance and tenants insurance is essential to protect your personal belongings and your civil liability.
Buying a home is usually the biggest investment of your life. However, to protect your home and personal belongings in the event of a claim, you need home insurance. What’s more, if you’re a non-occupant owner, landlord’s insurance also covers loss of rental income following an insured loss.
The choice of home insurance differs if you rent or own a property. Tenants must choose tenant’s insurance, while owners must choose between homeowner’s insurance, condo insurance or landlord’s insurance (if they don’t live in the rental property).
Owners of fully paid-up homes are not legally required to buy home insurance.
Savings are here:
