What type of insurance should I choose as a homeowner?

If you live in the property or one of its units (owner-occupier), you must choose homeowner insurance. On the other hand, if you don't live in the property (non-occupant owner), you must choose landlord's insurance.

Is home insurance mandatory in Quebec?

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.

Why take out homeowner's insurance?

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.

Should you buy tenants insurance or homeowners insurance?

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 their rental property).

Who isn't required to insure their home?

Owners of fully paid-up homes are not legally required to buy home insurance.

Vincent Morin

My name is Vincent and I've been a stay-at-home parent to two young boys since achieving financial independence in 2021 (FIRE). Previously, I worked for 12 years in financial technology for a major US investment bank (G-SIB). I'm passionate about personal finance, stock market investing, reading, writing, cycling and gardening. I'm also the founder of Retraite 101, a personal finance blog followed by over 30,000 people on social networks and quoted in several media, blogs and finance books. Despite early retirement, I continue to write about personal finance to share my passion with Quebecers and motivate them to take charge of their finances.

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