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 home 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. Additionally, if you are a non-owner-occupied property owner, landlord insurance also covers the loss of rental income following an insured event.

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 the rental property).