Home Insurance
What Is Home Insurance and Why Do I Need It?
Home insurance protects your house and belongings from damage, loss, and liability. While not required by law in Ontario, most mortgage lenders require proof of insurance before approving a home loan.
It provides financial protection in case of:
- Fire, theft, vandalism, or weather damage
- Personal liability (if someone is injured on your property)
- Additional living expenses if your home becomes uninhabitable
What Does a Homeowners Insurance Policy Cover?
A standard policy typically includes:
Dwelling coverage (structure of your home)
Contents coverage (furniture, electronics, clothing, etc.)
Liability coverage
Additional living expenses (hotel, meals, etc. during repairs)
Optional coverage includes:
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Sewer backup
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Overland water or flood protection
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High-value item riders (jewelry, art, collectibles)
Who Has to Get Homeowners Insurance?
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Anyone who owns a home with a mortgage is typically required to carry home insurance. Even if you own your home outright, insurance protects your most valuable asset.
How Much Does Home Insurance Cost?
Home insurance premiums are based on:
Location and rebuild cost of your home
Construction materials and age of home
Value of contents and selected coverage
Proximity to fire services, water bodies, flood zones
Claims history and credit score (with consent)
Homeowners Insurance FAQ
Have more questions? We’ll walk you through what’s covered and what’s not—clearly and honestly.
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