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Introduction to Canadian Home Insurance
Why do you need home insurance? Your house is your most cherished possesion and your largest asset. Your home insurance shelters your most cherished belongings: your home, your personal things and even your financial future.

How does Canada home insurance protect you?
Your home insurance usually shelters you in two ways: financial loss and personal liability.

What is Home Insurance Canada?
The home insurance policy is usually a term policy a policy that is in effect for a fixed period of time. The home insurance payment the insured makes to the insurer is called a premium. The insured must pay the insurer the premium for their home insurance each term. Most insurers charge a lower premium for home insurance if it seems less likely the home will be damaged or destroyed: for example, if the house is next to a fire station, or if the house is equipped with alarms and sprinklers.

Financial Loss: Your home insurance will reimburse you if your home or personal things are stolen or if any other an unanticipated situation that is specified under your property insurance policy occurs. If an unanticipated situation, like a fire does arise, your home and garage will likely need to be fixed. You will be reimbursed for the value of items, such as furniture, cameras and computers or the items themselves will be replaced. If you cannot live in your home while it is being fixed after a loss, your house insurance will pay for some of your added living expenses, such as accommodations, restaurant meals and storage.

Personal Liability: If someone is injured while visiting your home, they could sue you for damages. If they win and a court awards them a large settlement, you could be financially ruined. Your wages could be garnished and you could have a hard time getting back on solid ground. Property insurance shelters against this kind of liability. Your home insurance will also protect you against liability for accidental damage to someone else s property. For example, if you live in an apartment building and your bathtub overflows, resulting in damage to your neighbour s apartment, your home insurance will pay for repairs or replacement. If you rent your home or own a condo unit, you might feel that investing in a home insurance quote is unnecessary. If you are just starting out and renting your first place, you might believe that you have nothing of real value that needs replacing should something like a fire occur. If you own a condo unit, you might believe that your condo corporation s home insurance policy has you covered. Here is why whether you rent or own a condo, purchasing a home insurance policy is a good move.

Condo Insurance : If your condo corporation has insurance, you may wonder why you need to purchase your own coverage. Here s why: Your condo s corporation policy only covers items that are part of the building. You need your own home insurance to protect any upgrades you have made to the unit, such as carpets or an upgraded bathroom or kitchen. You need to insure your personal things like furniture, computers, and other electronics. You need to protect yourself against personal liability for injuries to visitors to your home, or for damage you accidentally cause to your neighbour s property.

Tenant Insurance : If you rent your home, you may think you don t need to bother with property insurance. However, your landlord s insurance doesn t cover the possessions you have as a tenant. Your landlord s insurance also doesn t cover upgrades to your rental unit that you ve paid for yourself, such as a new carpet or built-in shelving in the closets. It also won t protect you if you are sued for negligence.

Whether you make your home in a house, a condo, or a rental unit, the best way to protect it, your things and your liability is to purchase home insurance. One thing to keep in mind when shopping around for a home insurance quote there is no such thing as a standard home insurance policy. home insurance coverage varies significantly from one insurer to another. Companies that sell home insurance compete for business on coverage, service and price.





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