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A home is one of the largest purchases anyone will make in their lifetime. Home insurance protects homeowners from emergencies and unexpected costs that could come up during your ownership. Simply enter a few details about your home and get quotes from the best home insurance providers in your area.
There are many things that determine your premiums, and if this is the first time you’re looking for home insurance, you may have questions. In this section, we’ll answer some of the most common questions people have about purchasing home owner insurance in Canada.
It is not a legal requirement to have home insurance in Canada. However, it is a requirement for many mortgage brokers. If you’ve already paid off your mortgage, or are purchasing in cash, you don’t need to get home insurance, although it’s recommended that you do. But if you’re looking to mortgage your home, you’ll need a home insurance policy.
Consider it this way. Your home is likely a large, if not the largest, portion of your net worth. Home insurance gives you protection against that asset in case of emergencies like fire, natural disasters, theft. If you don’t own home insurance, those costs will be 100% up to you to pay out of pocket.
Damages due to negligence is not covered unless you add additional coverage to your insurance plan. Things that fall under this category are mold, pests, sewer backups, etc. Make sure you speak with your insurance provider about what is and isn’t covered in your plan, and how much it costs to add additional coverage.
Yes, you’re able to cancel at any time. If you’re looking to transfer to another provider, then make sure that you’ve already selected a new one, and to inform your current provider about the cancellation and their process for ending/moving an account.
If anything happens to your home, such as damages or theft, then call your insurance provider and ask what your covered for. If the situation is such that you cannot stay in your home, then the insurance provider may even cover hotel and food expenses, while their contractor repairs the property.
Ready to start your free home insurance quote? Click the link below, enter in a few details about your home, and you’ll get a quote in under 5 minutes, free.