Home and Property Insurance

What Is Home and Property Insurance?

Home and property insurance provides financial protection in case your residence, belongings, or investment property is damaged, destroyed, or involved in a liability claim. Whether you own, rent, or manage property, insurance helps cover repair costs, replacement value, legal liability, and temporary living expenses.

In Canada, standard home insurance policies can be customized with endorsements or optional add-ons like earthquake, flood, or vacancy coverage. Whether you're a homeowner, renter, or landlord, choosing the right plan ensures peace of mind when unexpected events happen.

Why Is Home and Property Insurance Important?

Your home is often your biggest financial investment. Insurance protects it from risks like fire, theft, weather damage, and liability lawsuits. Without coverage, you could be left to pay for major repairs or legal claims out of pocket.

Property insurance also plays a role in financial planning, real estate management, and mortgage compliance. Understanding your policy helps ensure you’re covered when it matters most, and not paying for gaps you didn’t expect.

The benefits of home and property insurance for you

• Protect your home and belongings: Get financial support to repair or replace what matters most.

• Cover liability risks: Safeguard yourself from legal claims and injury lawsuits.

• Maintain housing during emergencies: Use additional living expenses coverage if your home becomes uninhabitable.

• Customize for your situation: Add extra protection for earthquakes, floods, or vacant properties.

• Ensure compliance: Meet mortgage requirements and protect rental investments.

Explore the Different Types of Home and Property Insurance

The articles below break down the features, benefits, costs, and key considerations of each home and property insurance option available in Canada:

Homeowners Insurance

• What Is Homeowners Insurance and What Does It Cover?: Learn what’s protected in a standard home insurance policy and how it supports homeowners.

• How Much Home Insurance Do You Really Need?: Discover how to calculate the right coverage based on your property value and location.

• What’s the Difference Between Replacement Cost and Market Value?: Understand how insurers determine payouts and why the distinction matters.

• Can You Be Denied a Home Insurance Claim?: Learn the common reasons claims are rejected and how to avoid them.

• How Are Home Insurance Premiums Calculated in Canada?: Get insight into what drives your monthly or annual premium.

• When Should You Review or Update Your Home Insurance Coverage?: See when it’s important to revisit your policy and make changes.

Tenant Insurance (Renters)

• What Is Tenant Insurance and Do Renters Really Need It?: Find out why renters need protection for personal belongings and liability.

• What Does Renter’s Insurance Cover in Canada?: Explore common protections like theft, fire, and temporary relocation costs.

• Does Tenant Insurance Cover Theft or Fire Damage?: Learn which damages are included and how claims work.

• How Much Tenant Insurance Coverage Should You Buy?: Understand how to calculate a sufficient coverage limit for your belongings.

• Can You Get Tenant Insurance Without a Lease?: Discover how month-to-month renters or roommates can still be covered.

• What Happens If Your Roommate Doesn’t Have Tenant Insurance?: See how shared living arrangements affect your own protection.

Condo Insurance

• What Is Condo Insurance and How Does It Work?: Understand how condo insurance protects unit owners beyond what the condo corporation covers.

• What’s the Difference Between Condo Insurance and the Condo Corporation’s Policy?: Learn who’s responsible for what in the event of damage.

• What Does a Standard Condo Insurance Policy Cover?: Explore common protections for personal property, liability, and interior fixtures.

• Does Condo Insurance Cover Water Leaks or Building Damage?: See how various damages are handled based on the cause and location.

• How Much Condo Insurance Do You Need?: Get tips for assessing your risk and coverage requirements.

• Who’s Responsible for Common Areas in a Condo Claim?: Find out what happens when shared spaces are damaged.

Flood/Earthquake Insurance

• What Is Overland Flood Insurance and Do You Need It?: Learn how this optional coverage protects against rising water damage from outside your home.

• What Is Earthquake Insurance and When Is It Recommended?: Understand who needs it and how it covers structural damage from seismic activity.

• Are Natural Disasters Covered in Standard Home Insurance?: Discover what is and isn’t included in basic policies.

• How Do You Know If You’re in a Flood or Earthquake Risk Zone?: See how location affects your risk and policy needs.

• What’s the Difference Between Sewer Backup and Overland Flood Coverage?: Compare two common causes of water damage and their insurance solutions.

• Can You Add Flood or Earthquake Insurance to an Existing Policy?: Learn how to add these protections without switching providers.

Vacant Property Insurance

• What Is Vacant Property Insurance and Why Is It Important?: See why empty homes need special protection even when not in use.

• What Happens If a Property Is Uninsured While Vacant?: Understand the risks of leaving a property without proper coverage.

• How Long Can a Home Be Vacant Before Coverage Is Affected?: Learn how vacancy clauses affect standard policies.

• What Does Vacant Home Insurance Typically Cover?: Explore protections for vandalism, weather, and fire in unoccupied homes.

• Can You Get Coverage for Renovations or a Home on the Market?: Discover how insurance can support construction or sales periods.

• How Is Vacant Property Insurance Priced in Canada?: See what factors influence rates for empty dwellings.

Landlord Insurance

• What Is Landlord Insurance and What Does It Cover?: Learn how this specialized policy protects rental property owners.

• What’s the Difference Between Landlord Insurance and Homeowners Insurance?: Understand what’s covered in a landlord policy that isn’t in a typical home plan.

• Do You Need Landlord Insurance for a Basement Suite or Rental Unit?: See when coverage is required for partial or full rental properties.

• What Liability Coverage Should Landlords Have?: Discover how much protection is appropriate for tenant-related risks.

• Does Landlord Insurance Cover Loss of Rental Income?: Explore how this benefit helps if your property becomes uninhabitable.

• What Happens If a Tenant Causes Property Damage?: Learn how your policy responds to tenant-related claims.