Compare Home Insurance Quotes for Coverage at a Better Price

It’s more than just a roof over your head, it’s your home. It’s where everything that matters, is found. It’s also likely your biggest investment which is why home insurance is essential for homeowners. A home insurance policy safeguards not only the house itself and your personal effects, but it also protects you and your family personally with liability coverage.

What is home insurance?

In a word, a homeowner’s insurance policy is protection. Home insurance offers financial protection should an incident like fire or theft require repair or replacement of your home or your belongings. Home insurance covers the physical structure of your house and your possessions. It also provides coverage for your personal liability should you be held legally responsible for injuries or property damage that you unintentionally cause.

Do I need home insurance? Are homeowners required to have home insurance in Canada?

If you have a mortgage, then yes, it’s likely required by your lender. Once you’re mortgage-free, however, technically you could decide not to have it, but forgoing home insurance is definitely not recommended. There’s too much at risk, financially, to skip out on home insurance. Think of the expenses involved—and the hit to your overall finances—if there’s a fire that causes considerable damage to all, or parts, of your home; a tree snaps during a storm and lands on your roof; or, you’re sued because someone slipped on the path leading to your door after a snowfall. It’s a gamble not worth taking because the outcome could affect your financial wellbeing for life.