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Welcome to this platform where you will learn more about home insurance in Canada. This Padlet will guide you through the important aspects of home insurance like types of coverages, criteria that affect premiums, and how to file one. This page is right for anyone who wants to know more about property insurance: first-time homeowners, renters, or people who want to gain more knowledge about how insurance works.

These highlighted areas include the effects of the Canadian climate on the coverage, an outline of the legal obligations that you may have regarding home insurance in various provinces across Canada. In the following slides there are various links to resources, tips, videos, and images designed to help your understanding of home insurance in Canada.

I hope you find the materials helpful and informative as you explore how to secure and protect your home in Canada!

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Summary of the Video:

In this video, we discussed the need for home insurance in Canada, stressing the fact that it is crucial to protect your home and all your valuable items against damages, theft, or any other calamity. Homeowners are mandated to provide proof of home insurance before getting a loan. They also need to get personal insurance since strata insurance is only for the building and not the unit, the contents of the unit, or liability insurance. The video focuses on the rise of strata deductibles from $5,000 to $100,000 as a cost-shifting strategy. It also asks consumers not to opt for the cheapest policies, urging them to compare insurance plans and consult with an expert to get the best.

Why I Chose This Video:

I chose this video because it takes the time to explain home insurance in Canada and something many policyholders are unaware of, which are strata deductibles. This was helpful because there are so many people who may not grasp how high deductibles work when it comes to claiming. Another useful tip was the recommendation to talk to an insurance specialist.

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Pinsky Mortgages - Vancouver Mortgage Brokers

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Video # 2: Understanding Home Insurance Premiums in Canada

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Video # 2: Understanding Home Insurance Premiums in Canada

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Summary of the Video:

This video gives a general idea about how home insurance rates are determined in Canada and how it depends on factors like the size and age of the house, area demographics, and access to fire services. Homes that cost more are also more expensive to insure because their construction costs will be higher and, therefore, the cost of repairs will be higher as well. The video also touches on heating equipment, especially those using oil or wood, which is likely to lead to higher premiums. Other features and amenities include security systems, a finished basement, plumbing and electrical work, and more. It also supports the viewpoint that one should consult a broker to get the right coverage while trying to minimize the cost.

Why I Chose This Video:

I have chosen this video because it provides a helpful overview of the various factors that affect home insurance rates, with a focus on fire stations and hydrants. The information I thought would be beneficial for homeowners, particularly on how they can modify features in their homes, such as wiring and heating, for lower premiums on insurance. Furthermore, the suggestion to seek a broker’s opinion was helpful, as explained in the video.

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Canadian Home Insurance Rates Explained | Insurance Broker Explains Home Insurance

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Video #3 Understanding Home Insurance Coverage and Premiums

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Video #3 Understanding Home Insurance Coverage and Premiums

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Summary of the Video:

In this video, Lisa Hannam, a Hamptons International TV producer, speaks with Morgan Roberts from Rate Hub Insurance about the concept of home insurance coverage and how premiums are determined. A homeowners policy covers the house itself, personal property inside, temporary accommodations, and legal claims against the homeowner. However, some items like jewellery and expensive bicycles are undercovered, and homeowners should consider getting these items appraised for adequate coverage. It also includes features like water damage coverage for sewers and floods, which are more critical in areas that experience such disasters. Some of the aspects that are taken into consideration when determining premiums include the size of the house, age of the house, location, and materials used in construction. The video also shows how working from home affects home and auto insurance premiums.

Why I Chose This Video:

I used this video because it did a great job of explaining home insurance coverage, was very easy to understand, and was well-paced. I found it insightful, especially the water coverage, as this is usually included as a trivial extra. The suggestion to consult with a broker regarding coverage was deemed particularly beneficial.

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Home Insurance in Canada: What’s covered, what’s not, if premiums are rising and more.

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Video # 4: The Ultimate Guide to Home Insurance in Canada

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Video # 4: The Ultimate Guide to Home Insurance in Canada

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Summary of the Video:

This video visually explores home insurance in Canada, focusing on what is covered, such as the structure of the home, the contents inside, damages to third parties, and temporary accommodations. It describes three forms of home insurance: Actual Cash Value, Replacement Cost and Extended Replacement Cost policies, with the latter providing coverage that goes beyond the face amount. It also urges people to find ways to minimise insurance costs by including features like burglar alarms, smoke detectors, and types of material used when building an addition to the house, including a pool. Consulting with an insurance broker is stressed in helping homeowners know the best policies suitable for them and the right price to pay for the policy.

Why I Chose This Video:

I selected this video because it explains various home insurance plans and guides homeowners on what to expect from each policy. The tips to reduce the premiums and advice to turn to a broker were probably the most helpful advice provided to homeowners interested in making sure they have enough insurance for their homes.

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Ultimate Guide to Homeowners Insurance | Canadian House Insurance Tips

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1. What did you learn about your topic that surprised you the most?
I realize that numerous reasons affect home insurance pricing, including the age of the home, its location, and the type of construction material. This is something that also became clear to me: credit scores are influential in the decision-making regarding premiums. This was interesting to learn because I never thought that personal financial background played such a significant role in determining home insurance premiums.

2. Provide a real-life example of how this topic is relevant or interesting for you.
I know a relative who recently purchased a home, and they were appalled at how much they had to pay for insurance. After the discussion, I realized that features like the distance to the fire station and the kind of heating system in the house can significantly affect the premiums. I discovered that it was essential to learn how home insurance operates before making such crucial financial commitments.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
One crucial piece of advice that they should pass down is the need always to review home insurance policies and what constitutes additional living expenses or loss of use. It is essential to know how it functions to prevent under-insuring your home and also to be adequately protected in unfortunate circumstances.

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Website #1 Understanding Home Insurance on the Government of Canada Website

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Website #1 Understanding Home Insurance on the Government of Canada Website

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Summary of the Website:

This Government of Canada webpage provides an overview of home insurance and what is covered, including damages to the home, personal belongings, liability, and living expenses in the event that you are unable to live in your home due to damage. It covers three categories of home insurance: Actual Cash Value, Replacement Cost, and Extended Replacement Cost. The site also explains what they leave out, including expected instances that involve maintenance work or even acts of God, like earthquakes or floods that may need special coverage. There is information on how to read your policy carefully to make sure you are covered and the amount of the deductible and settlement. It also specializes in condo, tenant, and home-based business insurance, providing options for every type of living situation.

Why I Chose This Website:

I chose this website because it explains the different types and exclusions of home insurance clearly and systemically. More specific was the breakdown of Extended Replacement Cost, which provided additional information on comprehensive coverage.

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Understanding home insurance

Home insurance helps protect your home and your belongings in case of theft, loss or damage. It may also help cover additional living expenses if you're temporarily unable to live in your home. These may include living in a hotel or renting a home.

Your home insurance may cover:

Insurance companies may refer to home insurance as property and casualty insurance. Property and casualty insurance also includes car insurance, business insurance and disaster insurance.

Who your home insurance policy covers

Generally, your home insurance policy covers you and your family members.

If you share your home or if you rent a part of it, you must inform your insurance company.

Check with your insurance company, agent or broker to review who your policy covers.

Condominium insurance

Condominium (condo) insurance is different from home insurance. It covers damage or loss to the inside of your condo and your storage locker. It also covers personal liability claims for someone injured in your condo.

Your condo corporation has an insurance policy that covers the outside structure of the building and its common areas.

Condo insurance may pay for:

Review your condo insurance policy coverage and your condo's corporation insurance policy coverage.

Tenant's insurance

You may want to consider buying tenant's insurance if you live in an apartment or rent a home. Insurance companies may refer to it as renter's insurance.

You should have enough insurance to cover the cost of replacing everything in your home.

Tenant's insurance may pay for:

Insurance for a home-based business

Consider getting business insurance if you have a home-based business.

Home insurance isn't business insurance. If you have a home-based business, you must notify your insurer. Using your home for purposes that your insurer isn't aware of may cancel your policy.

Home insurance generally won't cover claims related to your home-based business. Your home insurance policy may provide limited coverage for damage or loss of business equipment. This coverage is only for the business equipment that is in your home. Business equipment may include computers and power tools. The limited coverage may not be enough to cover the cost of repairing or replacing your business equipment.

Home insurance won't cover:

equipment that is damaged while in your home, if used for business purposes

stolen or damaged equipment while in your vehicle or outside of your home

stolen or damaged tools while in your vehicle or outside of your home

injury to a client while visiting your home, also known as personal liability

Review your home insurance policy to confirm what coverage, if any, it will provide for a home-based business.
Learn more about the types of business insurance coverage.
Home insurance coverage

Make sure you understand what your home insurance covers. You should also understand what types of settlement to expect if you make a claim. Speak with your licensed insurance agent or registered insurance broker.

Types of home insurance coverage

Coverage is the maximum amount of money your insurance company will pay you if you make a claim.

For home insurance, you may need a combination of 2 types of coverage: personal property coverage and liability coverage.

Personal property coverage

Personal property coverage protects you from loss or damage to:

your home or personal possessions

your car

To figure out how much coverage you need, make a list of all your possessions with the following information:

This list might be useful if you need to make an insurance claim in the future.

Liability coverage

Liability coverage protects you against legal liability for losses caused by:

injury to other people

damage to the property of others

Read your policy carefully before signing. Make sure you understand what your policy does and doesn't cover.

Ask your insurance agent or broker about anything you don't understand.
Learn more about the types of home insurance coverage.
What your home insurance policy doesn't cover

Home insurance doesn't cover predictable events and certain types of unexpected events.

Unexpected events

Your home insurance may cover certain types of unexpected events or accidents such as fire, windstorm, or theft. However, unexpected events such as earthquakes and floods are usually not covered. You may need to buy additional coverage for these types of events.
Learn more about home insurance for unexpected events and disasters.
Predictable events

Your insurance company doesn't cover events that they consider predictable and related to the maintenance of your home. For example, suppose you're away for more than 4 days in a row when it's cold outside. Your home insurance may not cover damage to your home because of your pipes freezing.

Home insurance premiums

Premiums are the amount you pay to buy insurance.

When determining how much you'll pay for premiums, insurance companies may consider factors like:

the type of residence you live in, such as a single family home, semi-detached or condo

characteristics of your residence, such as materials it's made of, age, size, location, replacement value

value of your property and contents they must insure

the distance between your home and a fire hydrant or a fire station

the crime rate in your neighbourhood

your claims history

the type of policy and coverage you selected

the amount of your deductible

A deductible is the amount of your claim that you agree to pay before your insurance company pays the rest.

Shop around for the lowest insurance premiums

Your premiums will vary from one insurance company to another. Shop around, ask for quotes and compare prices before deciding on one insurance company. In some cases, you may be eligible for a discount by combining both your home and car insurance.

In certain provinces and territories, insurance companies may charge higher premiums based on your credit score.
Learn how insurance works.
Home insurance settlement options

Your insurance company will review your claim and decide how it will settle it.

When you make a claim, you're always responsible for paying the deductible. The amount of money you get from your insurance company will depend on your insurance benefits.

Actual cash value

Actual cash value coverage gives you the cost of the item when it was new, minus depreciation. Depreciation is the loss of value due to the age and condition of the item. The depreciation depends on the item insured and the insurance company.

For example, suppose a fire damages your computer. Your insurer will only cover the cost of your computer based on its reduced value at the time of the claim.

Replacement value

Replacement value coverage gives you the actual cost to replace an item following a covered loss.

For example, suppose a fire damaged your computer. You bought your computer 5 years ago for $2,000. Your insurer will cover the cost of buying a new computer of similar quality to the one you lost.

Settling a claim if you have a mortgage

If you have a mortgage, your home insurance policy will usually include a loss payee clause. A loss payee clause makes your mortgage lender your beneficiary. In case of loss or damage to your home, your insurance company will pay your lender (your beneficiary). They'll pay up to the balance of your mortgage when you submit a claim.

When you make a claim, your insurance company may, at their discretion, give the money to either:

you, so you can fix your home when you submit a claim

your lender, who would then give you the money for repairs or replacement after you submit receipts as proof

Related links

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home insurance; condominium insurance; insurance for home-based business; tenant's insurance; covrerage; premiums; settlement options;

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learn about the differences between home insurance, condominium insurance, tenant's insurance, insurance for a home-based business; learn what home insurance covers, the premiums, the settlement options.

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Website # 2: Insurance Bureau of Canada - Home Insurance Coverage

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Website # 2: Insurance Bureau of Canada - Home Insurance Coverage

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Summary of the Website:

This page from the Insurance Bureau of Canada provides an overview of the different categories of home insurance, such as homeowners, condo or strata, tenants or renters and seasonal home insurance. There are four types of coverage and their levels: Comprehensive, Basic or Named Perils, Broad, and No Frills. The site also gives information on legal liability coverage that shields homeowners from losses arising from accidental harm to others or loss of their property. It also identifies perils, or what is not insured, for example, fire or theft, and gives an excellent outline of what is encompassed by home insurance policies.

Why I Chose This Website:

I have selected this website because it provides detailed and concise information on coverage types and liability with a focus on Comprehensive coverage that assists homeowners in making the right decisions.

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Got questions about tenant and renter’s insurance, recreational or heritage properties or condo/strata coverage? Get answers about home coverage.

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Website #3: Wawanesa Insurance - Home Insurance

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Website #3: Wawanesa Insurance - Home Insurance

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Summary of the Website:

On this Wawanesa Insurance page, there is information about Basic Home Insurance, Broad Home Insurance, and Comprehensive Home Insurance. It includes the house, contents, property liability, and Loss of Use (rent or expenses for a temporary residence if the home is uninhabitable). Costs of replacing property, the difference between cost and market value of items such as jewellery, and Personal Umbrella for enhanced liability. It also describes how insurance plans can be individualized to cater for various classes, such as home-based businesses or cottages. As a recommendation, it prefers turning to a broker to get the most suitable policies for each person and circumstance.

Why I Chose This Website:

I chose this source because it provides extensive coverage options and helpful tips on how to tailor specific policies. The analysis of Loss of Use and Replacement Cost offers valuable information for homeowners to understand their insurance products better.

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This type of coverage lists events that are covered if damage occurs to your house, garage, shed or any of their contents.

Common events that may be covered in a Basic policy include:

Water

Fire and smoke

Hail, wind and lightning

Glass breakage

Explosion

Vandalism

Impact by a vehicle

Theft or attempted theft

Also referred to as "Standard" or "Named Peril" coverage.
This type of coverage treats buildings differently than your contents when damage occurs.

For home, shed and garage, it lists events that are not covered.

For your contents, it lists events that are covered.

This type of coverage lists events that are not covered if damage occurs to your house, garage, shed or any of their contents.

For example, damage may not be covered by a Comprehensive policy if by:

Terrorism

War

Nuclear events

Business or farming operation

Vacancy over 30 days

Wear, tear or deterioration

Also referred to as "Special" or "All Risk".
Basic

There would be no coverage for either wall-to-wall carpet or an area rug. This is because paint spillage is not a listed event in your policy.

Broad

The area rug spill would not be covered because paint spillage is not listed as an event covered for contents.

However, wall-to-wall carpet spill would be covered for any cost over your deductible. This is because carpeting is considered part of the building.

Comprehensive

You would be covered for any cost over your deductible for damage to both the area rug and the wall-to-wall carpet. This is because paint spillage is not an excluded event from this level of coverage.

This type of policy lists the events that are covered if damage occurs.

This type of policy lists the events that are not covered if damage occurs.

This includes:

Your broker can make special arrangements for certain exclusions:

Business or farming operation

Vacancy over 30 days

Your buildings will be covered against any damage or loss that is not specifically excluded by the policy.

Your contents will be covered against damage or loss arising from the events listed in your Basic policy.

Your contents will be covered against damage or loss arising from the specific events listed within your Broad coverage policy.

This may include:

Water

Fire and smoke

Hail, windstorm, lightning

Glass breakage

Explosion

Vandalism

Impact by a vehicle

Theft or attempted theft

Your contents will be covered against any damage or loss that is not specifically excluded by your Comprehensive policy.

What is replacement cost?

This is the total amount needed to rebuild your home and buildings if they were to be destroyed.

The replacement cost of garages and sheds is calculated as a percentage of your home's replacement cost value.

Your broker will help determine your replacement cost value and can clarify the distinction between replacement cost and the market or tax assessment value.

What are content limits?

Your content limit is generally set using a percentage of your building value. For Homeowners, we use 80% of the Amount of Insurance for your buildings or home.

Ask your broker if any coverage limits apply to certain items. For example, jewellery loss is limited to $10,000 for theft and mysterious disappearance. Calculate the value of your contents.

What is Loss of Use?

Commonly referred to as Additional Living Expenses, Loss of Use coverage is included in all home plans. It pays for the potential increase in your living expenses if you are temporarily unable to live in your home as a result of an insured event.

Your Loss of Use coverage is typically determined using a percentage of your building value. For Homeowners, we use 20% of the Amount of Insurance for your buildings or home.

Learn more about Loss of Use coverage.

What is Personal Umbrella coverage?

A lot of people associate liability with businesses or high-income earners. The reality is that most of us are targets for legal action, even when going about our day-to-day lives.

With personal umbrella coverage, you get additional liability protection that goes beyond your current home or auto policies. It covers your legal fees and loss of income from liability claims - even if you experience an incident outside of Canada. Learn more.

What additional coverages do I need?

Most insurance policies allow you to customize coverage for additional items such as jewellery, cottages, boats and motors, or extend certain coverages to a home-based business.

Things to consider:

Do you operate a business out of your home or garage?

Do you own a cottage?

Does the value of your jewellery exceed the limit offered by your policy?

Your broker is the best resource to assess your unique needs and determine which additional coverages may help protect you and your home.
Find a broker

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Discover comprehensive home insurance coverage with Wawanesa Insurance. Safeguard your property and belongings. Contact a broker for tailored protection today.

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Website # 4: Co-operators Home Insurance

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Website # 4: Co-operators Home Insurance

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Summary of the Website:

The section for home insurance on the Co-operators website contains information on building and contents insurance as well as personal liability insurance. It then outlines the three-tier coverage options: Basic, Broad, and Comprehensive, as well as extra features such as flood insurance and decreasing deductibles. Basically, it also stresses that home insurance is specific and that you can save money through bundling of policies or being a first-time homeowner, among other things. It also covers other services like The Legal Assistance Helpline for clients who need legal advice. For further information on how credit scores affect premiums and how different factors such as home characteristics, location, and claims history can affect insurance rates, please visit the website.

Why I Chose This Website:

I chose this website for its straightforward explanation of each home insurance level and for the attention it gives to the various policy add-ons. The change in the shrinking deductible and the Legal Assistance Helpline is beneficial to homeowners who need extra help and coverage.

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More than just protection for your house or condo. Our standard home insurance coverage extends beyond the property. Get free and quick quote online for the right protection now!

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Image # 1: Types of Home Insurance Coverage in Canada

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Image # 1: Types of Home Insurance Coverage in Canada

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Summary of the Image:
The image illustrates the three types of home insurance in Canada: Basic, Broad, and Comprehensive. Basic offers the most limited coverage, Broad provides a balance of protection and affordability, while Comprehensive offers the broadest coverage but at a higher cost, offering the most extensive protection.

Why I Chose This Image:
I chose this image because it visually simplifies the key differences between the three types of home insurance, helping viewers easily understand the trade-offs between coverage and cost. This is valuable for homeowners deciding which insurance level suits their needs.

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Image # 2: Understanding Home Insurance in Canada

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Image # 2: Understanding Home Insurance in Canada

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Summary of the Image:

The infographic explains key aspects of home insurance in Canada. It explains that there is a kind of insurance known as home insurance insurance that covers damage or loss to the home and the things in it. It also gives information about things that can influence the rate you are charged such as the value of your home and the neighborhood it is situated in. The ‘get a quote’ button can be found at the top and the information below highlights that provincial locations can affect cost and access to coverage.

Why I Chose This Image:

I chose this image because it highlights the fundamental aspects of home insurance, which allows Canadians to gain a brief overview of the matter without having to spend a lot of time reading. It is a great tool for people who never took any home insurance before or who want to compare insurance services in their province.