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Image #1 - What Does Homeowners Insurance Cover?

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Image #1 - What Does Homeowners Insurance Cover?

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This image breaks down homeowner insurance coverages such as: dwelling coverage, other structures coverage, personal property coverage, and liability coverage. Inside each section is more detail on what the coverage protects.

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This government of Canada website gives you specific details on having home insurance in Canada. The information given will help you if you need to know anything about why you may need home insurance since in Canada you do not have to have home insurance. What a home insurance policy should cover, and how insurance companies calculate premiums. There is much more information on this website, and it is all government of Canada, so it's official.
I chose this website because there is plenty of government information on different aspects of home insurance. The CRA website provides you with many resources and tools giving you the information you need to feel more comfortable regarding home insurance.

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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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This image is a map of top causes of loss around the world. In Canada the most common cause of loss is from fire/explosion. FUN FACT: Storm activity is responsible for the most expensive causes of loss in Hong Kong.

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There is a lot of Canadian content within this website. Plenty of links for you to discover and understand home insurance. This website will tell you what home insurance is and what it will do for you. There is a policy checklist to make sure you are getting what you need when purchasing home insurance. There is a link for choosing an insurance vendor, which you can buy from a broker, agent or direct writer. There is also insurance buying tips.
I chose this website because there is a lot of links for someone who wants to have home insurance but understands nothing about it. This website will ease their mind.

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​ Without insurance, driving a car, buying a home or starting a business would be an unaffordable risk.

Risk Happens. Insurance Can Help.

A car collision, a basement damaged by water and a business interrupted by vandalism are risks that people face each day. After a loss happens, everyday life can change in big ways.

At difficult times, insurance is there to help people recover, get back to their normal routine and provide peace of mind.

What Is Insurance and How Does It Help?

When people buy insurance, they put money into a premium pool with many others. Some of that pool of money helps people who suffer an unexpected insured hardship due to loss from a home fire, vehicle collision or business interruption in that year. Payouts for these hardships are called claims.

Insurers are required by law to have sufficient funds to pay for claims. To better understand this concept, read our piece on insurer solvency.

Why Should I Have Insurance?

Insurance claims for Canadians who suffer losses from severe weather are on the rise.

To cover losses related to the multiple natural catastrophes in 2013, insurers anticipate paying out $3.2 billion in claims across the country. This number is more than double the previous year's and is the highest for insured losses in Canadian history. Natural disaster claims cost nearly $1 billion or more each year in 2011, 2010 and 2009.

Without insurance, driving a vehicle, buying a home or starting a business would present an unaffordable risk, since people would have to pay for any mishaps that took place. The bottom line: Canada's economy depends on insurance.

Why Do I Pay Annually?

With some exceptions, an insurance policy is an annual contract. The premium pool operates for only one year at a time. Insurance companies predict how much money they will need to pay the coming year's claims. Your premiums do not build up over time.

Calculating insurance premiums is complicated. It involves a process that requires a risk assessment based on actuarial science. Premiums are based on informed predictions about how much money may be needed to pay future claims. Insurers gather information that they know from experience will help them set fair but accurate premium prices.

Why Budgeting for Insurance Is Important

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​ Without insurance, driving a car, buying a home or starting a business would be an unaffordable risk. A car collision, a basement damaged by water and a business interrupted by vandalism are risks that people face each day. After a loss happens, everyday life can change in big ways.

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Website #3 - Average Home Insurance Costs

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Website #3 - Average Home Insurance Costs

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insureye.com is full of information regarding average home insurance costs throughout Canada. This website provides you with accurate monthly home insurance rates. It also breaks down the rates per month by province and provides up to date statistics. I learned that the average rate for home insurance, as an Ontario homeowner, is $72.00 - $134.00 maximum. As a renter, the average home insurance rates are from $21.00 - $34.00 maximum. Which tells us that home insurance really is not a big expense in the long run.
I chose this website because I found the information interesting to show you different costs of home insurance in different provinces in Canada.

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Home insurance costs probably represent a considerable part of your insurance budget. It is also an insurance type that you do not want to forget - nobody wants to live without a roof over his/her head. It is not easy, though, to understand if you are overpaying for your current home insurance. That's why we compiled an overview of average home insurance cost that allows you to understand how your home insurance rates stack up to those who have similar homes in the same province in ON, QC, AB, and BC. In order to do that we analyzed thousands of data points about home insurance rates, which are available through our insurance rate benchmark tool for Canadians.

Two numbers will show you the low-end and high-end home insurance costs for your living situation. A white bar indicates an average home insurance rate. Please consider that these are approximate numbers but they should provide a good baseline to see if you overpay for your insurance. If you do, we suggest you get a home insurance quote here and see how much you can start saving today.

Average Home Insurance Cost in Ontario

If you are interested in home insurance costs in Ontario, here are all monthly costs summarized.

If you rent in Ontario, you'd pay on average $21/month in tenant insurance costs. If you have the cheapest home (valued under $100K - though that is not easy to find any more), your average home insurance costs start at $45/month. More expensive homes valued at $300K-$700K and $700K-$1.5M would come with a home insurance tag of $77 and $117 per month respectively.

Condo insurance is a special type of home insurance and you can find out more about insurance for a condo and condo insurance Toronto including condo insurance rates.

Average Home Insurance Cost in Alberta

Should you be interested in home insurance costs in Alberta, below you will find all key numbers.

Those who rent have to consider insurance rates of $25 on average, which is $4 more expensive than in Ontario. If you own a home, then your cost will be starting at $23/month for the cheapest homes/condos and increase as much as $80/month and $157/month for $300-$700K and $700K-$1.5M dwellings respectively.

If you are interested in condo insurance, you can find out more about condo insurance Calgary and condo insurance Edmonton including average insurance rates for other home insurance in Edmonton.

Average Home Insurance Cost in British Columbia

An overview below provides a detailed breakdown of home insurance cost in British Columbia for different types of living arrangements.

You are likely to pay somewhere between $16 and $40 per month in tenant insurance costs if you rent in British Columbia, and $43 to $155 in homeowners insurance if you own a home.

If you are interested in more BC-related insights, find out more about

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Average Home Insurance Cost: Overpaying? 30-Second-Test

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Home insurance costs probably represent a considerable part of your insurance budget. It is also an insurance type that you do not want to forget - nobody wants to live without a roof over his/her head. It is not easy, though, to understand if you are overpaying for your current home insurance.

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Website #4 - Rate Quotes and Home Insurance Information

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Website #4 - Rate Quotes and Home Insurance Information

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This website is an introduction to Canadian home insurance. ratehub.ca provides many resources and information regarding quotes, prices, types of insurance, and what documents or information is needed to get home insurance. There are many additional coverages you can get if you think you may need them such as sewer backup, earthquake, identity theft, even lock replacement are some additions to add to your coverage.
I chose this website because I liked how it was very resourceful. I found a lot of information that I didn't know prior to reading the article from the website. Also there is a spot for you to compare quotes, which is important to do when looking for home insurance.

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In under 5 minutes, compare personalized home insurance quotes from Canada's top providers, for free.

Introduction to Canadian home insurance
Matt Hands , Business Director, Insurance

The inception of home insurance was following a weekend of fires that spread across London, U.K.

In a cafe, known as Lloyd's, underwriters gathered to create and sell policies as the demand grew in popularity. One of America's founding fathers, Benjamin Franklin, would later start the first fire insurance policy to the United States in 1752.

In Canada, our founding father, Sir John A Macdonald, was not only Canada's first prime minister but also the president of the Dominion of Canada General Insurance Company, one of the first companies to sell home insurance in Canada in 1887.

Now, there are over one hundred active home insurance companies, both public and private, offering policies in Canada.

Why should you care?

Home insurance is not a requirement by law in Canada. However, since the purchase of a home is often accompanied by a mortgage from a lender, the lender typically requires protection for their investment and in this case, home insurance is required.

However, if you own a property it's smart to have some level of house insurance to protect yourself from any uncontrollable risks like water damage, theft or fire. Home insurance is for homeowners and condo owners alike, as well as tenants who rent their space.

Remember, the cost for home insurance can fluctuate for a number of reasons including the type of home insurance (Homeowner, Condo, or Tenant), as well as regional differences where there may be a higher risk of earthquakes or floods.

Home Insurance Quotes

How to compare home insurance quotes on Ratehub.ca

Step 1: Share some information

Tell us a little about yourself and your coverage needs

Step 2: Compare quotes

We instantly show you dozens of quotes side-by-side from top providers

Step 3: Save money

Choose your quote and secure your insurance rate online, or via one of our licensed brokers

Factors impacting your home insurance premiums

There are many factors that affect the price you pay for home insurance. An insurance provider will need to know the unique details of your home: its age, the cost to repair or replace, and basic construction details for the interior workings (e.g. plumbing and electrical) and exterior features (e.g. type of roofing material used).

These details will allow a home insurance broker or an agent to more accurately assess risk and determine the probability of something going wrong before providing a quote. The more perceived risks there are with your property, or the more expensive potential repairs would be, the more your home insurance premiums will cost you.
When determining your insurance premiums, home insurance providers will look at the following 11 factors.

How home insurance works

Whether you're in a single-family house, a condominium, an apartment, or a mobile home, there is coverage to suit your unique habitation.

There are 3 main types of coverage - comprehensive, broad, and basic. The overwhelming choice for Canadians is a comprehensive home insurance policy. This is largely due to the difference in costs between the different policy types is minimal and some lenders will only offer a comprehensive policy. Plus a comprehensive policy provides you with the highest level of protection. Here's a breakdown of the three different types of home insurance policies:

Coverage

Description

Basic coverage

Also known as named perils, this is the cheapest option, but will only cover the specific risks you select that may damage your home or property. For instance, you may choose "Fire or Lightning" as a peril, to protect your home from fire or lightning, but if a thief robs your home, there would be no coverage

Broad coverage

Covers the physical structure of your home and contents for risks of direct physical loss or damage, but there are some exclusions. It only insures your contents for specifically named perils

Comprehensive coverage

The most inclusive policy covering the building and its contents from all risks, except for some optional coverages such as sewer back-up, earthquakes, or overland water.

In Canada, the average home insurance cost is $960 per year, but varies greatly on type of home, location, and other risks. It's important to compare home insurance quotes from multiple providers before purchasing to ensure you find the best rate .
compare quotes

Types of home insurance coverage

No matter the scenario - own or rent; live in a house or a condo - there is home insurance coverage for your unique situation.

A homeowner needs protection for their home, which includes mechanical assets like plumbing and electrical, as well as personal liability from someone falling on their property.

A condo owner will need to pay to protect their contents, any improvements they've made to their unit, and for personal liability coverage in the event that someone injures themselves while visiting the property.

Tenant's insurance covers a renter's personal belongings not covered under the homeowner's insurance. A tenant should also seek their own personal liability insurance in case someone injures themselves in their rental unit.

See below for more details on the different types of home insurance coverage.

Liability coverages

Home insurance coverage for any injuries that occur on your property or if you happen to damage someone else's property.

Property coverages

Protects the physical structure of your home, detached structures (e.g. shed), your contents inside your home, and in case you need to live elsewhere following a home insurance claim.

Common coverage additions & endorsements

Important additions to any home insurance quote depending on your level and tolerance of risk.

Why Ratehub.ca?

A few things we're proud of

Over 1M

better choices made

Trusted partner

to Canada's top financial institutions

How to get cheap home insurance quotes

1. Shop around and compare

At Ratehub.ca, we take the work out of monotonous phone calls and visits to many different brokerages repeating the same information over and over. By entering your information, we can give you several home insurance quotes from Canada's top home insurance providers in minutes.

2. Bundle policies

Insurers will often give a discount to consumers who get both their home and auto insurance from them. If you can, look to have both your house and car protected by the same insurer.

3. Monitored alarm systems

If you have a monitored alarm system installed, providing communication between your home security system and the central station of your security provider, you could receive a discount. This typically does not include your own cameras and motion sensor lighting. To get the discount, you must have a central station that protects your home.

4. Increase your deductible

A standard home insurance deductible is $500. If you increase your deductible, the amount you must pay before the insurance company pays the rest, they will often decrease your monthly premium.

5. Renovations

If you upgrade your electrical from knob & tube to copper wiring or upgrade your plumbing from iron and steel to plastic and copper you could see a reduction in your premiums. However, if you upgrade with more expensive finishes that would cost more to replace, you'll likely pay more

6. Ask about discounts

A new job may mean union membership, group discounts, or corporate discounts. A retiree may also save on home insurance. A yearly review is recommended to see and ask what discounts may apply to you as things change.

7. Stay with your home insurer (loyalty)

The longer you stay loyal to your home insurance provider, the more they'll reward you with discounts, especially if you remain claims free.

8. Improve credit score

If your insurer monitors your credit score, be sure to pay your bills on time and watch your credit card balance - getting close to the max could hurt your score.

Frequently asked questions about home insurance

Here are some things you can do to lower the cost of your house insurance quotes:

Increase your deductible - it's a sign you won't be filing small claims because you can afford to pay more if a risk becomes a reality.

Install an alarm system and smoke detector - bonus points if everything is centrally monitored by a third-party who can action a problem with emergency services while you're away.

Upgrade your electrical, heating and plumbing - old components breakdown increasing the risk of fire and flood.

Be proactive and protect your home from severe weather and water damage - reducing the risk of claims means you don't file them as often, which means you'll pay less.

Ask for discounts - it never hurts to ask and if they want your business, they'll work to find something for you.

Pay your premium annually instead of monthly - if you can afford it, it can save you 10-20% off your home insurance premium.

Insure your home for the cost to rebuild it, not its market value - you own the property whether there's a house on it or not. Don't insure the lot.

Bundle with your car insurance provider.

Compare home insurance quotes from multiple providers.

In all of the different coverages, there are some things that are excluded from policies.

They are mostly due to wear and tear that gets worse due to negligence. For instance, Mold is seen as a lack of maintenance from a homeowner. So, if a home insurance claim could have been avoided with regular maintenance, you can expect a claim denial.

Other common exclusions include infestations from termites or rats, burst pipes (during the heating season), home businesses, dangerous dogs, and sewer backups.

Water is an extremely tricky peril. Be sure to check with your insurer about the coverage you have You may need to add coverage endorsements to your policy to customize your policy to meet your needs.

A home insurance peril is a risk from a sudden and unexpected event. For instance, if your home is struck and damaged by lightning, creating a hole in your roof, there is no way you could have prevented it.

However, a home insurance policy is not a maintenance plan so if you let your roof slowly degrade over time and now needs replacing, it is not a peril since its eventual replacement is expected

Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca's Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.
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We help you find better financial products for your specific needs. Whether you need a mortgage, credit card, savings account, or insurance coverage, we get you the information you need to choose better.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.
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Other helpful home insurance resources

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Compare Home Insurance Quotes - Home, Condo, Tenants | Ratehub.ca

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In under 5 minutes, compare personalized home insurance quotes from Canada's top providers, for free. Introduction to Canadian home insurance Matt Hands , Business Director, Insurance The inception of home insurance was following a weekend of fires that spread across London, U.K.

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This video is designed to help you gain knowledge, and feel more comfortable about purchasing home insurance. There are many types of protection within home insurance such as dwelling protection, fire and smoke, repairs and replacements, etc. Allstate homeowner's insurance really gives you a better understanding about home insurance, and what it covers.
I chose this video because it provides important information regarding home insurance, and what to expect when choosing your home insurance.

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Allstate Homeowners Insurance - Types of coverage and their benefits

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Video #2 - How to Calculate CMHC Insurance

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Video #2 - How to Calculate CMHC Insurance

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When you are a first-time homeowner and put less than 20% down, you will have to get mortgage default insurance. By providing step by step instructions on how to calculate your mortgage payment, this puts a first-time homeowner at ease.
I chose this video because I think it is a great tool for first time homeowners in Canada. This video lets homeowners know that they have the right tools and information to make the right choice with home insurance.

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How to Calculate CMHC Insurance - Mortgage Math #5 with Ratehub.ca

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This video details information you will need to know when having home insurance. She goes over how you need to calculate the value of the home itself in order to be able to insure everything you have is correct, in case of a claim you will be able to get back what you owned as long as it is claimed through insurance. Adding extra provisions to your policy can help you avoid unexpected costs such as inflation.
I chose this video because most other videos don't go into detail on what you need to do like writing down and claiming your property/belongings to insurance.

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Q: What did you learn about your topic that surprised you the most?

A:  One thing I learned was that you do not need home insurance in Canada. You want to get home insurance though in order to get a mortgage from the bank.

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Q: Provide a real-life example of how this topic is relevant or interesting for you.

A: Well I do not own a home right now, but I also didn't know much about getting insurance being a renter. This is something I may look in to in order to protect what I have acquired over the years.

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Q: 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?

A: The most important thing that I could pass on to a family member or a friend, is that getting home insurance is key when owning a home. It provides you with coverage, that would otherwise be paid out of your own pocket if the home owner does not have home insurance.

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Home insurance is insurance coverage for your home, its contents and your possessions. It provides you with financial protection in the event of a disaster or accident involving your home. When choosing an insurance company, keep in mind of your premiums. Premiums will vary from one insurance company to the next, they are the amount you pay to buy home insurance. It is important to ask for quotes and compare prices, before choosing the right insurance company.
Although home insurance is not legally required in Canada, it is necessary in order to get a mortgage to purchase a home. Home insurance provides personal property liability coverage for you, your partner and your children. By not having home insurance you take a huge risk, leaving your savings to cover the cost of any problem where damage is caused to your home.

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Video #4 - Home Warranty vs Home Insurance

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Video #4 - Home Warranty vs Home Insurance

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I found this video to be interesting to know. There is home insurance which is designed to protect your home from large problems such as pipe bursts or natural disasters and will cost you an average of $1,200/year. There is also home warranty which is used to protect the things inside your home such as appliances, sometimes interior plumbing, dishwasher, etc., this will cost an average of $25-$70 with the midpoint around $400/year.
I chose this video because it's good information to know for a home buyer that to protect everything there is two different things to get, a home warranty and home insurance. Both are very important when it comes to owning a home.

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Home Warranty vs Home Insurance (How It All Works!)