How much home insurance do you need?

While Canadian law doesn’t require homeowners to have insurance, most mortgage lenders do.  

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This article has been updated from a previous version.

Broad Form Home Insurance

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Broad form home insurance in Canada

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*Shoppers in Canada who obtained a home insurance quote on LowestRates.ca from January to December 2023 saved an average of 32% The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes condo and tenant insurance.

Named Perils Home Insurance

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Named perils home insurance in Canada

Named perils – or basic – home insurance is one of several policy types available to homeowners in Canada. As its name suggests, it protects your home against specific perils only – all of which are listed or ‘named’ in the policy. For instance, if ‘theft’ is mentioned, then the peril is covered. If the peril isn’t mentioned, then it isn’t covered. This applies to both your dwelling and personal belongings.

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*Shoppers in Canada who obtained a home insurance quote on LowestRates.ca from January to December 2023 saved an average of 32% The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes condo and tenant insurance.

How to rent out a secondary suite in Ontario

Renting out a secondary suite, such as a basement unit, can be a smart and relatively low-effort way to generate additional income. This option is especially appealing for those trying to pay off a mortgage.  

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What you need to know about insuring a heritage home

Historic properties are not just places to live, but also unique connections to a city or country’s past. In addition to harbouring current residents, they preserve a significant, tangible piece of history.

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This article has been updated from a previous version.  

Vacant Home Insurance

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Vacant home insurance in Canada 

Most of the time, when you buy a home, you plan to live in it. However, there are certain situations where a property may remain unoccupied. Leaving a house vacant comes with certain risks. Insurance for a vacant home can help you reduce those risks and deliver peace of mind.

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Where can I get vacant home insurance?

Not all insurance companies offer vacant home insurance, since it's a high-risk proposition. Talk to your insurance provider or broker to see what coverage is available to you.

Home insurance news

*Shoppers in Ontario who obtained a home insurance quote on LowestRates.ca from January to December 2023 saved an average of 30% The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes condo and tenant insurance.

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