Home Insurance Guide for Canadians

Buying a home or condo is a huge milestone. Home insurance helps protect that investment if something unexpected happens. This friendly guide walks through the basics so you can feel more confident before you get a quote.

1. What home insurance is trying to do

At a high level, home insurance is there to help you:

• Repair or rebuild your home after a covered claim (like a fire or certain types of water damage).
• Replace your belongings if they’re damaged or stolen.
• Cover your personal liability if someone is hurt on your property and you’re found legally responsible.

2. Types of property home insurance can cover

You’ll see a few common categories when you shop around:

• Homeowners insurance – for people who own and live in a detached or semi-detached house.
• Condo insurance – for condo unit owners.
• Tenant / renters insurance – for people who rent; usually focuses on belongings and liability.
• Landlord insurance – for rental properties you own but don’t live in.

3. Key coverages to pay attention to

Rebuilding your home

Most policies include a coverage limit for rebuilding your home (the dwelling). This is not the same as your home’s market value—it’s an estimate of what it would cost to rebuild the structure.

Your stuff (contents)

Contents coverage protects your belongings—furniture, clothes, electronics, and so on. Policies often include special limits for things like jewelry or bikes.

Liability coverage

Liability protection helps if someone is injured on your property or you accidentally damage someone else’s property and are held responsible.

4. Deductibles and exclusions

A deductible is the amount you agree to pay out of pocket if there’s a covered claim. Higher deductibles often mean lower premiums, but you’ll want to choose an amount you’d actually be comfortable paying.

Every policy also has exclusions—things that are not covered. For example, certain types of water damage or wear-and-tear may be excluded or require special add-ons.

5. Provincial snapshots

Ontario home insurance basics

Sold largely through private insurers and brokers; often required by lenders and condo corporations.

BC home insurance & earthquakes

Many BC homeowners look closely at earthquake options, deductibles, and water damage wording.

Alberta home insurance highlights

Hail and severe storms are a key concern; some policies have special deductibles or conditions.

Québec home insurance highlights

Language and legal details can differ; make sure you’re comfortable with the policy wording.

6. Simple checklist before you buy

1. Confirm the property type and that the insurer covers your province.
2. Review dwelling, contents, and liability limits.
3. Check your deductible and exclusions.
4. Compare at least two quotes if possible.