Moving to Canada? The Ultimate Home Insurance Buying Guide

Moving to Canada? The Ultimate Home Insurance Buying Guide

With over 550,000 homes sold in 2020 alone, it’s safe to say that the market for houses in Canada is booming. But with a new home comes new home insurance responsibilities.

So what’s the best move for buying home insurance in Canada? What’s the most effective way to buy Canadian home insurance?

That’s what we’re here to look at today. Read our home insurance buying guide to get the best insights on what home insurance entails and how you can get the best deals! 

What is Home Insurance?

If you’ve recently bought a house or condo, getting home insurance is probably on the top of your to-do list. It’s an essential piece of property insurance that protects your home from any damage or losses. 

It’s technically not required for you to get home insurance, but most homeowners get it for reasons we’ll get into later. Home insurance is similar to renters and condo insurance but is distinct in a few ways.

Home insurance, for instance, covers the entirety of your property, its structure, and basically everything inside it. It also covers liability for injuries that happen inside your home or on your property. 

Why Do You Need It?

The biggest reason for getting home insurance is protecting your property and everything inside your home. Fires, storms, and burglaries threaten every home, so being covered for these emergencies is a must.

A lot of mortgage lenders will also turn away if you don’t have home insurance. It’s an extra layer of protection that helps lenders decide whether you’re a trustworthy client.

Canadian home insurance also covers things outside your home as well, including any surrounding areas that count towards your property. Any property damage done on your grounds will be covered by most policies.

What Does Canadian Home Insurance Cover?

When it comes to specifics, Canadian home insurance is designed to cover damage or losses to your personal belongings, such as furniture or appliances. This comes into play after a fire, burglary, and similar events.

If you and your family need a place to stay during relocation for any reason, home insurance covers that as well. If someone gets injured in your home and you get sued, home insurance can cover that as well.

Understand that home insurance won’t cover damage done to your property due to your personal neglect. Things like jewelry and art pieces probably won’t be covered either.

Tips for Saving On Insurance

Most homeowners aren’t thrilled with the idea of adding an extra insurance payment after buying a home. Luckily for you, there are ways to reduce those insurance fees and we’ve got them here in our insurance buying guide.

One is purchasing homes that are cheaper, or buying newer homes. Insurers often provide discounts for newer homes.

Another tip is to take stock of what you’ll need home insurance for. In other words, look at your policy options and select one that protects things you actually need to be covered in your home.

Once you choose an insurance policy, make sure you keep yourself as claims-free as possible. Installing a home security system and adding other safety measures around your home is a good way to stay clear of claims.

Canadian Insurance Buying Guide 2021

Buying home insurance doesn’t have to be a daunting experience. Use this insurance buying guide to help you get the best deals after purchasing your new Canadian home.

Looking for reliable online home insurance policies in Canada? Contact us today!

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