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While home insurance is a requirement for many mortgages, there are no mandatory laws that force Canadian homeowners to take out a policy on their house. However, the simple fact is house insurance is vitally important when you own a property. Not least because owning a home is likely to be the single largest financial outlay you will make. Any disasters down the line can be ruinous, so it’s important to protect your property and contents against the unforeseen risks of home ownership.
Climate change has caused a situation where homes are at increased risk. Severe weather is more frequent and more damaging, while catastrophe events like floods and storms are likely to increase over the next century. Home insurance can give you the peace of mind to know that you are protected should the worst happen. As well as protecting your property, house insurance can also provide coverage for the contents of your home, preparing you for household events like fire and theft.

Affordable House Insurance Online

Pay now to save later. That’s the whole point of house insurance, for a relatively small outlay you can protected yourself against the enormous costs of repairing or even replacing a damaged property. Thanks to ShopInsuranceCanada.ca, you can search for house insurance quotes online using our fast and efficient quote engine.

Shopping for house insurance quotes online is the best way to ensure you get the best rate at the most affordable price. You can search for the lowest rates on home insurance in Canada and then secure the rate with the insurer.

There are many benefits to shopping for house insurance quotes online:

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Affordable

Why should you pay over the odds for house insurance? By using Shop Insurance Canada to search quotes online, you guarantee yourself the best possible price for the coverage you want.

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Speed

The ShopInsuranceCanada.ca quote tool is very fast and easy to use. You can get the best quotes within minutes.

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Free

Importantly, there is no cost to use our tool, and there is certainly no obligation to buy coverage from any of the quotes you search.

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Easy

We pride ourselves on having an efficient quote tool. By using an easy-to-use system of dropdown menus, you can race through the process and not need to worry about being confused.

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Unbiased

We have no obligation to any insurance company, allowing you to search for the best quote from a range of the top providers in Canada.

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Secure

We ask for the details that are relevant to you and nothing more. ShopInsuranceCanada.ca knows privacy is important to everyone and we never share your information without your consent.

House Insurance Detail

Home insurance protects you from having to pay out a huge amount at once, often at a very difficult and emotional time.

Comprehensive Coverage – The most complete home insurance policy, this coverage protects a property and its contents through most scenarios, with a few exceptions:

  • Uninsurable Peril: Uninsurable risks that cannot be covered because they could have been prevented. For example, a house built on a known flood plain cannot be insured for flood protection.
  • Optional Risks: Some policy points are optional extras, such as protection against earthquakes.

Named Perils/Normal Coverage – Basic coverage is the most customizable as it allows the customer to name which articles are protected by the policy. Only contents and items named in the policy will be covered in the event of damage. Customers must think carefully about which perils they name on the policy.

Broad Coverage – A middle ground between named perils and comprehensive coverage. This policy affords some comprehensive benefits, such as protection on the property as a whole. However, it has basic coverage elements for property contents.

Actual cash value or replacement cost?

An actual cash value (ACV) plan means insurance providers will pay out a claim for the value of items at the time they were damaged, considering depreciation. For example, if an older TV is lost or damaged, the pay-out will be to the value of the item at its loss. Of course, an old TV will not be worth what it was new. This means customers with an ACV plan will rarely cover the price of buying a replacement.

Replacement cost plans do cover full reimbursement and consider the full value of the item and not depreciation. For example, the older TV would be fully replaced for a product of similar make and quality. This type of coverage means customers can fully replace their lost or damaged items, provided the policy is of a high standard.

House Insurance Tips

  • High-value household items and possessions are typically covered by a separate endorsement. These items include fine art, jewellery, and antique furniture.
  • Additional living expenses are usually covered in a policy for times customers are displaced from their property.
  • Personal liability is a standard home insurance policy benefit, although it is not universal. With personal liability on your coverage, you will be protected if someone is hurt when in your home.
  • It is important to read your policy carefully and to understand exactly what it covers. If you are unsure, speak to your broker or insurance company. By knowing what your protection involves, you can avoid nasty surprises should the worst happen.
  • Make sure your policy covers the rebuilding costs of your property should it be destroyed or suffer considerable damage.
  • Home insurance policies do not usually cover mortgage payments, land payments, or property taxes.