Home Insurance

Honestly, home insurance is not legally mandatory in Canada. But, if you need a mortgage, it’s often required by the bank to have home insurance and display proof.

Yes. Lots of renters mistakenly believe that they’re protected by their landlord’s insurance. But if you rent your home, your stuff isn’t covered under your landlord’s policy. Tenant insurance may not be required by law, but your landlord may require it as part of your rental agreement. So, for less than a dollar a day, our tenant insurance would protect important things like your bed, your computer, your bike, etc. And bonus, it would also provide coverage if you accidentally cause harm to someone else or their property. We even protect your belongings when they’re temporarily outside of your home, like in your car.

To get the best price and the right coverage, we’ll need some basic information about you and where you live. It’s okay, they’re not super hard questions or anything. Questions may include:

• When would you need your coverage to start?

• What type of home do you own or rent? (House, Condo, Townhouse, Apartment, Cottage, etc.)

• Where is your home located?

• What is the size and age of your home?

• What is the total value of the property in your home?

• What material is your home made of and what is the condition?

• What is your insurance and claim history?

The questions really depend on the type of home you own or rent, and the amount of coverage you need.

Insurance companies determine rates differently for different insurance products.

For homeowner insurance, some factors that affect your premiums include: where you live, the replacement cost of your home, materials used to build your home, the age of your home and the coverages you need.

For car insurance, some factors that affect your premiums include: where you live, the type of car you drive, your insurance history, if you commute to work, and any optional coverages you select.

What your home insurance policy covers really depends on you. Most home insurance policies come with certain standard coverages designed to help you repair damage to your home or replace belongings if something unexpected happens. These coverages often include personal property loss or damage, contents coverage, additional living expenses and liability. 

But you can also set limits and add extra coverages depending on your scenario. For example, you may live in a region that is prone to severe weather and require Sewer Backup or Overland Water coverage on your policy for proper protection. 

It’s also important to understand things your policy doesn’t cover. For example, damage related to proper maintenance and service of your home is not included. And some personal belongings may have a maximum value on how much you can claim. 

A lot to chew on for sure. But you can shop for select products online and customize your coverage options, or we can help you build a home insurance policy that covers everything you need. Either way, #winning.

Good question. Home insurance policies are typically purchased on an annual term and renewal cycle. But you can adjust your coverage throughout your policy term if your situation changes. Some perfect times to review your policy and update your coverages are:

• Renewal: Every year when you renew, you can also make any changes that will be best for your situation, like changing your payment approach, adding to your coverage limits or changing your deductible

• Big purchases: Building a pool on your property? Upgrading to an ultrasonic, 7D, surround sound, gold-plated TV? You might want to increase your liability and contents limits or coverages to ensure you remain protected properly. You can always contact us too if you need help.

• Renovation: If you’re updating your home, you should also update your coverage to make sure your replacement cost limit has you fully covered.

Insurance hot tip: Take inventory of your personal belongings now. Painful? Yes. Less painful than waiting until it’s too late? Also yes.

Try to keep your receipts, user manuals or warranties in a safe place so you can use them as proof of ownership. It’s also great to have pictures of your valuable belongings. It’s like insurance for your insurance. Update your inventory as you buy new things. Buy an inflatable T-Rex? Take a selfie with it. Buy a super-fancy ironing board? Selfie.

If you need to file a claim, it’s okay, don’t worry, we’ll do it with you. We know accidents and claims happen, we’ve seen and heard it all. As your insurance partner and advocate, we will help you through it. Call us at 1-833-745-0299 and we’ll be here to help you navigate the situation, 24/7.