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A home insurance policy (also known as house insurance or homeowner's insurance) is a contract between you and your insurer. By paying premiums regularly (typically monthly or annually), your insurer agrees to cover you for financial risks that come with owning a property, such as paying for belongings that are damaged as a result of fire, covering you for liability and paying for additional living expenses if your home is inhabitable.

No, home insurance is not required by law in Canada. However, many homeowners have a mortgage on their property, and mortgage lenders generally require you to carry insurance on the property as a stipulation.

There is no one-size-fits-all answer to the best home insurance company in Canada. The right insurer for you will be the one that meets all your coverage needs at an affordable price. That’s why we recommend comparing home insurance quotes with us to lock in your best rate. Keep in mind that, in addition to comparing prices, you should also consider policy coverages to understand what your policy will cover, the customer service provided by the insurer, and any eligible discounts the provider offers, such as bundling home and auto insurance.

Your home insurance policy will outline specific exclusions, so be sure to read the terms and conditions carefully – risks that are typically uninsured include the following:

• Wear and tear
• Fuel leaks
• War, terrorism, and nuclear events
• Landslides and avalanches
• Vermin, insects, birds, raccoons, and rodents damage
• Criminal acts (from the policyholder)
• Vacancy (if the property has been left vacant for 30 days)
• Overland water flooding (can be added as an additional coverage)
• Sewer backup flooding (can be added as an additional coverage)
• Earthquake (can be added as an additional coverage)

If you live with someone who isn't related to you (or declared a legal dependent), their property also won't be covered under your home insurance plan. Instead, they may need to purchase a tenant insurance policy for more comprehensive protection.

There may also be coverage gaps regarding your business activities, business equipment, and stock inventory. Speak to your provider if you're running your operations from home – you may need to purchase a standalone commercial insurance policy or add a home-based business insurance endorsement to your existing plan. 

Also read: What does home insurance cover?, What doesn't home insurance cover?

An insurance deductible is an amount of money you agree to pay out-of-pocket before your insurer foots the rest of the bill. Let's say your laptop is stolen and valued at a replacement cost of $2,000. If your deductible is set at $500, your insurer will only cover the remaining $1,500.

Not all home insurance claims require a deductible. For instance, liability claims are typically paid out in full (up to a stated limit) by your insurer. Insurers may also waive your deductible when it comes to a large loss.

Since setting a higher deductible means you're taking on more risk, it leads to cheaper home insurance rates. Keep in mind, however, that you'll need to be ready with this money on hand if anything were to happen. A high deductible can also limit you from making smaller claims – if a claim is valued at $1,500, but your deductible is set at $2,000, you won't be asking your insurance company for anything. 

Some insurers also offer a disappearing deductible endorsement. With this add-on, your deductible will decrease (or may even be waived) each year you stay claims-free.

Yes, if you're unhappy with your current insurer, you can cancel your policy. However, instead of cancelling your home insurance in its entirety, you may want to switch providers instead. Leaving your property uninsured is a large risk in itself, and your mortgage lender (if you have one) will generally require you to carry coverage. 

Make sure the start date of your new policy lines up with the end date of your existing one. Aside from the fact that coverage gaps can increase your future home insurance premiums, you also don't want to leave your property uninsured. 

Also, make sure you're comfortable paying any penalties, as you may be charged termination fees for early cancellation. If you can wait until the end of your policy term, you won't be charged a penalty for a non-renewal.

Yes, you are allowed to carry more than one home insurance policy on a single property, but it's not ideal. You won't receive double the payout just because you're paying two separate premiums. This is because insurance is there to protect you financially – you aren't supposed to profit from an insurance claim. Instead, you may only end up using coverage from one policy, or your insurers may split the claim among themselves. In some cases, you may claim the payout from your primary policy first. If it is denied or insufficient, you can then use the coverage from your secondary policy (this is how umbrella insurance works). 

If you own more than one property, that's a different story. It's a good idea to have a separate home insurance policy for each of them. You can even bundle them under one insurance provider for further discounts. 

Yes, making a home insurance claim will likely increase your future premiums. This is because insurers like to see low-risk policyholders, and the more claims you've made in the past, the more likely you are to make one in the future. Some insurance companies, however, offer claim forgiveness endorsement (for an additional charge). With this, your provider won't raise your premium as a result of your first home insurance claim.

No, while insurers do check your credit to calculate your home insurance quote, they're only performing a soft pull. Soft pulls aren't visible to lenders and do not affect your credit score.