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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 on a regular basis (typically monthly or annually), your insurer agrees to cover you for various financial risks that come with owning a property. 

For example, your building and belongings could be damaged or lost due to unforeseeable events – such as fire, theft, and severe weather. In this case, your insurance policy can step in and foot the cost to repair your dwelling and replace your items. Home insurance can also cover you for liability suits and pay for added living expenses (e.g. hotel fees) while you’re place is inhabitable. 

Unlike auto insurance, home insurance isn't 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 – by providing a few quick details, you can instantly view your personalized options and confidently choose the policy that suits you best. And keep in mind that in addition to comparing prices, you should consider the following:

Policy coverages: Make sure you understand what each policy covers. Sometimes, the cheapest option isn’t the best if it doesn’t offer the protection you need. Consider whether additional coverages like home-based business insurance and short-term rental property insurance are necessary for your situation.

Customer service: Look into customer reviews and ratings for each insurer. A company with strong customer service can make a big difference, especially when it comes time to file a claim.

Eligible discounts: Many insurers offer discounts for policy bundles, group memberships, or even having certain safety features in your home. These can add up to significant savings.

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, bird, raccoon, and rodent 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. 

For more information on this topic, check out our blogs: What does home insurance cover? and 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 provide you with 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 step away – but 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. 

While you are allowed to carry more than one home insurance policy on a single property, it's probably not the most 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 each other. In some cases, you may claim the payout from your primary policy first, and if it's denied or insufficient, then you may 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 definitely 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 most likely increase your future premium. This is because insurers like to see low-risk policyholders – and the more claims you've made in the past, the more likely you'll 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 have no effect on your credit score.