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No, home insurance isn't mandatory by law in Canada. However, if you have a mortgage on your property, you'll likely be required by your lender to purchase the coverage. 

The top home insurance companies are often the ones with the cheapest price, the most coverage options, the best service, and the fastest claims experience. This will differ depending on your personal case, but JD Power did a customer satisfaction survey in 2019 and we wrote a blog about it – check it out here: The best home insurance companies in Canada.

We can help. Provide us with a few details and in under five minutes, we'll show you customized home insurance quotes from Canada's leading providers. That way, you can view which insurer offers the best rate without having to apply for a new policy numerous times. 

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. 

Yes, you can switch home insurance companies at any time. Just make sure you're comfortable with the penalty fees you could be charged for leaving your current provider early. And you'll also want to make sure the dates between your old and new home insurance plans line up, so you don't experience a gap in coverage. 

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.