A complete information to discovering the very best home insurance – mtltimes.ca

Climate change has changed the way homeowners view home insurance. You are beginning to realize the importance of protecting yourself from catastrophic losses. The reason for this is the severe weather unrest across the country.

So if you want to become a homeowner yourself, you should think about home insurance. Understand what this is about and decide what is best for your needs. Let the following guide help you.

Close up of human hand preventing the wooden blocks from falling on the house model

What is home insurance?

Household contents insurance protects your home from damage or loss. It is not mandatory to get this type of insurance in Canada. However, lenders will only release your mortgage funds if you have home insurance.

This policy covers all of your property, the structure of the house and everything in it. It also covers any injuries that can happen to someone in your home or property.

What does the home insurance cover?

Common circumstances covered by home insurance include:

  • Loss or damage to the structure of your home
  • Loss, theft, or damage to your property
  • Injury or damage to guests and other people in your property or home
  • Accidental damage you could cause to your neighbor's property
  • Theft of personal property from inside your vehicle

Insurance companies also refer to household insurance as property and casualty insurance. This type of insurance includes insurance for your car, business and catastrophe.

Household contents insurance covers everyone who lives in your home. If someone lives with you, tell your insurance company. Your insurer will change your policy to cover this person as well.

What types of home insurance are there?

Before knowing the types of coverage, you need to understand everything about coverage. It is the maximum you will get when making a claim for loss or damage to your home

There are two types of coverage that you need for your home insurance. These are:

Personal property protection

It covers damage or loss to your home, property, and vehicle. Know the type of coverage you need and the appropriate amount. To do this, make a checklist with all of your belongings. It should contain:

  • Photos of your possessions
  • Receipts, especially for primary items like your car or household appliances
  • Replacement value of the item
  • Brand, model and serial numbers of the items

This information can be useful in case you need to make a claim.

Liability insurance

It protects you from harm to other people in your property. This could include personal injury and damage to your neighbor's property.

What types of home insurance are there?

Insurance companies offer a wide range of home insurance. They come with different coverage against different causes and risks.

These policies vary depending on the insurance company. Hence, it is wise to do some research before deciding on the best home insurance that suits your needs.

Below are the types of home insurance available:


This type of policy protects your home and belongings according to the terms in your policy. It is also known as the basic or hazard guideline. So if your policy covers fire damage but not flood damage, you can only claim the former.


This policy offers you the greatest insurance coverage. It protects your home and its contents from all dangers. However, these do not include the exclusions listed in your policy.

Insurers also refer to this as an all-risk or special policy. For example, this policy specifies an earthquake as an exclusion. Then you have no insurance cover for damage caused by such an event.


It is also known as broad policy. It offers coverage that is a mix of standard and comprehensive policies.

For your home alone, this policy can cover all risks with the exception of the exclusions. It is the same as a comprehensive policy. In the meantime, only all listed risks to your property are covered. It's like a standard policy.

No frills

This policy can only offer you minimal coverage. It offers basic protection for houses that do not meet the usual insurance standards.

Close the real estate agent with the house model hand signing the contract, entering into a contract to protect them, and signing humble agreements in the office. Concept real estate, moving or renting real estate. Image source: istockphoto.com

What needs to be considered with household contents insurance

Always read the fine print

Review your policy to understand your coverage, exclusions and insured risks. Also see the general terms and conditions. A good insurance broker like BrokerLink will help you with everything in your policy.

Be prepared for disaster

Make sure your home and insurance policy are ready for any type of disaster. Climate change has caused severe weather events. This in turn led to an increased number of property repairs. These events include storms, forest fires and hail.

The last hailstorm in Canada occurred in Calgary on June 13th last year. The damage was estimated at $ 1.2 billion. So protect your home and property from such events.

Beware of overinsurance

Get a policy that covers the replacement value of your home rather than its actual cash value (ACV). Your home's ACV includes the land or property your home is on. There will be no replacement of this property or property as it will persist even after a catastrophic loss. The size of your property increases its market value. So if the cost of rebuilding your home is less than its value, you are paying too much for your insurance.

Include all of your assets in your coverage

Don't forget to list everything in your house. Go through room by room and give descriptions of each item. Include photos and receipts too, especially for expensive items. Save this information in a safe or in the cloud.

Don't forget flood insurance

Don't overlook this coverage for your home insurance. Severe weather events like the 2020 Calgary hailstorm can cause flooding. This type of disaster can result in significant damage or loss. So regardless of your location, it is best if you prepare for it.

Aside from everything mentioned above, there is still a lot to learn about home insurance. Find a broker who can help you learn more about it. Good insurance brokers will help you find the right home insurance for your needs.

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