Home Insurance Basics

Why should I Insure my apartment, condominium or house?

Home insurance is essentially designed to:

You may only have a few beat-up pieces of furniture, but you still need insurance

Home insurance not only covers your property, but also your civil liability:

If a fire breaks out in your home and spreads to your neighbours’, you may be held liable for damages and forced to assume the costs.

To get a mortgage, you must have basic home insurance, which includes:

Protects you in the event of damage or injury to others (e.g., if a visitor injures herself on icy stairs)

Covers your personal property against fire, smoke, water damage, theft and vandalism.
Covers you also for certain natural disasters (e.g., tornados, wind or hail storms).

Basic home insurance doesn't cover everything

Some valuable personal property that exceeds the policy limits (e.g., jewellery, collections, boats)
Damage caused to an outdoor sauna, hot tub or pool
Certain types of water damage such as sewer back-up

That's why it is important to add optional coverage to your home insurance.