Why do we need to buy home insurance?
If you are wondering why Home Insurance is important, it provides a compensation for your losses. This is especially important in case of damage due to uncertain factors such as natural disasters like earthquakes, storms, cyclones, floods etc. These are uncertain events that cannot be predicted.
Is it illegal not to have home insurance in Canada?
For Canadians who fully own a home, there's no legal requirement to invest in a certain amount of homeowner's insurance.
Is it optional to have home insurance?
A: Home insurance isn't required by law, but there are other reasons to insure your home. If you have a mortgage on it, your lender will require you to have insurance until the loan is paid off. In fact, lenders can legally force borrowers to carry insurance to cover the amount of the mortgage.
What are the risks of not having homeowners insurance?
The top 3 risks for not having home insurance are: No protection for your property, no liability protection, and you pay out-of-pocket for damages.