Why do I need house insurance?

A Home Insurance policy not only protects the house from physical damage, it also provides coverage for items inside the house. A comprehensive Home Insurance policy also covers the loss due to theft and burglary.

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 illegal to not have your house insured?

Home insurance isn't compulsory.

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.

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