Homeowner’s Insurance

You can get a home insurance quote within minutes to one business day. When working with an insurance broker, they gather your insurance information and shop multiple insurance companies simultaneously, often providing quotes the same day.

The speed varies depending on property complexity and how much insurance information you provide upfront. For straightforward properties, insurance brokers can often provide initial quotes within hours, helping you protect your home quickly.

Yes, you can get home insurance with a wood-burning stove or oil heating, though certain conditions apply. Insurance companies assess these features as they affect fire risk. Wood-burning stoves need proper installation and regular chimney cleaning.

Oil heating systems should be well-maintained. Your insurance broker helps find insurance companies willing to insure your property. Some may charge higher premiums or require additional safety measures.

Home insurance protects against sudden, accidental damage from perils like fire, theft or wind. A home warranty covers repair or replacement of home systems and appliances due to normal wear and tear.

Home insurance is typically required by mortgage lenders and provides liability protection, while home warranties are optional service contracts purchased separately from warranty companies.

Yes, you should maintain home insurance even after paying off your mortgage. While lenders no longer require coverage, home insurance protects your investment and personal belongings from fire, theft and other covered losses.

Without coverage, you pay out of pocket to rebuild after damage. Home insurance also provides liability protection if someone is injured on your property. Most homeowners across Canada maintain coverage for peace of mind.

In provinces where permitted, insurance companies may use credit scores when calculating premiums. Research shows correlation between credit history and claims frequency. Better credit scores can qualify you for lower premiums. Not all provinces allow this practice, and credit is just one factor among location, home characteristics and claims history. Your insurance broker explains how credit affects your rates and identifies other ways to save money.

Without home insurance, you're personally responsible for all costs if fire, theft or damage occurs. You would pay to rebuild your house, replace personal belongings and cover living expenses during repairs.

You also lack liability protection if someone is injured on your property. Most mortgage lenders require home insurance, making coverage mandatory for financed properties. Insurance brokers strongly recommend maintaining coverage to protect your property and financial wellbeing.

Yes, you can typically cancel home insurance anytime, though certain conditions apply. If you have a mortgage, your lender requires continuous coverage. Cancellation usually requires written notice, with timing varying by policy terms. You may receive a refund for unused premium.

However, cancelling leaves your property unprotected and creates coverage gaps that can result in higher rates when reinstating. Consult your insurance broker about alternatives like adjusting coverage or finding more affordable insurance policies.

Home insurance coverage for pet damage varies by situation. Your policy typically covers liability if your pet injures someone else or damages their property. However, standard policies exclude damage your pet causes to your own property or house.

Some insurance companies have breed restrictions for dogs considered higher liability risk. Your insurance broker helps you understand your policy's pet-related coverage and exclusions.

The claims timeline varies by damage severity and claim complexity. After you contact your insurance broker or claim online, an adjuster is typically assigned within one to three business days. Simple claims may settle within two to four weeks.

Complex claims can take several months. Most insurance companies provide initial payment for living expenses quickly if your home is uninhabitable. Your insurance broker tracks claim status and helps expedite the process.

Yes, you typically need separate coverage for expensive jewellery, fine arts and collectibles. Standard policies have policy limits, often capping coverage at $2,000 to $5,000 for valuables. If you own items exceeding these limits, you need scheduled personal property coverage.

This optional coverage requires appraisals and lists high-value items with their values. Your insurance broker helps determine if your valuables need additional protection and arranges appropriate coverage to insure your property fully.

Insurers weigh a range of factors when calculating your home insurance premium. Understanding what drives your rate can help you identify opportunities to reduce costs and ensure you have the right level of coverage in place.

Where your home is situated plays a significant role in what you pay, as areas prone to severe weather or higher crime rates typically carry higher premiums. The physical characteristics of your home also matter; the age of the structure, construction materials, square footage, roof condition, and heating systems all influence how an insurer assesses risk.

The cost to rebuild your home from the ground up determines how much dwelling coverage you need, and since construction costs vary across Canada, this figure should be reviewed regularly.

Your claims history is another key consideration. Homeowners with no recent claims often qualify for discounts, while a history of frequent claims may result in higher rates. The coverage limits and deductible you choose also affect your premium directly higher limits increase what you pay, while a higher deductible reduces it. Finally, safety features such as alarm systems and smoke detectors can qualify you for discounts with many insurers.

Reducing your home insurance costs does not have to mean sacrificing protection. There are several practical strategies that can lower what you pay while keeping your coverage intact, and a broker can help identify which ones apply to your situation.

Bundling your home and auto insurance with the same insurer is one of the most straightforward ways to save, with discounts typically ranging from 10% to 25%. Raising your deductible is another effective option.

A higher deductible directly reduces your premium, though it is important to ensure you can comfortably cover that amount if you need to file a claim. Maintaining a claims-free record also works in your favour, as insurers reward homeowners who go extended periods without claims with meaningful discounts.

Installing monitored alarm systems and smart home devices that detect fire, water leaks or break-ins can qualify you for additional savings. Paying your premium annually rather than monthly often reduces costs by eliminating installment fees. Shopping the market regularly is also worthwhile, as premiums vary among insurers.

A broker provides access to multiple options and does the comparison work for you. Finally, reviewing your policy regularly with a broker can help you adjust coverage limits and remove optional coverage that no longer fits your needs.

Understanding the distinction can help you make a more informed decision about how you purchase home insurance. Insurers underwrite and issue policies, and their agents are employed to sell only that company's products.

A broker, by contrast, is an independent professional who works on your behalf, comparing options across multiple insurers and presenting them side by side so you can choose the coverage that best fits your needs.

Because brokers are not tied to a single insurer, they can shop the market on your behalf, gathering quotes from multiple sources at once. This saves time and often results in better coverage at a lower cost than going directly to one insurer.

The value of working with a broker extends beyond the initial purchase as well, when you need to file a claim, your broker serves as your direct point of contact, guiding you through the process and helping you navigate it efficiently.

On the question of cost, brokers are compensated by insurers rather than by their clients, meaning you receive professional advice at no additional charge. Because brokers have access to special discounts and can compare rates across the market, working with one often results in lower premiums than purchasing a policy on your own.

Avoiding a few key missteps can protect your coverage and help you get the most value from your policy. One of the most costly errors is underinsuring your dwelling. Your coverage should reflect the full cost to rebuild your home, not its market value, which can be significantly different.

If you have completed major renovations, failing to update your policy can leave you underprotected, as improvements such as a finished basement or new addition increase your home's replacement cost.

Many homeowners also assume their policy covers flooding, but most standard home insurance policies exclude it. If you live in an area with flood risk, separate coverage is worth discussing with your broker.

Similarly, not understanding your policy limits can result in inadequate compensation after a loss, so reviewing what is and is not covered is important.

Filing small claims unnecessarily is another common mistake, as frequent claims can increase your premium over time and affect your claims-free discount. Finally, many homeowners overlook discounts they already qualify for. A broker can identify savings opportunities and ensure you are not overpaying. Certain conditions may apply.