Home Insurance

Whether you own a house or a condo, or a tenant, it is always recommended to purchase home insurance, even though you are not legally required to have one. If you take out a mortgage to buy a property, chances are your lending institution will require you purchase insurance.


In addition to insuring your property and your home, your insurance also offers you liability coverage. The liability coverage provided under your home insurance policy will protect you should you be held liable for damage caused unintentionally to a third party.

Types of policies

Generally, you need to choose between these two types of policies for your home insurance:

  • The Specified Perils Form covers your possessions against certain perils specified in the policy as well as your legal liability.
  • The Comprehensive Form covers all perils other than those specifically excluded under the policy. It also covers your legal liability. It’s more expensive, but you’ll have a higher protection.

Who is covered by your insurance policy?

Your home insurance policy covers not only you and your spouse, it also covers: 

  • Dependents who are students, even if they do not reside in the main residence;
  • Dependents under the age of 18 who live with you;
  • All dependants of legal age.

Should you inform the insurer if you share your apartment?

Do you share your apartment with friends? Have you and your spouse lived together for over a year? Then you need to let your home insurer know. The policy must be drawn up in the name of all the individuals to ensure everyone is adequately covered.  

Tenant or renter?

Being a tenant, you may think that your personal property will be covered by your apartment owner’s insurance policy: that is simply not true. You must have your own insurance in order to have your property covered.

Home insurance also offers liability coverage. This protection help if you were held liable for damages caused unintentionally to a third party.

Who can sell you insurance?

  • An insurance broker: brokers offer the products of insurance companies with which they have agreements;
  • An insurance agent: agents work for a specific insurance company.

You can contact either one by phone. A number of insurance companies also let you request a quote using a form available on their web site.

Home tips

Insuring your apartment

As a tenant, you don’t think you need home insurance. Find out if you are right.


Be prepared.
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