Home insurance protects your home and belongings from financial loss due to events like fire, theft, vandalism, and certain natural disasters. It typically includes coverage for the structure of your home, personal property inside the home, liability for accidents that occur on your property, and additional living expenses if your home becomes uninhabitable due to a covered loss.

Condo insurance covers the contents of your condominium unit, your personal liability, and any improvements or upgrades you’ve made to the unit. It works alongside the condo corporation’s insurance, which typically covers the building and common areas. Condo insurance is important for protecting your personal property and liabilities, which may not be covered by the condo association’s policy.

Home insurance in Ontario generally includes:

• Building coverage: Protection for the structure of your home against events like fire, storm damage, or vandalism.
• Personal property coverage: Protection for your belongings inside the home, such as furniture, electronics, and clothing.
• Liability coverage: Protection against legal claims if someone is injured on your property.
• Additional living expenses: Coverage for temporary living costs if your home becomes uninhabitable due to a covered event.

Condo insurance typically covers:

• Personal property: Items inside your unit, like furniture, clothing, and electronics.
• Improvements and upgrades: Any enhancements or alterations you’ve made to the unit that are not covered by the condo corporation’s insurance.
• Liability protection: Coverage in case someone is injured inside your unit or you cause damage to other units or common areas.
• Loss of use: Coverage for additional living expenses if you are unable to live in your unit due to a covered event.

Home insurance is not required by law in Ontario, but most mortgage lenders will require homeowners to have insurance to protect their property. Even if you own your home outright, having insurance is highly recommended to protect your assets.

While condo insurance is not legally required, it is strongly recommended and may be required by your condo corporation. Condo associations typically carry insurance for the building structure, but individual unit owners are responsible for insuring their personal property and liability.

The cost of home or condo insurance in Ontario depends on several factors, including the size and value of your home or unit, the level of coverage you choose, your location, and your claims history. On average, home insurance costs between $700 and $1,200 annually, while condo insurance typically costs between $300 and $700 annually.

A named perils policy covers only specific risks that are listed in the policy, such as fire, theft, or vandalism. An all-risk policy, on the other hand, provides broader coverage, protecting against all risks except those specifically excluded (e.g., flood, earthquake). All-risk policies offer more comprehensive protection but may come at a higher cost.

Standard home and condo insurance policies in Ontario generally do not cover damage caused by flooding or earthquakes. However, you can purchase additional coverage (riders or endorsements) to protect against these specific risks. Be sure to check with your insurer about available options.

Yes, you can add coverage for valuable items such as jewelry, artwork, or collectibles to your home or condo insurance policy. This is typically done through a rider or endorsement, which provides additional coverage for high-value items beyond the standard limits of your policy.

Yes, you can transfer your home or condo insurance to your new home or unit. You will need to notify your insurer about the move and update your policy details, such as the new address, the size of the property, and any changes in your coverage needs.