Home Insurance for Canadian Residents. You are always in control with NorthLife Financial.

Why Canadians Need A Good Home Insurance Policy

As a homeowner, you should be proud of your achievement! Many Canadians dream of owning a home at some point in the future. You have already managed to achieve this goal and are well on your way to living your dream. However, you should understand that your home could be taken away from you within the blink of an eye. A fire could turn your property into ash within a matter of minutes. Protect yourself and your family by investing in a good home insurance policy.


What It Covers

First and foremost, you should learn about the incidents that will be covered by a Canadian home insurance policy. It is generally possible to upgrade your policy to cover additional accidents outside of the normal scope, but there are a few similarities that remain true across the board. Below, you will find a list of incidents, which will be covered.


  • All structures on your property will be covered. This includes your home, garage, shed, and other buildings
  • May be provided living expenses, while your home is undergoing repairs
  • Common perils, including explosion, fire, lightning, theft, and vandalism
  • Damages associated with water damage, wind, hail, glass breakage, and falling objects
  • Legal liability against others and their property


By making upgrades to your policy, you may also be able to obtain coverage for personal belongings within the home as well as replacement costs for those items.




Frequently asked questions regarding Home insurance


Basic Or Enhanced Coverage

Homeowner’s insurance coverage is the only way to protect yourself and your family from financial ruin, in the event of a mishap. There are many things that must be factored into the equation,

when deciding how much coverage you need. Most plans will cover the home and any detached structures on the property, but you should speak with an advisor just to make sure. You can genuinely never have too much coverage, in the event of an unexpected incident. But, it would be misfortunate to not be covered. You will also have the option of updating the policy at any time.


Personal Liability

If your home catches on fire while you are away, it may take longer for the local fire department to respond. If the home is in close proximity of a neighbor’s property, it may very well also receive some damage. You are going to be held responsible for this damage and there is always going to be the possibility of a lawsuit. Personal liability coverage will protect you from financial loss, if you are sued by a neighbor or bystander.


Not Mandated By Law

Many Canadian homeowners will refuse to get covered by home insurance simply because it is not required by law. Although this will allow you to keep more money in your wallet or bank account, you are truly taking a massive gamble and it could wind up backfiring enormously. Severe weather is on the rise and no Canadian is invulnerable to property crimes. Your home is an important component of your life and you would find yourself in shambles without it. The problem will be complicated immensely, if you do not have insurance. So, you should do yourself and your family a favor. Get covered and obtain the peace of mind needed to sleep soundly at night!


Customize Your Plan

Many Canadians are forced to scrap by each and every month. This includes those that own homes. Fitting a new insurance premium into your monthly budget may prove to be difficult. The good news is that it is possible to alter your insurance plan, until it comfortable fits into your budget. You can acquire basic coverage or you can add many additional coverages. Don’t allow the initial price to deter you. Home insurance is a necessity and the cost can easily be lowered to better accommodate your needs.