Home Insurance Ontario: A Basic Guide For New Home Buyers

Home insurance in Ontario is a must-have for anyone who owns a home, but it can also be complicated and confusing. This article will show you some of the basics you'll need to know before shopping for a Life insurance Policy in Ontario.

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What’s the Difference Between Home Insurance & Homeowners Insurance?

There are a few key things to keep in mind when shopping for home insurance. Here’s a basic guide to help you understand what’s important to you and how home insurance compares.

What is covered?

Home insurance typically covers property damage, loss of income, and personal injury. It may also cover liability if someone is injured while on your property or while using your services. The policy also likely includes coverage for smoke and water damage.

What’s included?

Your home insurance policy will list the specific types of coverage it offers. For example, some policies include coverage for wind and flood damage. Make sure you read the entire policy before making a decision. Policies can change often, so be sure to keep up with your provider's updates.

How much does it cost?

The cost of home insurance varies depending on the type of policy you buy and the features included. Generally, rates increase as the value of your home increases. You can expect to pay around 1% – 3% of the value of your home each year.