Back to Basics
Property insurance in Ontario helps protect you financially if something were to happen to your home, condo, or the property you’re renting. If there were a fire or theft where you live, for example, you would be protected against financial losses by having insurance coverage in place.
While most Ontarians have property insurance, many are not familiar with the key terms used in their policy, how to make a claim, or even what their policy covers. Too often, people only become aware of the terms of their policy when they need to make a claim, and sometimes that is too late.
There are three main types of property insurance:
Homeowner’s Insurance: This covers the house itself, your personal belongings, and liability if someone gets hurt on your property. It may also cover extra living expenses if the house is damaged and uninhabitable due to peril or loss covered by the policy.
Condominium Insurance: Designed for condo owners, this covers personal belongings, the unit itself, any improvements made to your unit, and liability if someone gets hurt on your property, or if an incident in your condo affects another condo owner’s unit. It also covers shared areas not covered by the condominium corporation’s insurance.
Tenant Insurance: Also known as Renter’s Insurance, this protects you from liability if someone gets hurt on the property you are renting. It covers your personal belongings (up to the limit of your coverage) that are damaged as a result of a peril covered by the policy. It does not cover the building itself because this is the landlord’s responsibility.
Property Insurance
Considered by many to be essential for Ontario homeowners and tenants, property insurance covers unforeseen loss and damage to your residence and your belongings. It also protects you against personal liability. There are a few types of coverage: Homeowner’s Insurance (owner-occupied, owned rental properties and seasonal), Condominium Insurance (owner-occupied, rented out), and Tenant (or Renter’s) Insurance.
What’s usually covered?
In Ontario, standard property insurance typically covers unexpected events like fire, wind, hail, theft, and vandalism, but additional coverage may be required for events like sewer backup and overland or groundwater floods. Here’s a more detailed breakdown of what’s usually covered:
What’s usually not covered?
Having insurance does not mean you’re covered for everything. It’s important to understand the specific events and damages your policy includes and excludes. Be sure to ask your Insurance Agent or Broker what your policy includes.
Misconceptions about Property Insurance
There are many misconceptions about property insurance. Let’s debunk the most common ones.
What Can Impact Your Insurance Rates?
You and Your Policy
Understanding the Impacts of Weather on Your Property
How to ensure you’re protected from weather-related events.
Getting Organized!
Checking your insurance policy and protecting your high-value items is a simple but
powerful first step in getting your home storm-ready
Protecting Your Home
A little preventative maintenance can go a long way in reducing the risk to your home. For some simple ways to make your home resilient, read here. Additional ways to protect your home are discussed below.
