Home Insurance

Personal Liability: If someone is injured while visiting your home, they could sue you for damages. If they win and a court awards them a significant settlement, you could be financially ruined. Your wages could be garnished and you could have a hard time getting back on solid ground. Property insurance safeguards against this kind of liability.

Your home insurance will also protect you against liability for accidental damage to someone else's property. For example, if you live in an apartment building and your bathtub overflows, resulting in damage to your neighbour's apartment, your home insurance will pay for repairs or replacement.

If you rent your home or own a condo unit, you might feel that investing in a home insurance quote is pointless. If you are just starting out and renting your first place, you might believe that you have nothing of real value that needs replacing should something like a fire occur. If you own a condo unit, you might believe that your condo corporation's home insurance policy has you covered. Here is why whether you rent or own a condo, purchasing a home insurance policy is a good move.

• Tenant Insurance
  If you rent your home, you may think you don't need to bother with property insurance. Unless your landlord is directly responsible for the damage to your belongings or unit improvements such as a new carpet or built-in shelving in the closets that you paid for, his insurance likely won't reimburse you. It also won't protect you if you are sued for negligence.
• Condo Insurance
  If your condo corporation has insurance, you may wonder why you need to purchase your own coverage. Here's why:
  • Your condo's corporation policy only covers items that are part of the building. You need your own home insurance to protect any upgrades you have made to the unit, such as carpets or an upgraded bathroom or kitchen.
  • You need to insure your personal effects like furniture, computers, and other electronics. You need to protect yourself against personal liability for injuries to visitors to your home, or for damage you accidentally cause to your neighbour's property.

Whether you make your home in a house, a condo, or a rental unit, the best way to protect it, your effects and your liability is to purchase home insurance.

One thing to keep in mind when shopping around for a home insurance quote-there is no such thing as a "standard" home insurance policy. home insurance coverage varies significantly from one insurer to another. Companies that sell home insurance compete for business on coverage, service and price.

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