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5 Types of Home Insurance Policies

that can be purchased at a later stage of their occupancy. As a matter of fact, a study conducted by the Substance Strategies revealed that over 53% of residents in the country do not have a home or tenancy insurance. Most occupants consider insurance as a redundant expenditure and do not opt for it until it’s too late.

However, your house is one of the most valuable assets you own. Beyond its economic significance, your home is the place where you build the foundation of your life. It is the place that provides a sense of security for you and your family. Hence, it is important to make sure that you purchase a comprehensive home insurance policy which provides protection to all the necessary aspects of your property.

To get you started, here’s a detailed understanding of types of home insurance in Canada:

1.Building Insurance

This is one of the most prevalent types of home insurance in Canada. Your insurance policy protects your property and its contents against damage from theft, loss or injury. It may also provide coverage for the living expenses that you may incur while your home is being repaired due to the damage.

Your home insurance should extend to your entire family or to any tenant that may reside on your property. It should also provide coverage for personal liability and all the possessions that you own. Hence, it is recommended to consult an expert while purchasing your home insurance policy. Our representatives at My Broker understand your requirement and provide you with solutions that deliver maximum coverage at an affordable rate.

2.Special Construction Insurance

With the transformation of every aspect of construction, methods of home building are changing as well. Many Canadians today opt for isolated wooden cabins and custom-made modular home for their residence. Special construction insurance is tailored to suit the needs of such homes and provides coverage to owners accordingly.

3. High-Value Home Insurance

High-value homes comprise of properties that have a rebuilding valuation higher than $50,000. These homes include high-rise buildings, well-furnished condos, and extensive estate lands. It is important for owners of these homes to opt for a customized insurance coverage which not only protects their property but also its high-priced contents.

4.Vacation property insurance

Secondary vacation homes are your sanctuary away from home. These abodes not only provide you comfort and satisfaction but also have an emotional value associated with them. It is recommended for all vacation homeowners to select an inclusive insurance policy which protects their vacation property during its latent occupancy.

5.Tenants’ Insurance

It is vital for all tenants to insure their belongings while renting out a commercial space or a personal residence. A tenant’s insurance protects your assets against theft or illegal invasion by this landlord. This policy may also provide coverage against illegal eviction or for personal injury that might occur while living at your rented home.

These were some of the most common types of home insurance in Canada. To find one ideal for your property, consult our experts today.

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