Personal Insurance
Home Insurance
Home insurance (or homeowners insurance) is one of those products everyone has and almost nobody understands. Mortgage lenders require it before closing, but most policies have the same skeleton: dwelling, contents, liability, additional living expenses. The differences are in the deductibles, the named perils, and the exclusions that hit when you actually file a claim. We walk you through what your policy actually covers, before something goes wrong.
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Who we cover
Owners of a primary residence, and almost any structure in between.
- Single-family homes
- Detached, semi-detached, row houses
- Bungalows, two-storey, split-level
- Country and rural properties
- Cottages and seasonal homes
- Heritage homes and unique builds
What's typically included
Standard home policies are written on either a comprehensive (all-risk) or named-perils basis. Comprehensive is more expensive but covers anything not specifically excluded, usually the better choice if it's affordable.
- Dwelling. The structure itself, at replacement cost
- Contents, your belongings, with optional special-limit floaters
- Personal liability ($1M / $2M)
- Additional living expenses while displaced
- Sewer backup (often optional, recommend always adding)
- Overland water and surface water (Canadian winters)
- Identity theft and personal cyber
This is an overview. All coverages, limits, and exclusions can only be confirmed by a licensed MyBrokers broker on a quote tailored to your specific policy.
What moves the premium
Home insurance rates depend on the building, the location, and the people in it. A house with a finished basement and a wood stove in rural Alberta looks very different from a downtown condo to an underwriter.
- Replacement cost of the home
- Location (postal code, fire hall, flood maps)
- Roof age and material
- Plumbing, wiring, and heating system
- Claims history (yours and the property's)
- Whether you have alarms, sprinklers, monitored security
Ready for a quote on home insurance? Talk to a real broker who specializes in it.
Frequently Asked Questions
How much does Home Insurance Cost?
Home insurance is calculated based on the building, the location, and the people in it. Most quotes come down to a handful of property facts:
- Home Address
- Type of Home (Bungalow, Two Story, Duplex, etc.)
- Property Square Footage
- Year The Home was Built
What does Home Insurance cover?
Home Insurance protects your property and belongings against any expected losses and damages that could occur in the event of a fire, flood, theft, vandalism, and more. Typical coverage includes:
- Personal Property Coverage
- Dwellings & Structures around Property
- Damage, Theft, Or Loss To Personal Belongings
- Fire Protection Policy
This is an overview. All coverages, limits, and exclusions can only be confirmed by a licensed MyBrokers broker on a quote tailored to your specific policy.
What's the difference between Comprehensive, Broad, and Named-Peril coverage?
Home policies in Canada are written on one of three bases. Comprehensive (or 'all-risk') covers your dwelling and contents for any loss unless it's specifically excluded — the broadest coverage. Broad covers the dwelling on an all-risk basis and the contents on a named-peril basis — a middle ground. Named-Peril (or 'Basic') only covers losses from the specific perils listed on the policy. Most Canadian homeowners are written on Comprehensive.
- Comprehensive: dwelling + contents both covered for anything not specifically excluded
- Broad: dwelling all-risk, contents named-peril
- Named-Peril (Basic): both covered only for the perils specifically listed
- Comprehensive is the default for newer, well-maintained homes
- Older homes, vacant homes, or homes with claims history may only qualify for Broad or Named-Peril
This is an overview. All coverages, limits, and exclusions can only be confirmed by a licensed MyBrokers broker on a quote tailored to your specific policy.
What's the difference between Replacement Cost and Actual Cash Value coverage?
Replacement Cost pays to repair or rebuild your home and replace your belongings at today's prices, with no depreciation taken off. Actual Cash Value pays the depreciated value at the time of loss. Most Canadian home policies are written with Replacement Cost on the dwelling, with the option to add it on contents as well.
- Replacement Cost: pays today's price to rebuild or replace
- Actual Cash Value: pays depreciated value at the time of loss
- Dwelling coverage is almost always Replacement Cost
- Contents can be Replacement Cost or Actual Cash Value depending on the policy
- Some older homes only qualify for Actual Cash Value on the dwelling
This is an overview. All coverages, limits, and exclusions can only be confirmed by a licensed MyBrokers broker on a quote tailored to your specific policy.
Still have questions? We'll quote it, explain it, and let you decide.
Who needs Home Insurance?
Home insurance protects you from the large costs of any loss or damage that could occur from a fire, theft, water damage, vandalism, and more. Whatever the type of home you have, you'll need to protect your home from injuries, potential lawsuits, and other liabilities that could arise as a homeowner. We've insured more than 1,000 homes across Canada — from downtown townhouses and heritage two-storeys to rural acreages and lakefront cottages. Some of the home types we insure:
- Two Story Homes
- Bungalows & 1 Story Homes
- Duplexes
- Condos
- Detached Single-Family Homes
- Semi-Detached Homes
- Townhouses & Row Houses
- Split-Level Homes
- Side-Split & Back-Split Homes
- Raised Bungalows
- Heritage & Century Homes
- Custom-Built Homes
- Acreage & Rural Properties
- Hobby Farms & Country Properties
- Lakefront & Waterfront Homes
- Cottages & Seasonal Homes
- Cabins & Chalets
- Log Homes
- Mobile & Manufactured Homes
- Vacant Homes
- Homes Under Construction or Renovation
- High-Value & Luxury Homes
- Rental Properties (landlord)
Other Insurance We Offer
We're partners with over 120 Canadian insurance providers and cover the full range of personal and commercial insurance. If you need it, we likely write it.
Business Insurance
Personal Insurance
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