CanadaHousing.com

Housing insurance is an important part of the housing industry in Canada. The term insurance refers to a system of financial security that ensures some financial support in case of damage to the insured object.

The concept of housing insurance is to protect your house and belongings within from loss in case of a disaster or natural calamity.

Some important things that one should keep in mind when seeking housing insurance in Canada are:

• Understand how housing insurance is sold in Canada
  
  
• Choose a reliable housing insurance provider
  
  
• Be informed about insurance pricing policies
  
  
• Understand the consequences of policy cancellation
  
  
• Make sure you understand your rights as a housing insurance policy holder
  
  
• Realize that all housing insurance policies are not alike
  
  
• Be familiar with the specific inclusions and exclusions of your housing insurance policy.

If you are renting a home or apartment you should consider taking out separate tenant's insurance. While the owner of the property you're renting will almost always have insurance on the building itself, which may even extend to certain items inside your rental unit (e.g., carpets, light fittings and appliances), your landlord's insurance may not cover upgrades you may have made to the rental unit, your personal property or your personal liability should you accidentally damage a neighbor's property or should someone be injured while visiting your home.