Page 4 - REN July-Aug 2021

Everything You Need to Know

About Home Insurance

Courtesy Michelle McNally Realtor.ca
ome insurance is exactly what it sounds like—a type of insurance for your property and its contents that
protects against damage, liability, and loss. While home insurance isn’t mandatory in Canada, buying a home
His one of the largest purchases you’ll ever make, so it’s worth your time to invest in protection in the event of
any sudden mishaps.
“Insuring your home is a big thing. You want to be able to protect one of the biggest investments that you’ve made
in your life,” says Matt Hands, business director of insurance at Ratehub.ca. “You want to make sure you get the right
coverage, at the right price that fits within your means.”

Determining the best kind of home insurance coverage for your needs can feel overwhelming to navigate with so
many providers and options available. To better understand how to sufficiently protect your residence, Hands offers
some of the most important aspects every homeowner should know about home insurance.
Why and when do I need home insurance?

Unlike auto insurance, home insurance
isn’t government-mandated, but that
doesn’t mean it’s not crucial to have.

Hands explains most mortgage lenders
today will require you to secure home
insurance in order to protect the asset
they’re financing. Having insurance
can also give you peace of mind by
knowing you’re covered when something
unexpected happens, like a burglary, an
on-site injury, or damage caused by a
storm.