House or townhouse owner
Consider rebuilding, belongings, personal liability and additional living expenses after an insured loss. Confirm coverage for the structure and actual use.
Content reviewed: October 2, 2026
Understanding home insurance
Compare covered risks, limits, deductibles and exclusions alongside the premium. Learn what owners, landlords, condominium owners and tenants should check before possession.
Choose coverage for your property and its use
Condominium owner
The corporation’s policy does not replace your own. Check improvements, belongings, liability, loss assessments and coverage for a corporation deductible charged back to you.
Landlord or tenant
Disclose rental use. A landlord’s policy generally does not cover a tenant’s possessions. Tenants should consider their own belongings, liability and additional living expenses.
Step by step
Describe the property and its use accurately
Provide details about the property’s age, roof, heating, electrical and plumbing systems, secondary suites and rental use. Short-term rentals, vacancy, extended absences, renovations or a home business can affect coverage. Discuss these circumstances and any changes with your insurer in advance.
Visit the official resource ↗Separate rebuilding cost from market value
The cost to rebuild is different from the purchase price or land value. Review coverage limits for the home, detached structures, belongings and valuables, and understand the difference between replacement cost and depreciated cash value.
Visit the official resource ↗Ask specifically about water and hail
Overland flooding and sewer backup may require optional endorsements and may not be available for every property. Wind, hail and roof claims can have special deductibles or limits. Wear and poor maintenance generally are not insured losses.
Visit the official resource ↗Compare quotes on equal terms
Compare premiums, deductibles, coverage limits, exclusions and settlement terms together. A higher deductible increases the amount you pay out of pocket for a claim. Avoid removing necessary coverage solely to reduce the premium.
Visit the official resource ↗Arrange coverage before possession
Provide evidence requested by the lender and lawyer, and align the effective date with possession. Condominium buyers should review the corporation’s insurance and standard insurable unit documents with an insurance adviser.
Visit the official resource ↗Put safety first and report a loss promptly
Limit further damage when safe, retain photos, inventories and repair or temporary accommodation receipts, and contact the insurer promptly. Confirm the process before major repairs. The policy and claim review determine payment.
Visit the official resource ↗Sources
This guide provides general information, not an insurance quote or a guarantee of coverage. Your policy, endorsements and insurer determine the protection available; confirm the details with a licensed insurance professional. Property insurance is separate from mortgage default insurance, which protects the lender.