If your property was damaged or destroyed by unforeseen and uncontrollable events, the cost of repairing or replacing it would be paid through insurance. There are many different types of property insurance coverage plans from many different insurance companies. You can also have an insurance broker find you the most suitable type of insurance for your needs. Property insurance is recommended not just for home owners, but renters and condominium owners as well. It covers your actual home and many of your personal belongings.

Banks will not approve mortgages unless you show them proof that you have insurance to cover any property loss or damage. For more information on home insurance, why you need it, and what it covers, visit Insurance Canada’s website.