Property Insurance
Home, Condo, Tenant, and Rental Property Insurance Explained
Most Canadian households need some form of property insurance. The right policy depends on whether you own the building, only the interior of your unit, or none of the structure at all. This article walks through the four common policy types so you know what to expect and what questions to ask.
Home insurance for owners
A home insurance policy covers the building, attached structures like a garage or deck, your contents, additional living expenses if you cannot live in your home after a covered loss, and your personal liability.
Most policies are written on a comprehensive or all risks basis, which means losses are covered unless the policy lists them as excluded. Water damage, sewer backup, and earthquake are usually optional add ons.
Condo insurance for unit owners
A condo corporation has its own master policy that covers the building and common areas. Your personal condo policy covers the inside of your unit, your contents, your personal liability, and any improvements or upgrades you have made.
It can also cover loss assessments, which is your share of certain costs the corporation passes back to unit owners after a major event.
Tenant insurance for renters
If you rent your home, your landlord's policy does not cover your belongings or your liability. Tenant insurance protects your contents from things like fire, theft, and water damage, pays for additional living expenses if your unit becomes unlivable after a covered loss, and includes personal liability if you accidentally cause damage or injure someone.
Many landlords now require tenant insurance as part of the lease.
Rental property insurance for landlords
If you own a property that you rent to others, you need a landlord policy rather than a standard home policy. It covers the building, your liability as a landlord, and usually includes rental income protection if the unit cannot be rented after a covered loss.
It does not cover your tenant's belongings. Encouraging tenants to carry their own tenant policy is a smart practice.
Common questions about coverage
- Replacement cost rebuilds without deducting for depreciation, subject to policy terms
- Actual cash value pays the depreciated value of damaged property
- Sewer backup and overland water are usually optional and worth considering
- High value items like jewellery, art, or bikes may need scheduled coverage
Not sure which property policy you need
A licensed broker can compare quotes from multiple Canadian carriers and explain what each policy covers.
Frequently asked questions
Is home insurance required in Canada
It is not required by law, but lenders almost always require it on mortgaged properties and condo corporations often require unit owners to carry a personal condo policy.
Does tenant insurance cover my roommate
Usually only the people listed on the policy and their relatives in the household are covered. Roommates typically need their own policy.
Do I need a separate policy for my cottage or rental property
Yes. Seasonal homes and rental properties are different risks and use different policies than your primary residence.
This article is for educational purposes only and is not a substitute for personal advice from a licensed insurance professional. Coverage, eligibility, and pricing vary by carrier and policy. Always refer to your policy wording for exact terms.