How to save on home insurance + MORE Jul 10th

Affordable home insurance: Does it even exist? While home insurance is not mandatory by law, like auto insurance is, most mortgage lenders require it—and for good reason. Home insurance protects your home and personal possessions from damage or loss.  Your home is collateral for your mortgage loan, and protecting it ensures that collateral retains its value; that, in turn, protects the lender in case of default, for example.
Home insurance also covers you should someone get injured on your property and for any accidental damage you may cause to someone else’s property. In short, it’s not something you want to skimp on. However, there are ways to lower your premiums by securing discounts, as well as by investing now to save in the long run. We spoke to Sonja Denobrega, vice president of personal insurance underwriting at Aviva Canada, about the basics of home insurance and striking a balance between saving money and protecting your home.
The basics of home insurance and factors that affect the cost
When shopping for good, affordable home insurance, there are three types of coverage to choose from: Comprehensive, broad and basic…

Contents insurance is one of the most important investments you can make as a homeowner—or as a renter. In exchange for a small monthly premium ($15 to $120 for most Canadian policies, depending on location and risk), you get the peace of mind that comes from knowing that if the possessions in your home become damaged or are lost, you’ll receive a payment to help replace them. 
Not all contents insurance policies are created equal, though, so read on to learn what they cover, what they might exclude, and how they vary depending on your housing situation.
What is contents insurance?
Simply, contents insurance is a part of your home insurance policy. It provides financial compensation in the event that your personal belongings become damaged or destroyed due to various circumstances—or if they’re stolen.
Contents insurance policies can differ somewhat depending on your living circumstances: If you own a detached house, a condo or townhome; or if you rent. But its ultimate goal is the same: To pay you partial or full replacement costs (or, if applicable, repair costs) of the items in your home that were damaged or lost…

Jennifer Kesteloot was in the process of moving house in London, Ont., three years ago, when her wallet was stolen while she made a quick stop to pick something up at Walmart.

Although she’d always been very careful about documents such has her birth certificate, social insurance number card and passport, on the day of the move she put all three in her wallet. “I thought they would be safer with me than in a box with the moving company,” Kesteloot recalls.
“Never in a million years did I think that in two seconds of turning my back to pick something up off a shelf that somebody would reach into my purse and just take my wallet.”
Many of us know the panicked feeling of discovering that a wallet full of bank cards*, credit cards and ID is missing. Naturally, we hope that we’ve just left it behind on the counter at the bakery or hardware store, and that retracing our steps will put it back in our hot little hands.
But in Kesteloot’s case the problem wasn’t so easily resolved…

Home insurance in Canada protects you and your home from damage or loss and includes your personal possessions, injury to visitors, and accident damage you cause to someone else’s property. It’s important to have home insurance, so you can be legally and financially protected if something unexpected occurs. We spoke to Sonja Denobrega, vice president of personal insurance underwriting at Aviva Canada, about the basics of home insurance.
Types of home insurance coverage 
There are three types of home insurance to choose from. The first is comprehensive, which is the most wide-reaching and most costly, covering sudden and accidental occurrences on buildings and personal property, as well as liability. This option covers just about everything—except the exclusions specified in your policy.
The next type of home insurance is broad, which offers coverage similar to comprehensive but with more restrictions. One of the main restrictions is that your home’s contents are only covered for the perils (see below) specifically stated in your policy…