Before you buy, here’s how to compare home insurance + MORE May 16th

Home insurance is important, but no one loves paying for it—especially when household budgets are tight. That’s why Canadians open their browsers and search for things like “cheap home insurance” and “how to save on home insurance.” 

Any insurance professional will tell you there’s no easy answer for cheap and full coverage, as it’s really about finding the best plan for your needs. But it can be done. You have to do your homework. Shop around. Compare quotes. Luckily, there are a few hard and fast rules to keep in mind when comparing home insurance quotes. 

How to compare types of home insurance policies

While you don’t need home insurance by law, as you do with car insurance, your mortgage lender or landlord will often require it. Home insurance experts will tell you that the key to getting the best plan in terms of cost and coverage is to shop around and compare policy offerings from company to company. In your search, these are the main kinds of coverage you’ll come across:

Comprehensive: This is the most inclusive type of policy, covering sudden and accidental occurrences involving buildings and personal property, as well as liability…

Most young people engage with insurance only when legally required—auto, tenant or home insurance.

Typical advice for saving on these types includes shopping around, bundling with other kinds of insurance, and raising your deductible to lower premium payments.

You can also ask for discounts, according to the Insurance Bureau of Canada: if you are mortgage-free, claims-free, or have upgraded your home against fire and flooding, you can likely get a better deal on your home insurance.

For drivers, installing a theft deterrent or a usage-based insurance app which tracks your driving habits can reduce your auto premiums. Keeping a clean driving record is also key, the bureau advises. Your broker or insurer can help find savings within your policy.

Non-mandatory insurance is a lesser-known game, however. 

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Compare life insurance quotes and save
Request a personalized quote and consult with an expert about your coverage needs…

A little bit of knowledge can make a daunting task a whole lot easier to start—and that’s certainly true when it comes to life insurance in Canada. It’s a subject most people know little about until they actually decide to buy a policy, so we’re here to offer a little guidance on choosing the one that makes sense for you and your family.

What do I need to know about life insurance?

Life insurance is a contract with a life insurance company in which you commit to paying monthly or annual premiums (either for a finite period or until you eventually die, depending on the policy); in return they’ll provide a tax-free lump sum to your beneficiaries if and when you pass away while the policy is in effect. 

There’s some variation in the type and level of coverage you can get; which policy is right for you depends on your financial situation (taking into account income, debts, mortgage and other such obligations) and your beneficiaries’ needs (like childcare and education fees and day-to-day living expenses)…

Landlord insurance, true to its name, is a type of policy for people who rent out a room, an apartment or a house to tenants. Also known as rental property insurance, it has some key differences from home insurance—the biggest one being coverage for loss of rental income, in the event that your property becomes temporarily uninhabitable.

Landlord insurance vs. home insurance

Home insurance protects a home owner, and landlord insurance protects the landlord. While that may seem intuitive enough, it can get more complicated if you rent part of your home or another home.

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Does your home insurance cover you if you rent out part of your home?

Your home insurance policy may be suitable for renting out part of the property where you live (say, a basement apartment). Typical home insurance protects the dwelling, detached structures on your property, personal property (your stuff—not that of tenants) and liability for personal injury or damage to other people’s property caused by you, your family and/or your pets…