Things You Must Know About before buying Property Insurance in Canada
                     Things You Must Know About before buying Property Insurance 
in Canada
In addition to life insurance companies, there are many 
companies that offer property insurance in Canada. 
Having property insurance in Canada helps you 
protect your property and its contents in case of loss, 
theft, or damage to the interiors and exteriors of your 
property. It may also cover other living expenditures if 
you are temporarily incapable of living on your property. 
These extra living expenditures may contain residing in a 
hotel or leasing a residence.
Property insurance covers
damage to your property
●     damage, theft or loss of your possessions in the property
●     personal property robbed from your automobile
●     injury or damage to others who visit your property
●     unexpected damage you cause to someone else’s 
property
 
Insurance firms also refer to property insurance as home and 
casualty insurance. Property insurance also includes car 
insurance, business insurance and disaster insurance.
Some of the things you don’t know about 
home & property insurance in Canada are:
1.Different types of insurance: Insurance firms provide several types 
of property insurance policies with different levels of coverage against 
varied causes of damage and risks. Some of them are:
• Comprehensive: A comprehensive policy offers maximum coverage. It 
is also known as a special or all-perils policy. It covers all risks to your 
property and scopes, excluding all risks mentioned as exclusions.
• Standard: A standard policy offers less coverage than a comprehensive 
policy. It is also known as a basic or named perils policy. It only covers 
the risks to your property and the scopes mentioned in the policy.
• Broad: A broad property policy offers coverage between comprehensive 
and standard policies. It is also known as a broad-form policy.
• No-frills: A no-frills policy covers the least amount of damages. It offers 
very basic coverage for properties that don’t satisfy the typical 
standards for insurance.
• 2. Events covered: Usually, your property insurance in Canada
 covers unexpected events such as fire, theft, or windstorm. 
Circumstances that your insurance company considers predictable 
aren’t covered. For example, if you’re not at home for more than 
four days in a row and it’s cold outside, your property insurance 
may not cover damage to your home due to your pipes freezing.
• 3. Settlement options: Your insurance company will check your 
policy and decide how to settle your claim. You’re always 
responsible for paying the deductible when you make a claim. The 
claim money you get from your insurance company will rely on your 
insurance benefits. Don’t forget that your deductible amount may 
be lower than the amount you get from a claim.
Thank You
To know more about 
home & property insurance in Canada
, visit our website.