Coverage may vary based on your policy, coverage limits, endorsements, and where you live. A broker can help you choose the protection that's right for your situation.
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What is home insurance?
Home insurance helps protect you financially if your home or belongings are damaged by a covered loss. Whether you own a house, live in a condo, or rent an apartment, a home or tenant insurance policy can provide coverage for the things you use every day.
Economical home insurance can help cover your home, personal belongings and additional living expenses if a covered claim leaves your home temporarily unlivable. It also includes personal liability coverage, which can help protect you if you're found legally responsible for accidentally injuring someone or damaging their property.
Tailor your home insurance coverage with optional endorsements based on your needs. These can help increase coverage limits for certain belongings or add protection for risks such as water damage.
What type of home insurance do I need?
Whether you own a home, rent and apartment, live in a condo, or own a rental property, Economical offers home insurance coverage designed to fit your needs.
Homeowner, Tenant and Condo Insurance: What's the difference?
| Coverage | Homeowner Insurance | Tenant Insurance | Condo Insurance |
|---|---|---|---|
| The building itself | Helps protect your home and other insured structures on your property | Covered by the property owner's insurance policy | Typically covered by your condo corporation's master policy |
| Unit improvements and upgrades | Included as part of your home's insured value | Coverage for improvements and upgrades varies by policy | Helps protect eligible improvements, upgrades, and betterments made to your unit |
| Personal belongings | Helps protect your personal belongings against covered losses | Helps protect your personal belongings against covered losses | Helps protect your personal belongings against covered losses |
| Personal liability | Includes personal liability coverage if you're found responsible for injury to another person or damage to someone else's property | Includes personal liability coverage if you're found responsible for injury to another person or damage to someone else's property | Includes personal liability coverage if you're found responsible for injury to another person or damage to someone else's property |
What does home insurance cover?
A standard home insurance policy helps protect your home, belongings, and finances when the unexpected happens. Coverage, limits, deductibles, and eligibility vary by policy. Always review your policy wording to understand what is and isn't covered.
Your home and personal belongings
Home insurance can help cover the cost to repair or rebuild your home and replace personal belongings damaged by a covered loss, such as fire, wind, hail, or theft.
This may include items such as:
- Furniture
- Clothing
- Electronics
- Appliances
- Other personal possessions
Personal liability coverage
Personal liability coverage helps protect you if you're found legally responsible for injury to another person or damage to someone else's property.
For example, coverage may help if:
- A visitor is injured on your property
- You accidentally cause damage to someone else's property
- A claim or lawsuit is brought against you for a covered incident
Additional living expenses
If a covered claim makes your home temporarily uninhabitable, your policy may help pay for reasonable additional living expenses while repairs are being completed.
This may include costs such as:
- Hotel accommodations
- Restaurant meals
- Temporary housing
- Other necessary living expenses
Overland water coverage
Helps protect your home from freshwater flooding caused by heavy rainfall, spring runoff, or overflowing lakes and rivers.
Sewer backup coverage
Helps protect your home and belongings from damage caused by water backing up through sewers, drains, or sump pumps.
How to get the best rates
There are several ways you may be able to lower your home insurance premium while maintaining the coverage you need.
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FAQs
Home insurance isn't required by law in Canada. However, if you have a mortgage, your lender will typically require you to maintain home insurance for the duration of your mortgage.
If you rent your home, your landlord may also require proof of tenant insurance or renter's insurance as part of your lease agreement.
Even when it's not required, home insurance can help protect your home, belongings, and finances if the unexpected happens.
Named Perils coverage helps protect your home and belongings against specific risks listed in your policy, such as fire, theft, or wind damage.
All-Risk coverage (sometimes called Comprehensive coverage) provides broader protection by covering most sudden and accidental losses, except those specifically excluded in your policy wording.
Not all types of water damage are covered by a standard home insurance policy.
For example, coverage may apply to certain sudden and accidental water damage losses, such as a burst pipe. However, protection for risks such as sewer backup, overland flooding, or groundwater may require additional coverage.
Depending on your location and insurance needs, you may be able to add optional coverage such as:
Sewer backup coverage
Overland water coverage
Other water damage protection options available in your area
Home insurance typically includes coverage for personal belongings, including items such as jewelry, artwork, bicycles, and collectibles.
However, policies may have coverage limits for certain categories of high-value items. If the value of your belongings exceeds those limits, you may want to consider additional coverage.
Optional endorsements or scheduled property coverage can help provide extra protection for eligible high-value items and ensure they're insured for the coverage amount you need.
Every home is different, which is why home insurance premiums can vary from one property to another. The cost of home insurance is based on several factors, including:
The replacement cost of your home
Where your home is located
The age and condition of your home
The age of major systems, such as your roof, plumbing, heating, and electrical systems
Your claims history
The coverages and limits you choose
Your deductible amount
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Reviewed by Economical Insurance Property Underwriting Team | Last Updated: August 2026