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Home insurance can help you cover the cost of unexpected damage or loss. But what don’t most Canadians know about insurance? Learn more in the MoneySense Glossary.
Home insurance, or homeowners’ insurance, is an insurance policy that covers damage and loss to a homeowner’s property, including the home itself and the contents inside the home. Home insurance can cover the cost of repairs or replacement due to damage caused by fire, water or storm, as well as theft. This type of insurance also provides liability coverage against personal injury due to accidents by the homeowner or visitors on the property including in the home.
Example: “The wind blew part of the roof off, so we’ve put in a claim with our homeowner’s insurance.”
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