Self-Serve Portal

Home and Tenant Insurance

Home insurance can help protect your home or its contents in case of theft, loss or damage. Insurance is also important for protecting tenants. You should have enough insurance to cover the cost of replacing everything in your home if it were all destroyed or stolen, and to cover your liability to others.

 

Home insurance

Home or property insurance is usually required as a condition of getting a mortgage. Most financial institutions will not give you a mortgage without proof of insurance. Most home insurance policies cover:

  • theft or loss of your personal possessions
  • fire, lightning
  • additional living expenses
  • personal property stolen from your vehicle
  • damage or injury to others who visit your home or property. For example, if someone slips and falls in your driveway, that person may be able to make a claim against you for the expenses incurred as a result of damage or loss caused by the injury
  • accidental damage you cause to others’ property. For example, if a fire starts in your house, your home insurance can pay for the damage the fire causes to your neighbour’s house

Home or property insurance policies can vary.  Be sure that you understand what your policy covers and that you purchase adequate insurance for your needs.

Condominium insurance

Condominium insurance is different from home insurance because it covers only the inside structure of your unit and your personal liability. The condominium corporation will have a master insurance policy that covers the outside structure of the condominium and the condominium’s common areas. Condominium insurance can pay for:

  • damage to or loss of the interior structure of your unit
  • damage to or loss of your belongings
  • improvements you or the previous owners made to your unit
  • your personal liabilities in case someone is injured in your home
  • accidental damage you cause to other units or the condominium common areas

Condominium insurance policies can vary.  Be sure that you understand what your policy covers and that you purchase adequate insurance for your needs.

Tenant insurance

Tenant (renter’s) insurance can protect you if you live in an apartment or rent your home from someone else. Tenant insurance can pay for:

  • damage to or loss of your possessions if you rent or lease an apartment or home from someone else
  • personal property stolen from your vehicle
  • additional living expenses
  • accidental damage you cause to any part of the apartment building or home you are renting. For example, if the bathtub overflows and floods your apartment, tenant insurance can pay for the damage caused to your apartment, the apartment building and other tenants or their property
  • injury caused to visitors

Cash value vs replacement value

The amount of money you receive from your insurer for a covered loss will depend on whether your coverage is for actual cash value or replacement value. Actual cash value is the depreciated value of an item of property at the time of loss. Replacement value provides you with a cash payment that would cover the cost of replacing the item of property—regardless of whether or not the item has depreciated in value. For example, if your 8-year old TV is stolen, actual cash value will cover you for the depreciated cost of your TV—that is, the cost of replacing your TV with another 8-year-old TV. Replacement value would cover the cost to replace your TV with a brand new one.