A home is one of the largest and most valuable investments / purchases you will ever make in your lifetime. You need to protect it! And Homeowner’s Insurance does just that.
Unlike CMHC OR Genworth Insurance (aka Mortgage Default Insurance) which is put in place to protect the lender, Homeowner’s Insurance is designed to protect your family, your home and everything in it.
Why Homeowner’s Insurance?
In the event the unthinkable happens and you lose your home as a result of fire, flood, natural disaster or theft, it’s unlikely you could afford to replace everything at once. Or, in the event you’re faced with a lawsuit as a result of injury or damage that occurred on your property, defending yourself can amount to thousands of dollars in legal fees alone – regardless of outcome.
These are just a few of the many scenarios that can occur where Home Insurance is an absolute financial necessity.
Note: Nearly every insurance company will offer some form of homeowner insurance. You may also qualify for a multiple policy discount (anywhere between 15% - 25%) if you opt to purchase your home insurance from the same provider as your auto insurance.