Buying your first home in Canada is a milestone — and home insurance is part of making it official. If you have a mortgage, your lender will require proof of insurance before closing. Even if you are renting, a tenant policy protects your belongings and shields you from liability. This guide explains what home insurance covers in Ontario and how newcomers can get the right protection.
What Home Insurance Covers
A standard Ontario home policy generally protects four things: the structure of your home (dwelling), your personal belongings (contents), your legal liability if someone is injured on your property, and additional living expenses if you are temporarily unable to live at home after a covered loss.
Tips for Newcomers and First-Time Buyers
- Bundle your home and auto policies with one insurer — usually the single largest available discount.
- Ask about discounts for monitored alarms, modern wiring and plumbing, and water-damage protection devices.
- Insure your home for its rebuilding cost, not its market or purchase price — they are different numbers.
- Keep a simple inventory (photos) of valuables so claims are easier to settle.
What You Need to Get Covered
To set up a policy you will typically need the property address, details about the home (age, size, construction, heating, roof), and your closing date. A broker can match these details to the insurer that fits your situation best.
How a Broker Helps
NavInsurance compares multiple insurers to find suitable coverage and the discounts you qualify for. Explore our home insurance page, and if you also drive, ask how bundling with auto insurance can lower both premiums.
Frequently Asked Questions
Is home insurance mandatory in Ontario?
It is not required by law, but mortgage lenders require it before closing, and it is strongly recommended for any homeowner or renter.
Should I insure for purchase price or rebuilding cost?
Always rebuilding cost — the amount it would take to reconstruct your home — which can differ significantly from what you paid.