Home insurance

House insurance isn’t mandatory in Canada. However, most banks and mortgage lenders will likely require you to have house insurance as part of your mortgage agreement.

Your home may be one of the most significant purchases you’ll ever make. House insurance can help protect what matters most in the event something happens and give peace of mind.

Read more about why homeowners should consider getting home insurance.

Insurance companies consider a variety of factors to calculate the cost of your house insurance, including:

• The coverage you need and the deductible(s) you choose
• Property location
• 24/7 monitored security system
• Age of your house
• Type of your building (i.e., detached, semi, row, townhouse)
• Construction material (i.e., brick, stucco, wood, etc.)
• Type of electrical and heating system
• Proximity to a fire hydrant or fire station

There are a few ways you could save on house insurance:

• Combine your house and car insurance
• Review your policy yearly to take advantage of available discounts
• Increase your deductible
• Maintain a claims-free record

Routine home inspection and maintenance can increase safety, which may help you save on insurance by remaining claims-free.

There are various discounts available for house insurance policies that will be applied based on the information you provide. 

House insurance policies typically cover three basic aspects: your house, your personal belongings and personal liability. It may also cover additional living expenses, such as a hotel or other rented accommodations if you can’t live in your home while it’s getting repaired due to a covered claim. There’s no one-size-fits-all solution for every homeowner. However, there’s a variety of coverage options, coverage amounts and deductibles to fit your needs, home and lifestyle.

When choosing a house insurance policy, think about your level of risk and determine your specific coverage needs. For example, if your house is in an area that has an increased risk of flooding or if you have costly jewellery or artwork that has a higher risk of theft and is more expensive to replace, you may want to consider buying additional coverage for your house insurance policy.

Beyond your property, personal belongings and liability, there may be more coverage options based on the information you provide.

Read more about what home insurance covers and what’s not.

Yes, make sure you notify your insurance provider if you plan to change how you use your home to ensure you’re fully covered. You’ll want to make sure your business equipment and liability are covered should something happen. Some home-based businesses may not be covered so speak to your insurance representative to find the best option for you.   

Aviva offers home-based business as additional coverage that can be added to your homeowner's policy if it meets our requirements.

Basic water coverage is included in every house insurance policy (be sure to read your policy for coverage and exclusions). However, there are optional coverages that you can buy for added protection, such as sewer backup and overland water coverage if they meet our requirements.

Read more about how to prevent water leaks in your home.