Home Owners Insurance Canada Policy Types

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Home owners insurance in Canada comes in many different policy types. But they can be broken down into four categories. Keep in mind that many insurers use their own brand names for policies.

NOTE: If you do not find what you are looking for here, you can ask a question about home insurance in Canada at House Insurance Questions and Answers

Comprehensive Home Owners Insurance in Canada This type of home insurance is also known as "All Risk" coverage. This means that all risks are covered, except for those that are specifically excluded. This coverage usually applies to the building and contents. But check your policy to be sure. The most common exclusions that you need to know about are flooding and earthquake.

Overall this is the best home owner insurance in Canada. Read more onComprehensive Homeowners Policy Canada here 

Named Perils Policy in Canada Also known as a basic policy, coverage is only on perils named in the policy such as fire, lightning, theft, and the like. This makes the policy more affordable but puts more risk on the insured home owner. See below for common named perils.

Limits for contents are also lower in this type of policy. 

Broad Form Home Insurance This is a hybrid between Comprehensive and Named Perils coverage. This policy gives comprehensive coverage on the dwelling building but named perils coverage on the contents. 

Basic Home Owners Policy Some insurers offer very basic or “No Frills” coverage. These policies are very limited in their coverage. They may only be offered if the dwelling to be insured does not meet the minimum standards of the insurer. Often there is a physical problem that needs to be addressed as it increased the risk of a claim. The premium may not be lower than a regular policy so it is wise to fix the problem as quickly as possible. 

Common Insurable Named Perils (broad contents, named perils)*

  • Air and vehicle impact
  • Electrical current
  • Escape of fuel oil
  • Explosion
  • Falling object
  • Fire
  • Lightning
  • Riot or civil disturbance
  • Smoke
  • Theft
  • Transportation
  • Vandalism
  • Water Damage (read the limitations here!)
  • Wind and Hail

*this may vary from policy to policy

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Remember, not all companies have the same home insurance options. And many use brand names with variations of coverage. So check your policy carefully.

Read about the main parts of a Canada Home Owner Insurance Policy

Other types of Home Owners Insurance in Canada

Do you own a condominium? Condominium Insurance is critical! Read about Condominium Insurance in Canada .

Do you rent your home? Visit Canada Renters Insurance to learn about coverage for you. If you own your home, keep reading! 

Looking for RV insurance information? Visit Canada RV Insurance

Do you have a mobile home? Visit Mobile Home Insurance

Confused? Ask a question about home insurance in Canada at House Insurance Questions and Answers

Or read more at: Canada Home Insurance


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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

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