Cancelled home insurance and mortgage


(Ontario)

I had no house insurance for the last 2 years while my house was being rented. I could not afford the mortgage payments and I consuleted with my bank and was told that i should consider renting. I did. My tenants had their own insurance and when I called my insurance company they cancelled my insurance. I believed at the time that since my tenants had their own insurance all would be ok. I have since learned the error of my ways and I have now gotten house insurance from another company although I am considered high risk. I prepaid for a year.


My mortgage is coming up for renewal and I am wondering how this may affect my bank - the fact that I had no insurance for 2 years. I am not re-financing with my bank instead going with a broker.

This is my first house, first mortgage and first rental. My tenants are moving out and I am moving back in.

Home Insurance and Mortgage


Hi there,
With most lenders, as long as you have adequate coverage they are okay.

Please be sure to discuss this with a licensed insurance representative. And you can try getting quotes here:

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Note: 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. 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. Make sure you review the "please read" page.

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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

Please Read

Compare insurance quotes through Kanetix.ca - save time and money!