Your home is likely your largest financial asset. MakeMyRates compares property insurance coverage options across represented Canadian insurers to safeguard your building, personal belongings, and liability against extreme weather and unexpected losses.
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Different home styles face distinct risk profiles. Our brokers ensure your policy reflects your exact structural and legal responsibilities.
Complete protection encompassing your main structure, detached garages, fences, landscaping, personal property, and temporary living expenses during repairs.
Bridges the gap between the building corporation's master commercial policy and your unit's improvements, upgraded flooring, fixtures, and personal contents.
Your landlord's policy never covers your furniture, clothing, or electronics. Tenant insurance protects your belongings and personal legal liability at modest annual cost.
Water damage is now the single leading source of home insurance claims in Canada. Understanding the distinction between water peril endorsements is vital for every homeowner.
| Peril Category | Standard Home Policy | Optional Endorsement | What It Covers |
|---|---|---|---|
| Sudden Burst Pipe | ✓ Included | Not required | Internal plumbing pipe burst, radiator leak, or ruptured appliance hose inside the dwelling. |
| Sewer & Sump Backup | × Excluded | ✓ Recommended Add-On | Water or sewage backing up through municipal sewer mains, drain pipes, or failed sump pump basins into your basement. |
| Overland Flood Water | × Excluded | ✓ Recommended Add-On | Surface water entering through doors, basement windows, or walls due to torrential rainstorms, river overflow, or rapid snowmelt. |
| Ground Water Infiltration | × Excluded | ✓ Available with Overland | Underground water seeping or leaking through foundation walls, basement floors, or concrete slabs. |
Many Canadian homeowners mistakenly assume that standard comprehensive home insurance covers rising street water or sewage backups. Because Canadian storms and rapid spring thaws have intensified, our brokers actively review your municipal flood zone to ensure your policy includes sufficient overland water and sewer backup endorsements.
One of the most frequent misconceptions in Canadian property insurance is the difference between what a house sells for and what it costs to rebuild.
Includes the speculative cost of the physical land, neighborhood school prestige, transit proximity, and local market demand. If a total fire occurs, the land remains intact.
The actual cost to demolish debris, hire licensed union trades, source building materials, and reconstruct your home according to modern municipal building codes.
An endorsement that pays the actual cost to rebuild your home even if the final construction costs exceed the dwelling policy limit due to post-disaster inflation.
Learn about regional property considerations across Ontario and the Greater Toronto Area.
Answers to common homeowner questions regarding policies, water perils, and bundling.
Unlike auto insurance, home insurance is not mandated by provincial law. However, if you have a mortgage, your bank or lender will require proof of comprehensive home insurance coverage before releasing funds and will require annual proof of renewal to protect their collateral.
When you place your primary auto policy and your residential property policy with the same represented insurer, carriers typically apply a multi-policy discount (often 10% to 15% across both policies). In addition, many insurers offer a single deductible waiver if both your home and vehicle are damaged in the same incident (such as a severe garage fire or hail storm).
Personal Liability protects you anywhere in the world if someone is accidentally injured on your property (such as slipping on an icy walkway) or if you unintentionally cause damage to someone else's property. Most Canadian home policies include \$1,000,000 or \$2,000,000 in liability limits.
Your policy includes Additional Living Expenses (ALE). This covers the reasonable extra costs of living elsewhere—such as hotel bills, short-term furnished rental leases, storage, and additional restaurant meals—while your home is repaired or rebuilt.