Home insurance protects against damage to your property and to the contents of your home. It also covers injury to yourself / other persons on your property.
Another name you may see is 'property and casualty insurance'.
What does home insurance protect against / help cover?
1. General coverage:
2. Liability coverage:
Quality of the Insurer. Check consumer reports - for example JD Power ratings - https://canada.jdpower.com/.
Make sure you're comparing plans with similar coverage. Make sure to read the policy so you understand which events are excluded / included (they will be named in the policy, like hurricanes, earthquakes, flooding, fire, sewer backup, etc). Purchasing more comprehensive insurance is your choice.
ON YOUR OWN
If you're a student renting off campus, your family insurance 'rider' may not give you liability coverage, only property damage / loss (insurance. You need to call your family's insurance broker. You may be able to buy additional coverage.
If you're no longer a student and have your own place, you'll need to buy tenant (also called 'renter') insurance.
If you own a condominium or home, you'll need to buy owner insurance.
If you have a roommate, the insurance company needs to know.
IN RESIDENCE AT COLLEGE / UNIVERSITY
You may be coveredthrough a 'rider' (an amendment / addition) to your family's tenant or homeowner policy.
Remember that any claim you file can affect your family's customer standing and future premiums they may pay in the future. You need to ask your family if they're willing to extend their coverage. They may prefer you buy tenant insurance in your own name.
If you decide to buy insurance in your own name, check with your school - they may have a program with an insurer that's cheaper and better suited to student needs.
Tenant insurance generally protects what’s inside the apartment / home. External areas and the building itself, including ventilation units, electrical wiring and heating systems, are usually the responsibility of the landlord (the landlord should have a home insurance policy to cover those). It's important to check the details of your tenant insurance policy. And you may want to ask your landlord if they have home insurance.
Typical tenant insurance covers, up to the limit of your policy:
Tenant insurance is not required by law, but it may be required by landlords. Consider your living situation.
Experts say that It's good to keep a list of your valuable personal possessions. Ideally it should include: