Home and tenant insurance helps protect your home, belongings, and personal liability in case of theft, loss, or damage. Whether you own, rent, or live in a condo, the right insurance can give you peace of mind and financial security.
Why it matters
If disaster strikes, like fire, theft, or accidental damage, home and tenant insurance can help you recover the cost of your possessions and cover your liability to others. Most mortgage lenders require home insurance before approving a loan.
Covers your house and its contents against risks like theft, fire, lightning, and more. Most policies also include:
Additional living expenses if you need to move out temporarily
Personal property stolen from your vehicle
Liability for injuries to visitors or accidental damage to others’ property (for example, if a fire in your home damages your neighbour’s house)
Condominium insurance is different from home insurance because it covers only the inside structure of your unit and your personal liability. The condo corporation’s master policy covers the building’s exterior and common areas. Your condo insurance may cover:
Damage to or loss of the interior structure of your unit
Damage to or loss of your belongings
Improvements made to your unit by you or a previous owner
Personal liabilities if someone is injured in your home
Accidental damage to other units or common areas
If you live in an apartment or rent your home from someone else, tenant insurance can cover:
Damage to or loss of your possessions
Personal property stolen from your vehicle
Additional living expenses if you need to move out
Accidental damage you cause to the building or other tenants’ property (for example, flooding from an overflowing bathtub)
Liability for injuries to visitors
When you make a claim for lost or damaged property, the amount your insurer pays depends on the type of coverage you have. Understanding the difference between actual cash value and replacement value can help you choose the policy that best fits your needs and avoid surprises if you ever need to make a claim.
Pays the depreciated value of your property at the time of loss. For example, if your 8-year-old TV is stolen, you’ll receive the value of a similar used TV.
Pays the cost to replace your property with a new item, regardless of depreciation. If your TV is stolen, you’ll receive enough to replace your TV with a brand new one.
Review your coverage needs. Make sure your policy covers the full cost to replace your belongings and protects you from liability.
Read the policy details. Coverage, exclusions, and limits can differ between providers.
If you live in a condo or rent, check what’s covered by your building’s master policy or landlord’s insurance, and fill any gaps with your own coverage.
Ask your insurance advisor about the difference between actual cash value and replacement value, and choose what works best for you.
Always make sure your insurance professional is licensed by visiting fcnb.ca/check-now.