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Insurance
Practical, plain-language guides to the insurance products most Canadians actually need — home, tenant, auto, life, and travel — focused on what’s commonly misunderstood or under-covered. See our methodology.
Home Insurance in Canada
What home insurance actually covers, and how to avoid being under-insured.
- Dwelling, contents, and liability are the three core coverage types
- Condo owners generally need unit and contents coverage, not building coverage
- Sewer backup and overland flood coverage are often optional add-ons
- Confirm whether your policy pays replacement cost or actual cash value
Tenant Insurance in Canada
Why renters need their own policy, even when a landlord has building insurance.
- Landlord insurance does not cover a tenant's belongings
- Tenant policies are typically inexpensive relative to the coverage provided
- Liability coverage protects you if you accidentally cause damage to the building
- Many landlords now require proof of tenant insurance in the lease
Auto Insurance in Canada
How auto insurance requirements differ by province, and what actually affects your premium.
- Coverage requirements are set provincially, not federally
- BC, Manitoba, and Saskatchewan use public insurance systems
- Driving record and claims history are the largest factors in your premium
- Bundling home and auto insurance often reduces both premiums
Life Insurance in Canada
Term vs. permanent life insurance, and how much coverage is typically appropriate.
- Term life insurance is cheaper and covers a fixed period
- Permanent life insurance lasts for life and includes a savings component
- A common rule of thumb is 7-10x annual income, adjusted for debts and dependants
- Employer group life insurance is rarely sufficient on its own
Travel Insurance in Canada
Why provincial health coverage isn't enough once you leave Canada.
- Provincial health plans provide minimal coverage outside Canada
- Credit card travel insurance usually has trip-length and pre-existing condition limits
- Pre-existing conditions require careful disclosure to avoid a denied claim
- Trip cancellation/interruption coverage is separate from medical coverage