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RateHouse Quality Assurance team

Types of Insurance

List of Insurance required


Title insurance:


Title insurance can protect against fraud, forgery, title defects and survey problems but it is not as commonly used in Canada as in the U.S. Most lenders do require title insurance, cost is approximately $250, this is generally purchased at the lawyers / notaries office. Nearly all documents connected to property or land in Canada are registered in the Registry Office and are public record, unlike south of the border. Most home buyers rely on property surveys to reveal any undisclosed information through title records. Many Real Estate Agents say title insurance is best used only in real estate transactions involving complex financing.



Home insurance:


Your home is your biggest financial asset and protecting it helps to ensure your future. Home insurance protects you against fire, earthquake, floods, act of god, liability of personal damage and liability for accidental damage to someones property by paying for repairs or replacement.  Condo owners sometimes think that the condo’s corporation home insurance policy covers them, but it only insures items that are part of the building. You still need insurance for your personal effects, personal liability, damage to your neighbor’s property such as flooding, and any upgrades you have made to the unit, including flooring, and bathroom and kitchen renovations.Be aware that coverage ranges from one insurer to the other and that you need to shop around and compare service, coverage and prices.



Content insurance:


You may have adequate home insurance, but inadequate content insurance. When you set the limit for the contents of your home, consider carefully what it would cost you to replace everything from furniture to computers and appliances at current prices, and choose that as your limit. It may cost more in premiums, but you are protected if anything happens. If you have costly and rare items such as antiques, jewelry, electronics, etc., you should list them on your policy as an appraisal certificate to receive their true market value. Insurance companies frequently place limits on luxury items and you may need that extra coverage.




Mortgage Default Insurance:


This insurance is taken out on mortgage loans when the down payment is less than 20%. It protects the lender in case the borrower defaults on payments. The one time insurance premium is added to the base mortgage and amortized over the life of the mortgage. The three providers of mortgage insurance in Canada are the Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty and Genworth Financial Canada.


Disability Insurance:


 If you get sick or have an accident, disability insurance offers financial security by replacing a portion of your earnings when you are unable to work or earn an income.  A mortgage disability insurance cover the full mortgage payment, while your employment disability insurance only provides you with 65% of your gross income. Although most of us do not like to think this could happen to us, one in three Canadians on average will be disabled for 90 days or longer at least once before 65.






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