Is Home Insurance Really Necessary?

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Is home insurance required by law? No, in Ontario home insurance is not a legal requirement. Is it really necessary to invest in it then?

That home insurance is not required by law and yet many people in Ontario still ask the question on whether it is really necessary says it all. Home insurance feels like one of those protections you just know you need.

If you are like most people, your home will be your most valuable asset. Imagine having a roof over your family’s heads and then, after a freak fire destroys your home, you’re suddenly being homeless!

It is clear, home insurance is essential. We will discuss why it is:

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Why Should You Get Home Insurance?

Here are some of the reasons why it is important to have home insurance:
1. Restores you financially in case of loss or damage to your home
Buying home insurance assures you that if you were to lose your home to some unfortunate event, you would not suffer a total loss. It essentially protects your investment.
With home insurance, you pay small monthly premiums today for a future loss that’s not certain, but that which you will struggle to recover from if it happened.
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3. Protects your personal property
Your home insurance policy will protect more than the physical structure itself. Besides the house and outbuildings, a standard policy will also protect the movable personal property you keep in the home.
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2. Improves your chances of securing mortgage financing
That every homeowner needs to protect their investment with a good home insurance policy is undebatable. Thankfully, for those who think it is, securing mortgage financing without it is nearly impossible.
Whether you are funding your initial mortgage or refinancing, no lender wants to take the risk of tying their money to a property that is not insured. They typically ask for proof of home insurance. In simple terms, you need home insurance to secure mortgage financing.
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4. Covers you from the cost of liability lawsuits
Home insurance guarantees liability protection in the event someone sues you for injuries or property loss they suffered while on your property. In a world that’s become so litigious, you need this protection.
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What Happens If I Don't Have Home Insurance?

The law will not penalize you for not carrying insurance on your home. But that does not take away its necessity. Without insurance, if your home was to be damaged by a natural disaster, you would suffer a total loss. If it's still salvageable, you would need to pay for the necessary repairs out of pocket.

Think of all your prized personal belongings, like your furniture, art collection, clothing, books! You would lose all that, too. What if your dog bit someone or ruined your neighbor's garden or a tree on your property fell on the neighbor’s house?

They would likely sue you. Without your home insurance policy’s liability protection, you would cover the costs of both your legal defense and any resulting damages from your pocket.

Home insurance is a must-have. So, are you ready to secure the money, love, and care you have invested in your home?

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