After you have saved up a down payment, arranged financing, found and finally purchased a home, the last thing you want is to see it -- perhaps literally -- go up in smoke.
Fire, flood or theft could turn your dream into a financial nightmare, so it's wise to budget for it from the outset.
The national industry association representing Canada's private home, car and business insurers, The Insurance Bureau of Canada, says unlike for automobile insurance, there are no government regulations that dictate how much home insurance you must have.
However, your bank or mortgage holder will likely impose some insurance requirements on you.
Many mortgage providers will compel you to have at least basic insurance on the property itself to protect their investment, as well as life insurance, so that if you die and are thus unable to pay your mortgage, the lender will still be able to collect the outstanding loan amount.
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