Ontario Real Estate And Development Industry Hires And Promotions: September

Insurance

Explore how insurance works in Canadian real estate — what types exist, why they’re required, and how they protect buyers, lenders, and homeowners.

Insurance

May 22, 2025


What is Insurance?

In real estate, insurance refers to coverage that protects homeowners, lenders, and investors from financial loss due to property damage, liability claims, or other risks.

Why Insurance Matters in Real Estate

In Canadian real estate, insurance is essential for mitigating risk and meeting legal or mortgage lender requirements. Key types include:

Homebuyers must show proof of insurance before closing, and policy limits, deductibles, and exclusions vary.

Understanding insurance allows homeowners and buyers to properly assess risk, select appropriate coverage, and protect their property investment.

Example of Insurance in Action

The buyer provides proof of home insurance with $1 million in liability coverage as a condition of their mortgage approval.

Key Takeaways

  • Provides financial protection from real estate risks.
  • Required by lenders before closing.
  • Includes multiple coverage types.
  • Essential for all property owners.
  • Policy details must be reviewed carefully.

Related Terms

  • Home Insurance
  • Title Insurance
  • Mortgage Insurance
  • Liability Coverage
  • Coverage Limit

Additional Terms

Blight

Blight refers to the deterioration, neglect, and disrepair of properties or neighborhoods that cause economic decline and reduce livability. Blighted. more

Community Land Trust (CLT)

A community land trust (CLT) is a non-profit organization that owns land to preserve long-term housing affordability. Homes are sold or rented at. more

Co-Housing Community

A co-housing community is a residential model where individuals or families live in private homes but share common facilities such as kitchens,. more

Chain of Title

Chain of title is the chronological record of property ownership transfers, from the original owner to the current owner. It documents deeds,. more

Carbon Offset Credits

Carbon offset credits in real estate are tradable credits earned by properties or developments that reduce greenhouse gas emissions through. more

Build-to-Rent

Build-to-rent refers to residential developments specifically constructed for the rental market rather than for sale. These projects are typically. more

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