BREAKING: Bank Of Canada Holds Interest Rate Steady For Third Time

Property Protection

Explore property protection in Canadian real estate — what it includes, why it’s required by lenders, and how it helps homeowners recover from damage.

Property Protection

May 22, 2025


What is Property Protection?

Property protection refers to the coverage provided by home insurance that safeguards the physical structure of a property and its contents against damage or loss.

Why does Property Protection Matter in Real Estate?

In Canadian real estate, property protection is a critical part of home insurance policies. It ensures that homeowners can repair or replace their home and belongings if they’re damaged by covered perils.Typically covers:
  • Fire, water, or storm damage
  • Theft or vandalism
  • Accidental damage to fixtures or appliances
  • Detached structures (e.g., garages or sheds)
Lenders require proof of adequate property protection before approving a mortgage. Coverage limits, deductibles, and exclusions vary by policy and provider.
Understanding property protection helps homeowners evaluate their risks, select appropriate insurance, and avoid major out-of-pocket costs after a loss.

Example of Property Protection in Action

A windstorm damages a roof and garage door. The homeowner’s insurance policy covers repairs under property protection.

Key Takeaways

  • Safeguards home and belongings.
  • Covers damage from specific risks.
  • Required by mortgage lenders.
  • Limits and exclusions apply.
  • Crucial for financial security.

Related Terms

  • Home Insurance
  • Liability Coverage
  • Replacement Cost
  • Risk Management
  • Coverage Limit

Additional Terms

Land Banking

Gentrification is the process by which a traditionally lower-income neighbourhood undergoes revitalization and attracts higher-income residents,. more

Land Assembly

Land assembly is the process of acquiring and consolidating multiple adjacent parcels of land under one ownership, typically for redevelopment or. more

Joint Venture

A joint venture in real estate is a partnership between two or more parties to develop, own, or operate a property or project, sharing risks, costs,. more

Infill Development

Infill development is the process of building new housing, commercial buildings, or amenities on vacant or underutilized land within existing urban areas.. more

Inclusionary Zoning

Inclusionary zoning is a municipal planning tool that requires or incentivizes developers to include a percentage of affordable housing units in new. more

Impact Fees

Impact fees are charges levied by municipalities on new developments to offset the cost of additional public infrastructure and services required by. more

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