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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

Public Realm Improvements

Public realm improvements are enhancements to public spaces such as sidewalks, parks, plazas, and streetscapes, often funded or contributed by. more

Mortgagee in Possession

A mortgagee in possession is a lender who takes control of a property after borrower default, but before foreclosure or power of sale. The lender. more

Lease Surrender Agreement

A lease surrender agreement is a negotiated contract between a landlord and tenant that ends a lease before its scheduled expiration. Terms may. more

Green Infrastructure

Green infrastructure refers to natural or engineered systems that manage stormwater, reduce heat, and improve sustainability in developments.. more

Escrow Holdback

An escrow holdback is a portion of funds withheld at closing and held in escrow until specific conditions are met, such as completion of repairs,. more

Underused Housing Tax

The Underused Housing Tax (UHT) is a federal annual 1% tax on the value of vacant or underused residential property owned by non-resident,. more

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