Is home insurance mandatory in Ontario?
Nope!
But seriously, though… Why wouldn’t you want to insure your biggest asset?
Is home insurance mandatory if you have a mortgage?
Yes!
The mortgagee wants to make sure that their loan is protected, in case the underlying asset is destroyed, and rightfully so.
When you buy a house, your real estate lawyer will need an insurance binder from your broker (me!) before she can finalize the sale of the house.
So ya, you should get your house insured and if you have a mortgage, then it’s mandatory. Start with calling me for a free quote.
On a side note, if you’re looking for a real estate broker, call my friend, Marta Swiecki. She’s awesome!
