Make sure you include property insurance in your financial plan. Insurance protects you from financial problems resulting from damage or loss, either to yourself or to your property. This includes things like theft, fire, lightning, hail and some types of water damage.
Top 5 reasons to buy property insurance
- Cover cost of stolen or damaged property.
- Repair or replace your car if there's an accident.
- Protect you if someone gets hurts at your home or by your car.
- Cover costs if you damage someone else's property by accident.
- Pay any extra costs if your home or car gets damaged.
Renters need insurance too
Even if you rent, you need insurance to protect your possessions against fire and theft. Also, your landlord’s insurance will not cover any upgrades you make to your place, like buying a new carpet or adding built-in shelves. You’ll need insurance if you want to protect these kinds of upgrades.
Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca
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