Frequently asked questions about how to buy home and auto insurance in Canada
Is home insurance mandatory in Canada
No. Home insurance is not mandatory in Canada if you own your home in full. Most financial institutions and mortgage companies however, do require a comprehensive home insurance policy in order for you to qualify for a loan.
Is automobile insurance mandatory in Canada?
Yes. There are different requirements regarding the type and amount of insurance coverage that is required depending on the province that you reside in but some level of auto insurance is required if you live in Canada.
What is an insurance broker?
An insurance broker is someone who works on your behalf to find you the right insurance coverage to meet all of your needs, with the right insurance company and will help to negotiate the best price possible.
Should I shop around for insurance?
If you have enlisted the help of an insurance broker, then you do not need to shop around for insurance. The broker will take on this task for you. If you plan on buying insurance yourself, then yes. It definitely pays to shop around, obtain quotes from different companies and compare the rates and coverage to find the policy that suits your individual needs the best.