A common mistake that many renters make is that they don't purchase insurance to protect their belongings. Most don't even think about what could happen in the event of a fire or flood.
The great thing about insurance is that it not only covers you against personal property damage, but also against damages resulting from bodily injury and property damage for which you are legally liable. What this basically means is that you are covered in the event that you cause any damages from the action of your pets, unintended acts by you or your immediate family or injuries incurred from the use of your residence, such as a swimming pool. The bottom line is that having a insurance policy can protect you in the event that any one of these unforeseen incidents occurs.

Like any other state, Canada has many insurance options. They may have certain rules that pertain specifically to their state, but basically all auto insurance is very similar. Most states require you to purchase a minimum amount of coverage, but you'll probably want to invest in more than just the minimum. Purchasing more coverage will come in handy if you have hefty repair bills or if you are involved in a lawsuit.
If you are like most homeowners, you will probably never need to submit an insurance claim. But no one is immune from misfortune!

It's good to know that the premiums of many people like you are available to pay for the insured losses of a few. Within limits, home insurance reimburses you for your financial loss arising from mishaps that are generally "sudden and accidental" and hard to predict and prevent. Throughout Canada, private insurance companies compete for your business either directly, with their own agents or through independent brokers. They compete not only on price, but also on service and coverage. There's no such thing as a standard homeowner's policy. Because coverage may vary from one insurer to another, it is important to have your insurance representative explain the policy to you before you agree to coverage.