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Is home insurance mandatory in Ontario, Canada?

In Ontario, homeowner insurance is not mandatory under law. It is not illegal to not have house insurance. The Ontario government does not regulate home insurance like with car insurance. With that being said, most banks, mortgage lenders and investors require home buyers to provide  confirmation of home insurance during the closing process before advancing the finances. The same is true if a homeowner is obtaining a home equity line of credit.


However, if all liens and mortgages are paid off, the homeowner can chose to self-insure or chose to add a co-insurance clause to the policy to partially insure the house and insure a percentage (ie 20%) themselves. What happens if you don’t have home insurance you may ask? The homeowner would want to make sure that they have enough collateral set aside in the chance of complete loss.


​Contact Kyle Wijnands at 519-393-3246 today to get a quote or take 3 minutes to get a home insurance quote by clicking the link below and let us prove that! 

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