Life is full of risk. Insurance offers protection and peace of mind from losses. Many landlords and rental companies require you to have insurance as your belongings are not covered by a landlords’ insurance. Credit insurance protects you from bills piling up and your credit score tanking in the event of a misfortune.

You pay an insurance company to protect you (your belongings or your credit) in the event of a misfortune.

Because everyone’s insurance needs vary, the best way to determine what you need is to use our Coverage Explorer Tool.

A deductible is the specific, predetermined amount that you will pay in the event of a loss. Deductibles for personal property in Canada range from $250 to $1,000.

A peril is the reason or event that caused the loss. For example, a fire that started due to a child playing with matches. Perils that are covered by insurance include fire or lightening; explosion; smoke; falling objects; impact by aircraft or landed vehicle; riot; vandalism or malicious acts; water escape; wind storm or hail; transportation; theft; weight of ice, snow or sleet; collapse of a building or part of a building; and sudden and accidental damages from artificially generated electrical current.

Actual cash value is the fair or reasonable cash price for which the property could be sold in the market in the ordinary course of business, and not a forced sale (it takes into account the depreciation of an item over time). Replacement value is the cost to purchase the item new. The difference between actual cash value and replacement value is that actual cash value will only pay you the value of the item less the depreciation and deductible, and replacement value will pay you the cost to replace the item lost less the amount of your deductible.

We do not cover damages arising from natural or external forces such as earth movement, snow slide, earthquake, landslide or volcanic eruption, fungus, intentional acts, nuclear hazard, ordinance or law, seizure or confiscation, damage arising from acts of war (see policy ), and fuel oil leakage.