It’s a policy that protects your home, belongings and liability risks from unexpected losses.

Not legally, but if you have a mortgage, your lender will almost always require it.

A typical homeowners insurance policy protects the structure of your home, your personal belongings and provides liability coverage if someone is injured on your property. It may also cover additional living expenses if a covered loss like fire or storm damage makes your home temporarily unlivable.

Your coverage limits should be high enough to rebuild your home from the ground up and replace personal belongings in case of a total loss. You’ll also want enough protection to cover liability risks, such as injuries that happen on your property. A VIU by HUB broker can help calculate the right amount of coverage based on your home’s value, location and risk factors.

Standard home insurance usually covers risks like fire, wind and hail. Protect more of what matters, add coverage for flooding, sewer backup, earthquakes and overland water.

Most standard property insurance policies include some protection for valuables, but coverage limits often apply to items like jewelry, fine art, collectibles and antiques. If you own high-value items, you may need additional coverage or a scheduled personal property endorsement to be fully protected. A VIU by HUB broker can help you add specialized coverage for things that matter most.

In most cases, standard property insurance includes “other structures” coverage for buildings not attached to your house such as sheds, fences, detached garages or gazebos. Coverage amounts may be limited, so it’s important to review your policy and make sure your limits match the value of what’s on your property. A VIU by HUB broker can confirm what’s included and help adjust your plan if needed.

Premiums are based on factors such as the age and rebuild cost of your home, your postal code, claims history and the level of coverage you select.

When you file a property insurance claim, you’ll report the loss to your insurer. An insurance adjuster will then inspect the damage, review your policy and determine how much the company will pay toward repairs or replacement. The process may also involve submitting photos, receipts or estimates to support your claim.

At least once a year, or whenever you renovate, move or make major purchases that increase the value of your home or belongings.