Home insurance Ontario protects homeowners from financial loss due to damage, theft, or liability claims. While it is not legally required, most mortgage lenders mandate home insurance to protect their investment. Standard policies typically cover damage from fire, theft, vandalism, and weather-related events, along with liability protection if someone is injured on your property. Homeowners can also add optional coverages such as flood insurance, sewer backup protection, or extended replacement cost coverage. Premiums depend on factors like location, home value, security features, and claims history. Comparing different policies ensures homeowners get the best coverage at a reasonable price.