Homeowners insurance or home insurance is a general requirement to receive a mortgage in Alberta. While it may be a requirement, it is also a wise decision. For most Canadians, their home is the biggest financial investment they will ever make and their biggest asset; it plays a key role in the homeowner's future financial security plan and without Alberta home insurance, that major financial asset is at risk.
The old adage “plan for the worst, hope for the best” is most accurate when thought of in terms of insurance. Home insurance covers the home itself, as well as all of the property within the home, and protects homeowners not only from fire and natural disasters but also from theft and vandalism.