Types of mortgage Insurance in Canada

Mortgage insurance is something that many Canadians may not be familiar with. So it is important to understand the various types of mortgage insurance available in Canada.

Mortgages are a fairly standard form of borrowing in Canada, and for good reason. Mortgages allow a home buyer to borrow enough money to purchase a home, and are often used by those who have bad credit or no other option to secure their first residence. Despite this, mortgages still have a few risks that homeowners have to be aware of, including mortgage insurance in Canada. This article will explain the different types of mortgage insurance available in Canada so you can make the best choice for your needs.

It is important to know the difference between the different types of mortgage insurance in Canada. The different types of mortgage insurance differ by how they protect the lender’s interest and how much they will cost. Mortgage insurance protects Canadian lenders from financial loss resulting from non-performing mortgages and other loan defaults.

Mortgages are not just an obligation to buy a house, they’re one of the greatest ways to protect yourself and your family in case of an emergency. Mortgages provide security for both the homeowners and property, but there are different types of mortgages that help in providing these financial benefits.

List of Insurance in Canada

There are several types of insurance in Canada.

Liability Insurance:

This type of insurance covers you and your family members, if someone is injured or killed as a result of an accident or incident. It also covers damage caused to others’ property, their injuries and damages caused by them.

Car Insurance:

This type of insurance protects you from financial losses due to accidents or incidents with your vehicle, such as collisions with other vehicles, uninsured drivers and damages caused by falls or other events that may damage your car.

Home Insurance:

This type of insurance protects you from financial losses due to damage to your house or home contents (and sometimes its value) during a fire, theft or other events that may cause damage to the property/home/land. Home Insurance also covers losses caused by flooding or earthquakes (especially when they occur under certain conditions). Home owners can add extra coverage for personal items such as jewelry, electronics or art work in their homes but they must be protected under their own policies before adding these extras onto their mortgages.

Liability Insurance

This type of insurance covers you if you are sued for damages, or if someone is injured while using your product. This can include bodily injuries and property damage. Liability insurance also covers personal injury claims that arise when someone is hit by a car or injured by defective equipment.

Medical Payments Coverage

This type of auto insurance provides reimbursement for medical expenses up to your policy limits (or the maximum available under your state’s law).

Collision Coverage

This type of auto insurance pays for damages to your vehicle from collisions with other vehicles and objects such as trees and poles, or other cars parked in front of your vehicle.

Comprehensive Coverage

This type of auto insurance pays for all expenses related to repairing damage to your vehicle from collisions with other vehicles or objects (such as trees), as well as damages related to accidents caused by factors beyond your control like weather conditions, theft, vandalism and fire.