Personal Finance

Home Owner - Can you only get Fire insurance only?

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  • Jul 28th, 2020 6:00 pm
[OP]
Deal Addict
Apr 4, 2017
2007 posts
645 upvotes
Toronto

Home Owner - Can you only get Fire insurance only?

I'm having hard time trying to get Fire Insurance only for my house. It's new built and its covered by Tarion.

does anyone know which company can provide fire insurance only for new houses?

or did something change where now you have to include other addons as well?

i know statefarm used to provide Fire only? dont think they exist in Canada anymore
13 replies
Deal Addict
May 16, 2017
2269 posts
2960 upvotes
ysl5710 wrote: I'm having hard time trying to get Fire Insurance only for my house. It's new built and its covered by Tarion.

does anyone know which company can provide fire insurance only for new houses?

or did something change where now you have to include other addons as well?

i know statefarm used to provide Fire only? dont think they exist in Canada anymore
Tarion is warranty, not insurance, right? So, not sure why you want fire only and not other insurance?

If you want to try the successor to State Farm Insurance in Canada:

"In 2015, its (State Farm) Canadian book of business was purchased by the Desjardins Group, making the State Farm brand officially defunct in Canada."
Deal Guru
User avatar
Mar 23, 2008
13006 posts
9952 upvotes
Edmonton
ysl5710 wrote: I'm having hard time trying to get Fire Insurance only for my house. It's new built and its covered by Tarion.

does anyone know which company can provide fire insurance only for new houses?

or did something change where now you have to include other addons as well?

i know statefarm used to provide Fire only? dont think they exist in Canada anymore
Most people need more extensive insurance than just fire insurance, as any mortgage provider is going to require more than that.

Of course, quick Google search for "Canada home insurance fire only" turns up:
https://www.squareoneinsurance.com/fire, which says:
Looking for fire insurance? You've come to the right place. Square One offers the only policy in North America that can be personalized to your individual needs. That means you decide what to insure, so you only pay for the protection you need. You also get to choose from a wide range of coverage and deductible options. Continue reading to learn how you can get a fire insurance policy from $12/month.
C
Deal Addict
Aug 15, 2009
2267 posts
1829 upvotes
Montreal
Pretty sure you need a liability insurance. Every bank will ask for it.
Deal Guru
User avatar
Mar 23, 2008
13006 posts
9952 upvotes
Edmonton
elpaso wrote: Pretty sure you need a liability insurance. Every bank will ask for it.
That would only be an issue if you have a mortgage, which the OP said nothing about.

C
[OP]
Deal Addict
Apr 4, 2017
2007 posts
645 upvotes
Toronto
Terion said it’s covered by 7 years and it overs such as water damage, leakage,

The only thing not covered it fire.

So if there water damage or something brakes, terion will fix it.
[OP]
Deal Addict
Apr 4, 2017
2007 posts
645 upvotes
Toronto
I have square one condo coverage and offering 90/month.

I know there are other incisive that can offer fire only and half that.

Just don’t know if something has changed where it’s now packages?
Jr. Member
Nov 1, 2015
134 posts
200 upvotes
London, ON
ysl5710 wrote: Terion said it’s covered by 7 years and it overs such as water damage, leakage,

The only thing not covered it fire.

So if there water damage or something brakes, terion will fix it.
So...I'm guessing you've never tried to force a builder to fix a defect via the Tarion claim process before?
Deal Fanatic
Apr 5, 2016
5884 posts
4330 upvotes
Calgary/Vancouver
Curiousah wrote: So...I'm guessing you've never tried to force a builder to fix a defect via the Tarion claim process before?
My rental's strata right now retained legal counsel about to pursue legal action against 2-5-10 warranty deficiency claims. They waiting for court operations to resume then file with BC Supreme court. Fun times LOL
Deal Addict
May 16, 2017
2269 posts
2960 upvotes
ysl5710 wrote: Terion said it’s covered by 7 years and it overs such as water damage, leakage,

The only thing not covered it fire.

So if there water damage or something brakes, terion will fix it.
Warranty covers damage due to defects in construction materials and workmanship ONLY - NOT accidents, storms, third-party damage, etc, etc. Warranty and insurance are generally mutually exclusive in the type of incidents they cover.
Deal Addict
Nov 23, 2003
2159 posts
642 upvotes
Op Don’t be crazy. Tarion doesn’t cover water damage from accidents or your faults etc. or third party damage where say someone drives their car in your house by accident etc. These are just a few examples.

There is a fine line between being cheap and stupid.
Deal Fanatic
User avatar
Oct 16, 2008
9733 posts
4044 upvotes
Vaughan
Tarion is not exactly insurance. It covers warranty of the works on new built. OP, you misunderstood.
...
Member
Dec 27, 2006
468 posts
236 upvotes
Canada
Home insurance is not something you want to skimp out on. Biggest purchase of your life, get it insured.
Deal Expert
Aug 22, 2011
37380 posts
23453 upvotes
Center of Universe
Good luck finding an insurer in ON that will offer you that type of "basic" home insurance.

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