Yes. Homeowners insurance protects your property, the contents of your property, and your family from risks that could otherwise leave you exposed to unplanned expenses and costs. Statistics show that on average, homeowners will face one major loss over a lifetime of home ownership.
While having valid home insurance is not mandated by the Ontario Government like auto insurance is, it is often required by your mortgage holder. Most real estate deals involving financing require proof of insurance, with the mortgagee listed as a loss payee, to be in place prior to the deal closing.