There are insurance products available to protect you if you cannot pay your debts because of illness, accident or death.

Mortgage disability insurance makes mortgage payments to your lender(s) for a specified time if you cannot work due to a severe injury or illness.

Mortgage default insurance protects the mortgage lender if you cannot make your mortgage payments. It is required by law if your down payment is less than 20 percent of the purchase price of the home.

Mortgage life insurance pays the remaining balance on your mortgage to the lender in the event of your death.

If you have a home-based business or work from your home, you should consider getting business insurance. Business insurance can protect you against loss or damage to physical property or the loss of your business's ability to operate and generate income. Home or tenant insurance will generally not pay for claims related to a home-based business.

Commercial property insurance pays for damage to or loss of your business premises. It also protects against damage, theft or loss of the business property or inventory.

Public liability insurance protects your business against third-party liability claims (for example, if a courier slips and falls at your place of business and is injured).

Home or property insurance pays for damage to or loss of your house, condominium or property. It may cover

• Damage, theft or loss of your personal possessions
  
• Personal property stolen from your vehicle
  
• Damage or injury to others who visit your home or property (for example, if someone falls in your driveway and is injured)
  
• accidental damage you cause to others' property (for example, if a fire that starts in your house causes damage to your neighbour’s house)

Auto insurance is mandatory if you own a vehicle. All Canadian provinces and territories require drivers to have at least liability and accident benefits/bodily injury coverage. Some provinces may require additional coverage.

Mandatory insurance

• Liability insurance covers losses (such as injury or death) that your vehicle causes to other people or damage to their property. It does not cover the cost of repairs to your own vehicle.
  
• Accident benefits/bodily injury insurance covers the cost of your own medical expenses and loss of income when you are in an accident.