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Insurance in Canada: What Newcomers Need to Know

Written By

Steve Tustin

Jun 27, 2024

Insurance

Insurance broker and client

Protecting yourself and your family against unexpected danger and risk is what insurance in Canada is all about for newcomers to Canada. Knowing what types of insurance are available before you arrive is smart financial planning that can save you money and build security.  For example, the first type of insurance newcomers need to understand is renters insurance (or tenant insurance). Most landlords require it. And then there are health insurance plans. This guide can help you find the right insurance for your new life in Canada.

Why do newcomers need insurance?

Insurance is one way that newcomers to Canada can manage risks. Things can go wrong. Accidents happen. Floods happen. And you don’t want to start over financially from scratch. So, when you purchase insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee (known as the premium). Insurance companies invest the funds securely, grow, and pay out when there’s a claim.

How are insurance brokers and agents different?

An insurance broker is not the same thing as an insurance agent. Brokers know how insurance policies work and can access more options than an agent. This lets them pick the best rates for the coverage you need from many insurance companies.

What are insurance premiums?

An insurance premium is the amount you or your business pays for an insurance policy. Insurance premiums pay for policies that cover things like healthcare, auto, rental, home, and life insurance.

Why do I need risk insurance?

Risk insurance protects your home and property from “risks and perils.” It covers property damage or loss from accidents or unforeseeable incidents (flood, sewer backup, frozen pipes, etc.)

Travel medical health insurance

Canada is renowned for its healthcare system, and quality healthcare is one of the reasons newcomers seek to build a life here. Government health insurance programs like the Ontario Health Insurance Plan (OHIP) and Alberta Health Care Insurance Plan (AHCIP) let you apply for coverage once you arrive in Canada and establish your permanent residency.

Buying travel medical health insurance to cover unexpected medical expenses before you and your family can join a government health insurance program is smart. Without it, you could end up paying significant out-of-pocket costs. 

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What’s the difference between provincial health plans and medical insurance?

Once you arrive in Canada and establish your permanent residency government health insurance programs allow you to apply for coverage. But, in some provinces, there is a wait period before you are eligible for government health insurance. That’s where private insurance coverage is a good idea for both temporary visitors to Canada and people on the path to becoming permanent residents and Canadian citizens.

When purchasing visitor travel insurance, there’s no one-size-fits-all solution. As a newcomer to Canada, you must understand your options and select the right coverage based on key factors like age, dependants, health status, and deductible preference.

Buying travel medical health insurance can be challenging for newcomers and international students. It requires navigating the process especially if you have age-related risk factors and pre-existing health conditions. Finding the right coverage is important. It’s vital to know the basic requirements you or a loved one need before you buy a travel medical health policy.

Who is eligible for visitor to Canada insurance?

Visitors to Canada Travel insurance isn’t just for visitors! It’s also beneficial to the following individuals:

  • New immigrants waiting for provincial healthcare plan to kick in
  • Canadian citizens who have recently returned to Canada after living abroad (you may need emergency travel medical insurance for a few months until your provincial healthcare plan coverage takes effect)
  • Visitors to Canada on a working visa.

Renter’s insurance

Most renters in Canada get renter’s insurance and many landlords and buildings require it. It’s vital for newcomers and international students as it protects and reimburses you in an emergency. When you rent your first home as a newcomer or international student, remember that while you do not own the property, you most likely own the contents (furniture, electronics, personal possessions, valuables, etc.). 

Renters insurance is a must-have because most landlords in Canada require it, and here are five reasons why you need it.

What if my landlord has insurance?

Your landlord’s insurance only covers the building you’re living in. It does not cover your family’s belongings. The landlord’s insurance can’t always protect you from things that may go wrong in your new home in Canada. Renters’ insurance protects you.

Having the right insurance is about protecting yourself and your family against unexpected risks. Knowing how different kinds of insurance in Canada can protect you even before you arrive is vital. Insurance is smart financial planning that can save you money and build security. 

WRITTEN BY

Steve Tustin

Senior Editor, Prepare for Canada

Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.

© Prepare for Canada 2025

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