Depending on the policy, it will cover damages that can occur to the building and its contents. Those who rent an apartment or who own a condominium can also buy home insurance. This type of insurance generally covers the contents of the apartment and any improvements that might have been made. If you own a car, you are required by law to hold a third party liability policy. This will insure the driver in the event someone is injured or killed or someone else's property is damaged in a car accident.
Most car drivers like to have more than minimum car insurance.
Collision and comprehensive insurance is available to cover any damages that may occur to the driver's vehicle, while an accidental medical policy will cover medical costs that exceed what is covered by a provincial health plan. A life insurance policy is designed to ease the financial burden on dependants of the person who holds the policy in the event something happens to that person. Generally, it's a good idea to have life insurance if you have children or other dependants who would suffer financially if you died. But if you have no dependants, there is no pressing reason for you to spend money on life insurance. If you are leaving the country for any reason, plan on purchasing excess medical coverage.