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Mortgage Insurance in Canada

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Rogers Insurance can provide mortgage insurance that protects your family, not the bank. If you change banks, refinance, or sell your home, you can keep your coverage and not go through the hassle of re-qualifying.  

Why Rogers Insurance? 

  • We’re independent. As an employee-owned, independent brokerage, we work for you, not an insurance company or bank. 
  • We’re experienced. Our mortgage insurance brokers have years of experience and professional training. They can find you the best protection for a good price. 
  • We put the customer first. We pride ourselves on our well-earned reputation for customer service. 

See the difference for yourself and contact us today for a mortgage insurance quote. 

What is mortgage insurance? 

Mortgage insurance helps pay back the lender if the borrower can’t pay the mortgage loan due to their circumstances.  

What are the different types of mortgage insurance available in Canada? 

There are several different types of mortgage insurance found in Canada: 

  1. Mortgage Insurance – Often a condition of a bank loan (usually if you do not have a minimum 20% down payment), this coverage protects the titleholder or mortgage lender if the borrower is unable to meet the contractual obligations of the mortgage (due to death, defaulting on payments, et cetera). This policy may pay directly to the lender or it may pay to the heirs, depending on the terms.  
  2. Mortgage Title Insurance – This coverage protects you if a sale is later invalidated because of a problem with the title, such as if the seller does not own the property.  
  3. Mortgage Life Insurance – This is a type of life insurance specifically designed to pay off a mortgage in the event you prematurely pass away or receive a long-term disability.  

How does mortgage insurance work in Canada? 

Mortgage insurance works differently depending on the type and the individual terms of the policy. Generally, if it is determined the borrower won’t be able to pay the balance of the mortgage back, mortgage insurance will cover what hasn’t been paid off for the lender. 

As the borrower, you’ll need to pay the insurance premiums.  

What are the benefits of mortgage insurance? 

The main benefit of mortgage insurance to Canadians is that it allows easier access to the housing market. Mortgage insurance will protect lenders so that they may give you a mortgage loan even If you don’t have a down payment of 20% or more.  

Is mortgage insurance mandatory in Canada? 

Mortgage insurance is required in Canada only if you cannot pay the minimum down payment amount, currently at 20%. Otherwise, it is optional.  

Are all mortgages insured in Canada? 

No, not all mortgages are insured in Canada. Generally, a mortgage lender will require mortgage insurance if you pay less than 20% as your down payment. 

Do I need mortgage insurance? 

You only need mortgage insurance if you have less than a 20% down payment for the home you’re buying. This is generally required by mortgage lenders. If you are paying 20% or more for the down payment, you do not need mortgage insurance.  

Why should I get mortgage insurance through Rogers instead of a bank? 

Getting mortgage insurance through Rogers insurance provides the following benefits: 

  • If you change banks, refinance, or sell your home you can maintain your coverage and don’t need to requalify 
  • Potentially cheaper mortgage insurance rates 
  • Proceeds of the policy can be paid to your family 
  • You have control over the mortgage insurance policy 

This means better protection for less money. Let us show you with a mortgage insurance quote.  

How much does mortgage insurance cost? 

The cost of mortgage insurance depends on your mortgage as well as the mortgage insurance company. For the best rates, work with Rogers Insurance. Our mortgage insurance brokers will find you the most competitive prices.  

This expense may be part of your mortgage loan payment or a separate cost.  

Contact Rogers Insurance to learn more and get a competitive mortgage insurance quote today. 

Who We Have Helped

When real life happens

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Fire Loss

A metal recycling company in Calgary suffered a major fire loss on their premises involving scrap metal, where the piles of metal heated and self-combusted, starting a huge fire. When they were told what happened was not insurable, Rogers’ own David Chiu stepped in and hired a fire investigator.

Account Executive: David Chiu
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