Lenders insist on property insurance because your property is their security for your loan. An insurance broker can help you with your insurance needs, including property insurance and mortgage life insurance.
Property insurance covers the replacement cost of your home, so premiums may vary depending on its value.
Mortgage life insurance provides coverage for your family should you die before your mortgage is paid off. This type of insurance is often available through your lender, who then simply adds the premium to your regular mortgage payments.
However, like you do when choosing a mortgage broker and a single mortgage lender, you may want to compare rates between both an insurance broker and your lender.
Be careful not to confuse property or life insurance with mortgage loan insurance, which may be required for high‐ratio mortgages.