This question comes up frequently when purchasers are buying a new or resale home. In real estate Homeowner Insurance is necessary when purchasing a home in Canada.
Buying a home is the largest investment that people generally purchase in their lives, so it is important to learn how to protect your investment through Home Insurance.
Discussing various forms of Home Insurance such as Basic or Non Perils Insurance, Comprehensive Insurance or A Broad Insurance Policy can often seem overwhelming when researching it on your own , so it is often best to use a Mortgage Insurance Agent or Broker.
Mortgage Lenders typically insist on fire insurance coverage that is equal to the loan amount or building value, whichever is less. It is important to explore a policy that has fire insurance on the building and its contents with personal liability coverage.
Many forms of coverage can be relatively inexpensive and offer protection, for example Mortgage Life Insurance. Mortgage Insurance protects your family and beneficiaries. Other forms like Disability Insurance and Job Loss Mortgage Insurance which covers payments where required in the event of the loss of a job.
At Century 21 Heritage Group Ltd. we offer an in house Mortgage Lending Department called CENTUM Mortgage Professionals Corps. that is legally and professionally qualified to give you advice on home insurance. Our Mortgage Insurance Agents or Brokers are happy to assist you with your Homeowner Insurance questions.
Be sure that when you sit down with your Mortgage Agent or Broker you discuss what Home Insurance is right for you and your family. It is also very important to determine what the different forms of insurance cover and don’t cover in terms of protection towards your home or assets. Your Agent or Broker will help you to understand every aspect of your policy and help to guide you towards products that will best suit your needs and the needs of your family for Home Insurance and appropriate protection.