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Home Insurance For Your New Home

By Theodore Thomis


Mortgage companies in Canada require you to buy home insurance to cover the balance of your mortgage should your home need to be replaced or repaired due to fire or other damage. Here are some tips to help you find home insurance that is right for your family and you.

You might be wondering how much coverage you need and what that will cost if you're a first time home buyer.

Home insurance is an insurance policy that you purchase to cover the cost of replacing your home and its contents in the case of a fire, damage or theft. It protects you from liability too, in the event that someone's belongings are damaged while they're in your home, or if someone hurts themselves while on your property.

All risks to your home will be protected with a comprehensive home insurance policy; other than those which insurance policies do not normally cover, such as natural disasters.

Basic home insurance only covers the specific perils that are set out in the policy. This option is less expensive because fewer hazards are covered, as compared to a comprehensive policy. Broad home insurance is a mix of comprehensive insurance and basic insurance policies.

How much coverage is necessary?

Your home-insurance policy should cover enough to entirely rebuild and furnish your home were it wiped off the map. Get an estimate, by asking a home builder to walk through your home and tell you what it would take to rebuild; that figure should be the basis for how much replacement coverage you'll need. Be sure to point out any unique and/or expensive details that would add to the replacement cost. You'll need to know what kind of coverage you want, once you've determined the replacement cost of your home.

To make sure that you are completely covered and reimbursed if you have to file a claim for damages or theft, take an inventory of your personal possessions and the contents of your home.

Last, liability coverage protects you in case something takes place on your property that would make you financially responsible, such as if someone's belongings were damaged or if they were injured on your property.

What does it cost?

Depending on the amount of coverage required, as well as the deductible you choose, the neighbourhood you live in and other factors, the cost of your home insurance policy will vary. In general, the more coverage you have, the more it will cost.

The amount which you are required to pay against the full cost of the damage or repairs is called the deductible. You can choose to raise or lower your deductible when you purchase your insurance policy. As a rule of thumb, your monthly premiums are lower with a higher deductible. Before you buy, it's important to shop around and ask your insurance representative if you have any questions or concerns.




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