Home insurance for First Time Buyers

 Condo  Home

Purchasing your first home is an exciting time. There are many items to check off your list as you work with your realtor and mortgage company to finalize your purchase. One of the important items on this list, in addition to having an inspection and securing financing, is to make sure you can also insure the home.

While insuring your home may not be one of the more exciting parts of the purchasing process, it is one of the most important. Mortgage companies will want to ensure that their investment is protected should you have a claim that results in a total loss.  In fact, most mortgage companies won’t release your financing until you prove a confirmation of insurance.

Here is a quick list of the information your insurance broker will ask when quoting your new home:

  1. Is your new home a single-detached house , townhouse, or condo ?
  2. Is your home protected by a fire hydrant and fire hall?
  3. What is the age of your hot water tank?
  4. What type of heating, plumbing and electrical wiring is in your new home?
  5. When was the heating, plumbing and electrical last updated?
  6. Who lives in the home and are they related to you? Or will the house be a rental property?
  7. Do you have any previous insurance history?
  8. Will you want to pay monthly or all at once?

Depending on the type of home you’re moving into, your insurance broker will likely have additional questions and potentially a home questionnaire for you to fill out to be sure you are fully covered.

Remember that you likely will not know all the specifics of your new home when looking for insurance, as you have not yet moved in. So, it can be helpful to bring some informational documents with you such as an MLS listing. These documents provide useful information such as square footage, number of stories, location, and usually also include a photo. It is also helpful to know who your previous insurer was (if you had rental insurance in the past), as well as the dates you were insured. Lastly, don’t forget to bring a void cheque or your credit card if you would like to set up monthly payments.

To learn more, visit our Home Insurance page to learn more about the different policy types available. This page also includes FAQs for common insurance questions to help provide more information, as well as additional coverage options you can add to your policy to provide even more peace of mind.  Of course, for the best home insurance advice visit one of our local Westland Insurance offices near you to speak with an experienced insurance broker.