When should homebuyers look for home insurance?After you’ve successfully purchased a home, you should start shopping around and take a look at different insurance policies. Be sure to start this process before closing, as it is up to you as the buyer to have the property insured before your closing date. It’s advised to start shopping for a policy at least 30 days before your closing date. This will give you enough time to compare quotes, ask questions and gather all the relevant information needed to get a quote. Some lenders require you to have a home insurance policy in place in the days leading up to your closing day.
If you are using a mortgage lender to fund your mortgage, check to make sure the insurance policy you’re looking at meets the requirements of your lender — while home insurance isn’t required by the province, most lenders require you have home insurance with certain coverages in place. You can purchase insurance once you have determined that your policy meets your lender’s requirements and your specific needs. Your insurance company can usually email or fax your proof of insurance to the necessary parties before your closing date.
Why is it important to have home insurance?Having home insurance is crucial as it helps protect your home and belongings in unexpected events. Home insurance provides you with coverage to repair or replace your home and your belongings so you don’t have to pay out of pocket for any damages. Home insurance can also cover legal fees associated with any lawsuits that could be brought against you from injuries sustained on your property by you, your family members or pets, regardless of whether or not you are at fault. Some insurance policies can also protect you from medical costs that are associated with these potential lawsuits and can also include coverage for additional living expenses in the event that you are temporarily unable to live in your home due to an insured loss.
When you’re covered with Onlia, your policy documents clearly outline your coverage — so you know exactly what you’re paying for, and how you’re protected.