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Our Guide for First-Time Home Buyers

Our Guide for First-Time Home Buyers

Are you a first-time home buyer? There’s a lot you need to do and prepare for before closing time, including insuring your home. In Ontario, homeowner’s insurance is not mandatory, but it is vital. Having insurance for your home will not only protect you against any losses, but it also protects your mortgage lender’s security – and that’s incredibly important. In most cases, your lender will require basic insurance as part of your mortgage agreement, so it’s isn’t something you can ignore. If insurance is a new avenue for you, don’t fret, this article will help you understand what you need to know to pick the perfect policy.

Start Early

For many first-time home buyers, insurance is an afterthought. But if you leave it to the very last minute you could end up making a poor choice that could cost you thousands of dollars in the long run. Just like finding the right mortgage, if you want a plan that is both affordable and addresses your specific needs, you need to put in the research time, so start early when shopping around.

Know What Coverage You Need

Picking the right policy is about more than just determining how much coverage you need, it’s also about finding the right coverage for you. A typical insurance policy will protect you against the most common types of losses and liabilities. But not all policies are created equal or have all the coverages that you need. An insurance agent can help you find the right policy for your budget and property type.

Use an Insurance Agent

Talking to an insurance agent before you buy can also help you to identify any potential problems or costs that may arise. They also have access to a wide range of insurance companies and can help you find the best plan for your needs at the lowest rate.

Get an Inspection

Whatever you do, don’t skip out on the home inspection. It will identify any hidden issues that could impact your insurance and will also give you an idea of what things you can improve on to avoid a claim.

Consider Bundling

Some insurance companies will allow you to bundle your homeowner’s insurance, car insurance, and your other policies together. This can help you shave off a portion of the premiums and save thousands of dollars every year. Many providers will also add extra perks, so it’s worth talking to an insurance broker who can help you bundle your insurance plans together.

Keep Your Insurance Up to Date

Once you have insurance in place, it’s important to review it annually to make sure that your policy meets your current needs. You should also check your insurance policy before you make any renovations or additions to ensure that it covers these changes.

There’s a lot more to home insurance than just picking a plan and signing on the dotted line. We can help you assess how much coverage is right for you and find you the best discounts and savings.Contact us at Rowat Insurance today.

Rowat Insurance

Insuring Ontario and Quebec since 1955. Trust Rowat Insurance Brokers to look after your home, auto, business and life insurance needs. We always guarantee fast, friendly service and highly competitive premiums. As brokers, we are entirely independent from Insurers and Financial Institutions; we will work with you to analyze and advise on risk, and customize the coverage that is right for you.