Found 7 blog entries tagged as home insurance.

Home insurance is an essential component of responsible homeownership. It provides financial protection against unforeseen events that can cause damage or loss to your property and assets. In this article, we will explore the role of home insurance and highlight its importance in safeguarding your investment.

Understanding Home Insurance

Home insurance, also known as homeowner's insurance, is a type of property insurance that provides coverage for losses and damages to your home and its contents. It offers financial protection against events such as fire, theft, vandalism, storms, and other perils specified in the policy. Home insurance typically consists of various types of coverage that work together to protect different aspects of your property.

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Buying a home for the first time can be an exciting and overwhelming experience. As a first-time homebuyer, it's essential to be well-prepared and knowledgeable about the process to ensure a smooth and successful transaction. In this article, we will provide valuable tips and guidance to help you navigate the homebuying process with ease.

Assessing Your Financial Situation

Before starting the homebuying process, it's crucial to assess your financial situation. Calculate your monthly income, expenses, and existing debts to determine how much you can comfortably afford to spend on a home.

Setting a Realistic Budget

Based on your financial assessment, set a realistic budget for your home purchase. Consider factors such as down payment,…

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Welcome to the exciting world of homeownership!

As you embark on this thrilling journey, we've crafted a checklist to guide you through the process. Let's dive in and make your dreams of owning a home a reality!

Get your finances in order

Take a close look at your finances and create a budget. Determine what you can comfortably afford, considering mortgage payments, insurance, taxes, and maintenance costs. A solid financial foundation sets the stage for a successful homeownership adventure. Check out our mortgage calculator.

Save for the down payment

Start saving specifically for your down payment. Every dollar counts, so create a savings plan and watch your down payment fund grow. The more you save, the closer you get to unlocking the door…

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Homeowners have felt the financial pinch of flooding and thus, have questions about floor insurance. Flooding has surpassed forest fire as Canada’s top cause of property damage. Six per cent—and up to 10 per cent—of homes across Canada are already uninsurable for flood risk.

As major floods have become more common in communities across Canada over the last decade, it has brought the issue into mainstream consciousness. However, despite growing awareness, homebuyers purchase homes in flood zones without knowing the risks and the protection they need.

With so many homeowners living in high-risk regions, we wanted to examine the importance of flood insurance and share tools that can help determine if you live in a high-risk area.

What is flood…

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As a first-time home buyer, you probably already know you’ll need a chunk of cash for a down payment. But lots of other costs can creep up when it’s time to jump into the real estate market, so it’s a good idea to save up for them and be ready for when the time comes to make an offer. Here’s how one first-time home buyer is navigating this exciting time.

Start budgeting early 

When Montrealer Kelly Wong decided last summer to buy a two-bedroom condo or small home on her own, she knew she had lots of homework to do, including figuring out what she could afford. 

TIP: Using an online tool like our Mortgage Payment Calculator can allow you to see what your mortgage expenses will look like.

Wong also teamed up with Jean-François Gionet,…

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Ways to Reduce Your House Insurance Premiums

House insurance is critical. However, it is an added cost that sometimes people forget about when purchasing a home. While it isn’t necessarily against the law in Canada to not have home insurance when you own a home, most if not all financial institutions and lenders will ask for proof of insurance before approving your mortgage and allowing you to close on your house.

Having home insurance is to your benefit. It can ease your mind, knowing that your insurance company will cover your losses in a disaster (with the right insurance coverage, of course), and you won’t have to spend a fortune replacing all your belongings. With that being said, there are two insurance terms that all homeowners need to be aware of: insurance…

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There’s a lot to consider when you decide to renovate. Aside from choosing the right tile for your new backsplash or the perfect shade of paint, you have to think about insurance. Though home insurance isn’t mandatory in Canada, most mortgage lenders require it before financing, and it can help protect your property and home contents against damages.

Canada’s home renovation sector is now an $80-billion market with a recent survey indicating that 27% of Canadian homeowners have renovated during the pandemic, and another 20% plan on tackling renovations in the near future. 

While some renovations can be costly, they can help increase the value of a home. Regardless of the size of your renovation, it’s always important to consider how any improvement…

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