Buying a home? Protect yourself with the right insurance coverage!

Adequately insuring your home and your financing also means ensuring your peace of mind. Find out why it’s important to protect your home and be prepared to deal with any financial surprises.

Various insurance solutions can adequately protect your home and personal belongings.

However, it’s just as important to meet your financial commitments. That’s why it’s be a good idea to insure your financing to help you repay your mortgage in case the unexpected happens. You’ll help protect yourself and your family from financial worries.

Protect your future 

To reduce financial worries, it’s well worth your while to protect your assets and your ability to pay your mortgage.

Unexpected events, such as a damage to your property, accident, illness or premature death, can prevent you from meeting your financial commitments. That’s why it’s important to know the coverage available to help reduce the stress associated with such events.

Home insurance and Loan Insurance* can help you avoid a financial headache if something goes wrong.

Home insurance: A solid foundation

As a homeowner, you’ll want to protect your property from damage with the right coverage for your needs. It’s best to insure your home and belongings in case of unfortunate events like a fire or burglary.

 Should a covered event occur, you could receive funds to help pay for the repairs.

You can also choose coverage for water damage, like a sewer backup, water seepage or flooding. Under certain conditions, your home insurance could also repay some additional living expenses such as food, a place to stay, and a way to get around until you’re back on your feet financially.

In addition, your civil liability is covered by your home insurance. It plays a key role in protecting you in case you accidentally cause bodily injury or property damage to someone who doesn't live with you.  In the event of a lawsuit, this coverage can help pay your defence costs and any compensation owed to the person if you’re found responsible. Here are some examples: A fire breaks out in your home and damages the neighbour’s property, or your dog bites the letter carrier and causes serious injuries. In both cases, your civil liability might be covered by your home insurance.

Loan insurance means peace of mind

Is your home is insured? Great. And in the event of a disability that prevents you from working, would you still be able to make your mortgage payments?

This is where Loan insurance comes into play. It covers your regular payment based on a percentage you choose. You’re covered for the full duration of your disability, up until the loan is fully repaid or you reach age 70.  In order to qualify for disability insurance, you must first have life insurance to cover the remaining debt at the time of death based on the percentage you selected. Loan Insurance* takes care of one of your biggest financial obligations—your mortgage.