Here are a few points we’ve put together for you to consider in order to protect yourself and your new home from life’s sometimes cruel, twists and turns.

1. Mortgage/Life Insurance

In case of death of the owner(s), the mortgage balance is insured by a type of temporary life insurance, called mortgage insurance.

This type of insurance is especially recommended for families with small children who can not risk losing their home if one of the family’s supporting members should die. It is the safest way to protect the survivors from forced relocation if they have difficulty making the monthly mortgage payments.

2. Fire Protection

Unfortunately, no one is safe from the possibility of fire. It is therefore imperative to protect your home against such an unfortunate incident.

If there is a mortgage on the house, your insurance policy must cover the total replacement value of the building. This replacement value should be regularly updated to reflect the increases of construction costs, and thus allow you to recover your investment in the event of a fire. Insurance policies are renewable every year. When you are building or re-building a home, take out insurance for the duration of the construction work as a security measure.

3. Liability Insurance

Personal liability insurance protects you against damage caused by a third party or visitors, as well as against possible legal proceedings. Most insurance policies for homeowners-occupants cover liability as well as fire protection. They may also cover loss by theft, destruction, in whole or in part, of movable property, and protection against damage caused by adverse weather conditions and Mother Nature’s instabilities.

4. Movable Property

Movable property is covered by your insurance policy as a percentage of the insured value of the house. Most insurance companies offer this protection based on the full replacement value. It is therefore important to ensure that the total amount is sufficient to replace your personal property.

5. Other Items to be Considered

Most insurance policies impose a maximum amount for specific property such as jewellery, furs, silverware, etc. This amount may be increased by means of an endorsement to the policy. Discuss it with your insurance broker. Furthermore, trailers, boats and rented property are examples of property that can be added to your home insurance policy. Each policy is unique according to individual requirements. Your broker will take the time to analyze your needs, answer all your questions and explain the contents of your insurance policy to you. If you have an alarm system installed, you will enjoy important premium reductions.