HOME INSURANCE

FIRE INSURANCE

All properties (other than condominiums) are required to have Fire Insurance. A Fire Insurance Binder MUST be provided to our office prior to the Closing Date. Please have your insurance agent forward the fire insurance binder to our office, such should indicate that you and the Mortgagee (bank) are insured for Guaranteed Replacement Cost prior to the Closing Date.

FIRE INSURANCE FOR CONDOMINUMS:

If the property you have purchased is a condominium you may NOT be required to purchase fire insurance, as typically the condominium corporation will have insurance for the entire building. You still should arrange insurance coverage for the contents of your condominium unit. Be sure that the insurance is effective prior to the closing date and that such insurance covers any deductible that might become payable to the condominium corporation for a claim under its insurance.

CONTENT INSURANCE

This is not required by your Mortgagee but it is an important form of coverage. Content insurance protects the contents of your home (e.g. furniture, electronics, some valuables, etc). This is important if you worry about damage, theft or robbery, or in the event of fire or flood damage to them (fire insurance only replaces your house, not your content).