Buying a Home
This is likely one of the most significant purchases you will make and it is a huge responsibility and financial commitment.
Properly insuring your home is critical and policy options, coverage limits, additional coverages, endorsements and deductibles can be confusing. We are here to help! However before we get to the particulars of tailoring the right policy for you, there some things that should be considered when you purchase a home to avoid costly or unpleasant surprises down the road:
How old is the home you have purchased? If it’s more than 25 years old you should ensure that the plumbing, wiring, furnace and roof have all been updated. If not, you should budget for those updates to ensure your home is safe, properly maintained and eligible for insurance. Old knob and tube or aluminum wiring are particularly worrisome and can be costly to update
How far is the home from the nearest fire hall? This has in impact on premium
Have you purchased a home in a flood zone or in an area that is particularly vulnerable to water damage? If so, be prepared to invest in preventative measures to protect your property and qualify for insurance
Is there a wood stove or pellet stove in your home? If so, it is essential that these be installed safely and cleaned and maintained and you should know that these types of secondary heat sources can increase your insurance premium.
Is your home part of a row of older homes? If so, even if your house is updated, there may not be firewalls or any way to know if your neighbours have maintained their property and updated their electrical and plumbing systems. This may limit your eligibility for insurance with some companies.
Are you planning on renting out part of the house to help pay for the mortgage? Probably not a problem but you need to discuss this with us to determine if additional coverage is needed and it may impact the premium you pay. We can also make recommendations such as getting a lease agreement for your tenants and insisting that they carry their own tenants insurance.
These are just a few of the things you should consider when planning and purchasing your new home. Call us to talk about your unique situation so we can give advice, guidance and provide you with a quote!
Have any questions? We can help.
Contact us—we can help you access and use your MyMills portal and app.
Tollfree: 800-953-0999 Phone: 416-489-5570 Email: firstname.lastname@example.org