Before You Sign on the Dotted Line
Once you’ve selected a neighbourhood that matches your lifestyle, consider the following questions.
- Do the advantages of a new build (for example, a warranty, if applicable) outweigh the opportunities of older construction (for example, remodeling and customizing)?
- What risks will you assume if you don’t include a home inspection as a condition in your purchase offer?
- Is your budget sufficiently flexible to accommodate factors that are subject to change? In addition to insurance, these factors include:
- Monthly mortgage costs
- Monthly maintenance fees
- For a new condo, is there a sufficient reserve fund for future repairs?
- For an older condo, are any major repairs outstanding? Are any special assessments underway? Are adequate funds invested for future potential use?
- If you are buying a new build, what do you know about the builder’s experience? Has the builder had any claims or lawsuits?
- Are there any current claims (liens) on record against the property?1
- Is the property in a flood-prone area? The local municipality may have a flood map.
Factors Affecting Your Home Insurance Premium
- Type of residence (for example, single- or multiple-family, rental property, condominium, recreational property)
- Construction material used (for example, brick, cement), age, size and location
- Heating, plumbing, electrical systems, roofing and land grading
- Fire protection (for example, distance from a fire hydrant, type of nearest fire station)
- Loss experience (for example, rate of crime and fire in the neighbourhood)
- Type of coverage, optional coverage and deductible
- Your claims history and discount eligibility.
Types of Home Insurance to Consider
As a homeowner, you need to insure your house for rebuilding costs in the event of serious damage or destruction. Learn more about buying home insurance and types of coverage.
Title insurance protects your ownership interest in your property from losses incurred as a result of unknown defects or other covered matters.