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Buying a home is likely the largest financial commitment an individual will make in their lifetime.  In order to protect that investment, new homeowners should speak with an insurance broker to better understand the steps involved, and to provide peace of mind as they begin their new life as a property owner.

• The process begins once an offer is made on a house since there is typically a clause stating the buyer must provide a “letter of insurability”. The buyer must show that both they and the house, in its current condition, and for its intended purpose are insurable.
• An insurance broker will work with homeowners to decide which policy best fits their individual needs, and provide options. Brokers also provide advice about combining policies which can result in overall discounts.
• During the course of advising on cover for the home, the insurance broker will ask the buyer questions in order to determine the replacement cost of the home. This amount refers to the cost to rebuild the home in the event of a total or partial loss, which differs from both the purchase price and assessed value for tax purposes.
• One of the biggest advantages of using a broker is that they can help new homeowners understand policy wording and explain what types of losses are covered. A broker can also clarify how the type of heating or installation of an alarm can affect premiums.
• Finally an insurance broker will be able to help you calculate a payment plan for your policies to protect your investments.

So regardless of your circumstances as to whether you are a first time buyer, looking for a larger home or are downsizing, there has never been a better time to talk to your broker.