Buying a home is one of the biggest purchases you’ll ever make. Congratulations! Once you’ve made that purchase, you’ll want to make sure you have the right coverage to protect your home, your family and your finances. Here are some things you should consider when shopping for home insurance.
Home Insurance: A Solid Foundation
Personal Property
Home insurance is where it all starts. It helps protect your property against accidents or unforeseen incidents that aren’t specifically excluded from your policy. Even better, it offers peace of mind knowing that your home and belongings are protected.
Home insurance covers your home and its contents against fire, theft and vandalism. Subject to certain conditions, it could also reimburse some of your living expenses, such as meals, accommodations and transportation if you need to relocate while your home is undergoing repairs.
Liability Coverage
Liability insurance is another important piece of the puzzle. It’s part of your home insurance coverage, and it protects you against unintentional property damage or bodily injury caused to other people.
For example, it protects you if a fire breaks out in your home and spreads to your next-door neighbour’s house. It also protects you if your dog bites the mail carrier. In these and similar cases, your liability coverage is there.
Extra Coverage
On top of your standard home insurance coverage, you can choose to add extra coverage to your policy for things like water damage, sewer backup, seepage or flooding. These are generally known as “endorsements” and are add-ons you can choose that provide coverage that is above your basic home insurance.
Loan Insurance
Home insurance is a great first step, though there is another type of coverage you might want to think about. If you were unable to work due to illness, injury or death, would you be able to cover your mortgage payments? That’s where loan insurance comes in.
Make Sure Your Mortgage Payments Are Covered
If you were to pass away, loan insurance would cover the insured balance of your mortgage (usually the amount that you still owe). If you were to become totally disabled, it would cover your mortgage payments.
Desjardins Loan Insurance Is Flexible
When you insure your mortgage with Desjardins, you can choose either coverage in the event of death, or in the event of death or disability. You can also choose the coverage percentage you want, from 10% to 100% of your loan balance.
Desjardins Loan Insurance is there to take care of one of your biggest financial obligations — your mortgage — if you become unable to do so. It can help keep your family financially secure in the event of the unexpected.
Protect Your Future
Your home is your castle, and it’s important to make sure it’s protected. Home insurance and loan insurance can help you rest easy and avoid a financial headache if something goes wrong.
Interested in learning more about home insurance and optional property endorsements? Have questions about protecting your home with loan insurance? I’m here to help. Give me a call.
For more helpful prevention tips, visit desjardinsagents.com/customer-care/blog.
This column, written and published by Desjardins Agent, Matt McNichol, presents general information only and is not a solicitation to buy or sell any insurance products. These tips are provided for information and prevention purposes only. They are general in nature, and Desjardins Insurance cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.
*Loan Insurance is a product of Desjardins Financial Security Life Assurance Company. The terms and conditions of the coverages described are set out in the home insurance contract and loan insurance contract, which always prevail. Certain conditions, limitations and exclusions may apply. Desjardins Insurance refers to Certas Home and Auto Insurance Company, underwriter of automobile and property insurance or Desjardins Financial Security Life Assurance Company, underwriter of life insurance and living benefits products.
Desjardins®, Desjardins Insurance®, all trademarks containing the word Desjardins, as well as related logos are trademarks of the Fédération des caisses Desjardins du Québec, used under licence.
