Home Insurance What You Need to Know

When you apply for insurance, companies will look at both the home to be insured and the person applying.

  • 1. Insurance companies consider a home's age and condition, including the electrical system, plumbing, heating, oil tanks and structural components. They will also want to know if the home is owner occupied, rented or left vacant.
  • 2. Insurance companies also look at the individual applying for insurance. Individuals with a number of previous claims, policies that have been cancelled, declined or lapsed, a poor credit rating or convictions for insurance fraud may see their applications declined or a surcharge added to their premium.

What to Do When Buying or Selling a Home?
--Buyers should consider home insurance in their decision making process. Consider getting "pre-approved" for insurance, just as you would a mortgage.
--Ask your broker to get a "claims report" on the home you plan to buy.
--Don't' wait until the last minute. Buyers should arrange home insurance as soon as their offer is accepted.
--Buyers may consider working with their REALTOR® to make offers conditional on obtaining satisfactory home insurance.

Selling--Sellers can speed the sale of their home by obtaining a home inspection, which may highlight potential insurance issues.
--Sellers may wish to fix any problems to promote a faster sale at a better price.

(Source: Ontario Real Estate Association)

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Eugene Pilato

Eugene Pilato

Broker of Record
CENTURY 21 Today Realty Ltd., Brokerage*
Contact Me

Blog Archives