Other Topics:
FAQ.
Mortgage Info,
Glossary of Terms.
Other Selling Topics:
Selling Your Home,
Seller Info,
Costs,
Moving,
Code of Ethics.
Other Buying Topics:
Buying a Home,
Buyer Info,
Government Assistance,
Agency Law,
Inspection,
Land Transfer Tax,
Insurance.
Home Insurance
When you purchase a home, consider how you will protect your investment.
Homeowner's Insurance
Most mortgage lenders insist on fire insurance coverage at least equal to the
loan amount or the building value, whichever is less. You should also consider a homeowner's
policy which combines fire insurance on the building and its contents with personal liability coverage.
Consult your general insurance agent or broker for professional advice on home insurance.
Mortgage Life Insurance
When lenders refer to mortgage insurance, they're referring to coverage that's provided
by CHMC or MICC for a high ratio mortgage. Mortgage life insurance (MLI) is inexpensive coverage
on your life which protects your family or beneficiaries by paying off your outstanding
mortgage in the event of your death. For just pennies a day, you will have peace of mind knowing your
beneficiaries will be mortgage free.
MLI premiums are based on two factors: your age and mortgage amount. Your premium is added to
your mortgage payment so there's no extra paperwork, and it remains the same until your mortgage
is paid off. Joint coverage for spouses is also available.
Disability Insurance
Disability Insurance is important if your mortgage payments depend entirely or in part on your income.
Disability insurance provides replacement income if an accident or illness prevents you from working.
Job Loss Mortgage Insurance
Recently insurance companies have started to offer Job Loss Mortgage Insurance. This insurance covers
the mortgage payments in the event that you involuntarily lose your job.
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