Buyer Links
Toronto Real Estate Search
Click here and let us know what you are looking to buy
Toronto Lofts for Sale
All Toronto loft conversions, as well as new soft loft buildings
Toronto Loft Conversions
Only authentic hard loft conversions in Toronto
Toronto Soft Lofts
Only newly-built soft loft buildings in Toronto
Toronto Condos for Sale
Popular Toronto condo
buildings, as well as some
new condo developments
First Time Buyers
A special section for those entering the Toronto condo or house market for the first time
Property Listings
Check what Toronto condos & houses are for sale - and check our office listings as well
Tools for Buyers
Mortgage calculator, land transfer tax, etc.
Articles & Guides - Buying Toronto Condos & Real Estate
Homeowners' Insurance and Other Insurance You May Need
When you purchase a home, it's important to 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 that 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. Feel free to shop around.
Just because your car is insured by one company doesn't mean they will have the best price for the best coverage for your home. That said, most insurers offer a price discount if your car and home are insured by them. Most banks will not close a deal (forward the mortgage funds) unless you have proof of insurance for your new home, so make certain to get this taken care of – get quotes from various companies, choose which one you will go with and have them give you a "binder" to prove your coverage to your bank.
Mortgage Life Insurance
When lenders (banks) refer to mortgage insurance, they're referring to coverage that's provided by Canada Mortgage and Housing Corporation (CHMC) or GE Capital Mortgage Insurance (GEMI) 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 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. 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.
We hope this is a bit of helpful information for you in your expanding knowledge of home buying. Please feel free to contact us should you have any questions or are ready to embark on your home buying journey!