Title Insurance

While most insurance protects against unpleasant events of the future, title insurance protects against unpleasant events of the past. Title insurance protects an owner of a residential or commercial property against loss or damage suffered due to defects, fraud, liens or encumbrances relating to the owner's title. In other words, if anything went wrong concerning the title of your property before it was transferred to you, you're covered. This single, one-time premium is in effect for as long as you own the property and best of all, it is included when you close your transaction through the RealProperty Lawyers' Network.

Homeowner's Insurance

If you are financing your home purchase with a mortgage, fire insurance is necessary from the day of closing. The coverage is at least equal to the loan amount or the building value, whichever is less. You should also consider a homeowner's insurance policy that combines fire insurance on the building and its contents with personal liability coverage. Different insurance companies offer different policies and rates so shop around to make sure you're getting the most peace of mind for the least amount of dollars.

For more information on Homeowner's Insurance, please see one of our associated Homeowner's Insurance specialists:

Mortgage Insurance from CMHC/GENWORTH

Most financial institutions in Canada are only allowed to loan up to 80% of the value of a residential property. Any mortgages exceeding the 80% requirement are considered "high ratio" and require a purchaser to buy mortgage default insurance available through CMHC (Canada Mortgage and Housing Corporation) or GENWORTH (GE Mortgage Insurance Company).

The insurance premium is usually added to the mortgage amount being borrowed. On closing, your financial institution will deduct the amount required to pay the default insurance premium directly from your mortgage advance unless your are paying the premium up front from your own resources.

Requirements:

* A minimum 5% down payment is mandatory

* Must purchase a home in Canada

* Must be occupied as principal residence

* Has not previously owned a principal residence within the last 5 years

* One purchaser must be a first time home buyer

If your mortgage is "high-ratio" (exceeding 80% of the property's value), it must be insured through Canada Mortgage and Housing Corporation (CMHC) or GENWORTH (GEMICO). Because mortgage insurance protects your bank if you default on your mortgage, lending institutions will loan up to 95% of the value of the property, allowing you to only put 5% down. Bare in mind, even with mortgage insurance, you are still responsible for the debt should you default.

Mortgage Life Insurance

Mortgage Life Insurance protects your family or beneficiaries by paying off your outstanding mortgage in the event of your death. Premiums are based on two factors: your age and the amount of the mortgage. Your premium is added to your mortgage and remains the same until your mortgage is paid off. Joint coverage for spouses is also available.

 Disability Insurance

If an accident or illness prevents you from working, Disability Insurance provides replacement income to get you through this unfortunate time. Your financial institution can further explain this type of coverage to you.

Job Loss Mortgage Insurance

Should you involuntarily lose your job, this insurance covers your mortgage payments. Please ask your financial institution if they provide coverage for this type of occurrence.

SafeClose™ Home Closing Protection Program

An easy way to protect yourself during residential real estate transactions. The SafeClose™ Home Closing Protection Program was developed with input from professionals from all areas of the real estate industry and is administered by Canadian Home Shield Inc. 

Home closing insurance covers the additional expenses other insurances don't in the event of a delayed closing. These include temporary accommodation, living expenses, bank fees, legal fees, moving, storage, and other incidental costs.potentially adding up to thousands of dollars! 
  Find more about Home Closing Insurance Here

The SafeClose™ Home Systems and Appliance Warranty

Because expensive Home Systems and Appliance repairs can be a major concern to buyers, The SafeClose™ Home Systems and Appliance Warranty provides low cost  "peace of mind" during the home buying or selling process.

The SafeClose™ Home Systems and Appliance Warranty protects you from the high cost of repair due to unexpected breakdowns of covered home systems and appliances arising from normal wear and tear.
Find out more about Home Warranty Here