Left Navigation Home Buying Tips Understand the factors that insurers consider when determining your premium. Before You Sign on the Dotted LineOnce you’ve selected a neighbourhood that matches your lifestyle, consider the following questions.Do the advantages of a new build (for example, a warranty, if applicable) outweigh the opportunities of older construction (for example, remodeling and customizing)?What risks will you assume if you don’t include a home inspection as a condition in your purchase offer?Is your budget sufficiently flexible to accommodate factors that are subject to change? In addition to insurance, these factors include: Monthly mortgage costsTaxesMonthly maintenance feesFor a new condo, is there a sufficient reserve fund for future repairs? For an older condo, are any major repairs outstanding? Are any special assessments underway? Are adequate funds invested for future potential use?RepairsIf you are buying a new build, what do you know about the builder’s experience? Has the builder had any claims or lawsuits?Are there any current claims (liens) on record against the property?1Is the property in a flood-prone area? The local municipality may have a flood map.1Source: 10 Tips for New Home Buyers Factors Affecting Your Home Insurance PremiumType of residence (for example, single- or multiple-family, rental property, condominium, recreational property)Construction material used (for example, brick, cement), age, size and locationHeating, plumbing, electrical systems, roofing and land gradingFire protection (for example, distance from a fire hydrant, type of nearest fire station)Loss experience (for example, rate of crime and fire in the neighbourhood) Type of coverage, optional coverage and deductibleYour claims history and discount eligibility.Types of Home Insurance to ConsiderAs a homeowner, you need to insure your house for rebuilding costs in the event of serious damage or destruction. Learn more about buying home insurance and types of coverage.Title insurance protects your ownership interest in your property from losses incurred as a result of unknown defects or other covered matters. Tips on How to Reduce Your Home Insurance Premium10 Tips for New Home Buyers Home Insurance Q&AQuestion to ask your insurance representative.All about home insuranceA house is often the single largest financial investment you can make. Without insurance, your most valuable asset is vulnerable to fire, theft and other disasters. Related ServicesTitle InsuranceYour ownership of a property is legally referred to as title. When a property owner signs over a deed, that person transfers ownership and the title is registered in a government land registration system.Flood MapsFlood maps – if available for your area – are a great way to assess your home’s risk of flooding. Useful LinksBuying Home InsuranceAs a homeowner, you need to insure your house for replacement costs so that in the event of serious damage or destruction you have adequate coverage. Be sure to keep your home insurance current by reporting material changes or upgrades.Home Inventory ApplicationA current inventory of your belongings makes it easier to file a claim. Keeping your records off-site is wise in case a fire or flood damages your property. Consider updating your home inventory each spring and advise your insurer of any major purchases.Act of GodInsurance companies don’t use the phrase “acts of God.” They use the word “perils” to describe events that an insurance policy covers, and “exclusions” for events or situations that are not covered.Rental PropertiesBefore renting out your primary or secondary residence, contact your insurance representative. Make sure that your home insurance provides adequate coverage and no exclusions apply.