Buying A House
You've Made One Of The Biggest Purchases Of Your Life
It's exciting and stressful too. Buying a home is a big deal. It means a mortgage, and a need for new furniture and new expenses you haven't even thought about yet.
It's fun looking around at different houses, chasing your real estate agent from house to house. And you imagine how they would look after you're done decorating it.
Then you find it. You play the offer game. And then...
Have you thought about insurance? Let us help you make the process run smoothly and call your broker at Secure Insurance Solutions.
There are a few things to consider before you make an offer:
- How close are you to water?
- A pool (or trampoline) can be fun, but risky
- Check your Homeowners Association's Master policy.
How Close Are You To Water?
You always dreamed about the house in the country - away from the light pollution and noise pollution. Now you have some land and you're just far enough away from the city.
Are you prepared to pay more insurance for that even if the house is the same size as your last house or even smaller?
If you're far from a source of water like a fire hydrant or fire station it impacts your insurance. The distance of the nearest fire station has an impact on your Homeowners Insurance rates. The further away the nearest fire station is located, the higher the risk and the higher the rate.
Don't get surprised - contact your broker at Secure Insurance Solutions about potential insurance rates for a house you're thinking about buying.
A Pool (Or Trampoline) Can Be Fun, But Risky
You found the perfect house. Added bonus: it already has a pool in the backyard. From an insurance standpoint it's considered a liability risk.
You should make sure that you tell your broker at Secure Insurance Solutions about the pool. We may suggest that you purchase Umbrella Insurance, especially if the pool is expensive. You want to make sure you have enough coverage to replace it if something happens.
Because there's also the risk of someone drowning, the insurance company may also set out certain requirements as part of your contract. Make sure you understand and follow those requirements or you could be refused coverage.
Having a trampoline in your backyard also increases your risk. Between 2005/2006 and 2009/2010 the rate of trampoline injuries almost doubled in Canada, and more than 40% of injuries involved children aged five to nine.
That's why it's very difficult to find insurance for a trampoline. Some companies will exclude the trampoline from your policy. So what happens then if someone gets injured while jumping on the trampoline. It doesn't matter if you invited them or not, you'll have to pay for the incident.
Check Your Homeowners Association Master Policy
More condo, town-home and other communities have a Homeowners Association that carries an annual fee.
It also affects your insurance. If you someone gets injured on the association's property, the association is liable. Makes sense right?
Right. That's why each Homeowners Association has a Master policy in place. The question is: What does the Master policy cover?
Some Master policies don't provide high enough protection, so if a loss exceeds the policy limits, each homeowner in the association must share in an equal part in the liability.
Without the right protection on your Home Insurance, you have to pay out of your pocket. Luckily, at Secure Insurance Solutions we can make sure that your Homeowners Insurance gives you adequate protection. Give us a call.