First-time homeowner insurance prices can vary depending on a number of details about your new home, however, this is the important point: When you are spending lots of money to buy your first home, you want to make sure it is protected in case of problems such as fire, theft and other unforeseen bumps that may be encountered on the highway of life.

Like all home insurance, first-time homeowner insurance is about financial protection. A home insurance policy provides the purchaser with protection in case of certain perils. A peril is an accidental and unexpected event that may cause a loss which can impact you financially. Insurance coverage, the details of which are outlined in your policy sold by insurance companies and paid for through the purchaser’s premium, can help to pay for the replacement or repair of your home, your contents and other buildings on your property in the event of an insured peril. Fire is a good example of a peril covered by home insurance.

As a first-time homeowner insurance purchaser, this is important to know. You are spending a lot of money for your first home. It’s a big investment. It’s vital to get your first-time homeowner insurance right. Our insurance experts can help you with this. To ensure your items are properly protected, we suggest creating a home inventory list before you move in. This will allow you to keep track of all your items, their value and allow our expert brokers to provide you with the proper covered for your needs..

If you are buying insurance through an insurance broker you will know you are getting the best insurance products, service and advice. As soon as you contact our insurance brokers, we begin the process of getting multiple quotes for your first-time homeowner insurance.  Our brokers do not work for any insurance companies, we work for you! Our loyalty is to get you insurance that properly protects you and your home so that your largest asset is properly protected!

Your first-time homeowner insurance will cover you, your partner, your children, any dependents under the age of 18 and dependents who may be temporarily living away from home or who are away attending school.   You should let your insurance broker know if you are sharing your home with a relative or a friend or you are collecting rent because these situations may impact your insurance coverage.

Perils often covered by home insurance policies are fire, lightning, some kinds of smoke damage, theft, your personal belongings, and your personal liability.

Personal liability coverage protects you in an accidental situation where someone is injured or there is property damage caused to others. For example, if someone slips on your deck, is hurt and you are held legally responsible, liability coverage will protect you to the limit stipulated on the policy.

It is important to know that you can purchase optional coverages for perils such as water damage, sewer-backup, earthquakes and others.

You can also purchase extra insurance for high-value items such as jewellery, art, bicycles, computers, and sports equipment where specific limits of insurance are applied in policies.  If the value of your items exceeds the limits on the policy, you should purchase extra coverage to ensure they are properly covered by insurance.

Also note that home-based businesses are not covered by home insurance, however, extra insurance can be purchased to insure your business in your home.

There are lots of ways to save on your first-time homeowner insurance.  Savings add up and our brokers have saved some customers thousands of dollars.

Here are a few tips:

• A credit check can help you to save on your first-time homeowner insurance. Our Morison Insurance brokers can do a “soft” credit check. This is confidential, does not impact your credit score and we do not see details of your credit history, but we are given a score that may allow us to apply a sizable discount to your home insurance. As one of our brokers said recently, “I’ve seen this take as much as a couple thousand dollars off an insurance quote.”
• Insurance discounts can also increase your savings. We have dozens of savings available to apply and we will get you all the savings you qualify for. Some of the more popular and sizable home insurance discounts are: non-smoker discount, discounts for having a sump pump or backwater valve, monitored burglar and fire alarms, monitored water alarms and smartphone monitored alarms.

If you are dealing with a bank for your home purchase and you are offered insurance through the bank, you should know that you will get only one price for your first-time homeowner insurance. The bank is selling its insurance only. Be aware that banks are not insurance experts the way independent insurance brokers are. They are in the business of banking.

We are insurance brokers and we know insurance. It’s what we do every day. We are trained and licenced by the Registered Insurance Brokers of Ontario (RIBO) which ensures licencing, professional competence and ethical conducts by insurance brokers across the province.

It’s also good to know that insurance agents only sell insurance for one company. Again, there is no shopping done by an insurance agent.

Insuring with an insurance broker is best for you. We focus on several things when arranging your first-time homeowner insurance:

• We get you the first-time homeowner insurance you need to be protected.
• We shop the market to find you the best insurance coverage at a competitive rate.
• We apply all the insurance discounts you deserve to further drive down your price.
• We will provide you with outstanding service year-round. We are here for you. If you have questions, want to add or delete an insurance coverage, you want to add another line of insurance to get a bundled insurance discount (such as insuring your home and car together), or anything else, we will look after you. Call, text or email us at any time.

• Having a real estate agent/broker can be very helpful. An agent can help you in many ways. Real estate agents know their communities and they know the market, including prices.  Hamilton-based Real Estate Broker Melissa Heffernan notes that three of the top reasons for using a real estate broker or agent are  Education & Experience/Market Conditions Information, Neighbourhood Guidance and Price Guidance.
• When you are looking at a home, agents can also often help or get you assistance with assessing things such as wiring, plumbing, the roof, windows and the furnace may need replacing. These are big-ticket items and it’s good to know if these may need replacing in the not-too-distant future. These things can also make a difference in your insurance costs.
• Consider a mortgage pre-approval. This can be a big help if you need to move quickly with your home purchase.
• Having a great insurance broker is imperative. Our Morison Insurance brokers are educated, experienced and provincially licenced home insurance experts who will get you the first-time homeowner insurance you need to protect your investment. We do this quickly and make it as stress-free as possible. Our brokers do not work for any insurance companies, banks, or mortgage lenders. We are independent. We work for you only. Our commitment is to have multiple insurance companies bidding for your first-time homeowner insurance business to provide the best coverage, and to provide you with award-winning insurance advice and service.

First-time homeowner insurance in not required, however it is good protection to have. It can protect you from financial hardship if you have a tragic event such as a fire or other peril which threatens your financial well-being. For example, if you have a fire in your home and you do not have insurance, you alone will be responsible for covering the costs of required repairs or replacement of your home. With home insurance, the insurance company will help to pay for repairs or replacement as stipulated in the terms of your insurance policy. Here is the important point: If you can’t afford to replace your home with your own money, you should have home insurance.  Your annual home insurance premium – typically about $1,200 to $3,000 annually – is reasonable when compared to the potentially staggering costs following a loss or damage to your home. Also, mortgage lenders will require insurance when a mortgage is arranged for your first home. Proof of insurance is often required before your mortgage is approved.

All insurance policies have exclusions - things that are not covered. Some perils are considered catastrophic and are not insurable by the insurance industry. Examples of these include acts of terrorism and war.

Also generally not covered in first-time homeowner insurance policies is damage done by pests such as raccoons, and general wear and tear or degradation. These are considered part of general upkeep of your dwelling which is expected to be done by the homeowner.

As a first-time homeowner you may be thinking of changing/updating your new home. It is important to tell your broker if you do a renovation, install a woodstove, finish your basement or make updates such as to your heating, plumbing, electrical or your roof.

Yes. Your lender requires proof of home insurance before your closing date. Same-day insurance is possible, but a day or two of lead time is preferred to allow your broker to review your needs and compare prices.

You need enough insurance to replace your home should it be completely destroyed. This means insuring your home to its replacement cost. Note that this is different from the market value of your home and the municipal assessment value of your home.  To figure out the replacement cost of your home and get the right first-time homeowner insurance, our brokers will need to know some details about your home:

• When was your home built?
• What is the square footage of your home, excluding the basement?
• Is your home a single family or multi-family dwelling?
• How old is the electrical wiring?
• Is the plumbing new?
• What is the style of your home? – A bungalow, for example.
• Is your home one storey or several storeys?
• Do you have a finished basement?
• What kind of foundation do you have?
• How many bathrooms?
• What is the exterior finish?
• Do you have a garage, carport or other structures attached to your home?
• Do you have a swimming pool or hot tub?

Answers to these questions and others will help our brokers to determine how much first-time homeowners insurance you need.

Morison brokers are independent, licensed, and work for you, not for the insurance companies. We shop the market to find you the best coverage at a competitive rate, apply all the discounts you deserve, and provide outstanding service year-round. Our brokers are trained and licensed by the Registered Insurance Brokers of Ontario (RIBO).