Step 2 of buying · Get an insurance quote
Getting a home insurance quote
Most mortgage lenders require proof of home insurance. Here is when to arrange it, what affects the price and what to ask.
Why your lender asks for it
Most banks and mortgage lenders require you to buy home insurance on the home they lend against. They usually ask to be named on the policy as the mortgage lender, and for proof that the policy is in place.
When to arrange it
Insurance is one of the things to arrange once your offer is accepted, alongside booking movers and sending change-of-address notices. Getting a quote earlier, while you are still looking, tells you what the home will cost to insure before you commit.
What affects the price
- What it would cost to rebuild: the size of the home, how it is built and the value of what is in it.
- Its condition: how well the electrical, plumbing and roof have been kept up and updated.
- Wood stoves: how they were installed and are maintained.
- What makes the property different: a home business, a rental unit, heritage status, an alarm system, a pool or other structures.
- Where it is: the claims history of the area and its weather.
- Fire protection: how close the nearest hydrant and fire station are.
- Your own claims history.
Questions worth asking
- What does the policy cover, and which coverages are optional extras?
- What is the deductible, and how does a higher or lower one change the price?
- Which discounts apply to me?
- Are my belongings covered while they are being moved to the new home?
Next step 3 of 4Book a home inspection →
This page is general information from Location 3 Times, not insurance advice. Location 3 Times is not an insurance broker or insurer and does not pass your information to any insurer. Talk to a licensed insurance broker or agent about your situation.