Buying a House? When Do You Need To Get Home Insurance?

When Do You Need To Get Home Insurance
July 2, 2020

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Your home is more than just four walls. It’s the place your family comes home to, it’s one of the biggest investments you’ve likely ever made, and it’s probably a big part of your financial plan. And home insurance? It’s not just a good idea. It’s essential to protecting the life and financial future you work so hard for!

Today, we’re giving you all the information you need to make your next big decision an educated one. We’re answering all of your homeowner insurance FAQs, like whether or not it’s actually required, how to get it, and how long it takes to get insured, so you can move with confidence.

Have more questions? Contact us! We’re always happy to help.

Is homeowners insurance required?

In Canada, Homeowners Insurance is legally required if you have a mortgage on your property, but we recommend insuring your home even if you’re living mortgage-free (like if you’ve paid off your home or you’re renting). This way, all the things you love and worked so hard for will be protected.

What does home insurance cover?

If you’re a homeowner, you’ll need home insurance that covers:

  • Your actual home and anything attached to it, like your garage or deck
  • The other structures on your property (if any)
  • Your possessions, like furniture, electronics, and clothes
  • Living expenses (in case your home ever needs repairs that require you to leave it)

Does home insurance include third party liability, too?

Liability insurance is a really important part of home ownership. It helps protect you if an accident takes place on your premises.

If you need extra coverage for things like art, expensive tools, or jewelry, you can always add to your policy. See our home insurance coverage and policy options for more information on this.

When should you start looking for home insurance?

As soon as possible! When you buy a new home, you need to insure it before you move in. This ensures that:

  1. Your new investment and asset is protected.
  2. You can actually move in! (Lawyers can’t hand over house keys until they receive the insurance binder to show that insurance is in place.)

Start looking into home insurance options at least 2 weeks before your possession date, but sooner if you can. If you already have home insurance but you’d like to look into other options, start your search 30-45 days prior to your insurance renewal date.

What do you need to get home insurance?

To get home insurance, give your insurer as many details as you can about the home you’re looking to insure. Things like:

  • The year the house was built;
  • The last time updates were made (plumbing, electrical, roofing, etc.); and
  • Anything else you think is relevant.

A Realtor is a great resource, and someone you can turn to for guidance on this. They can help you find all this information, and more.

You can also leverage the Winnipeg Assessment and Taxation department to assist with gathering details and information on your home.

What are the steps to getting home insurance?

To start the process of insuring your home, you should:

  • Round up as many details on your home as possible, including your current policy documents if you’re shopping for a different carrier.
  • Contact us by email, phone, or online so we can get the ball rolling for you.
  • Get your quote. We’ll work with you to customize the coverage you need.

How long does it take to get home insurance?

The time frame can vary based on the complexity of your insurance needs, but in general, you can expect to get a customized quote from us within 24 hours of reaching out.

Once you have your quote, securing the actual coverage really doesn’t take long at all. Applying only takes a few minutes, and typically, insurance companies can get your coverage in place within a couple of days (again, depending upon the complexity of your policy).

If you need home insurance, we should talk.

The bottom line is that if you have a home, you should have home insurance — and we can help you secure it. Contact us for a customized home insurance quote, and we’ll have you covered in no time.