Here are the different kinds of insurance that you need to know about when buying a home:
- Property insurance: you must have home insurance at least equal to the value of the mortgage. Property insurance can include insurance against fire, flood, theft, and water damage.
- Title insurance: insures the ownership of the property and protects you from fraud, title defects and survey problems (visit www.firstcanadiantitle.com for more information).
- Life, disability & critical illness insurance: insures you and provides security for your family in case of death, illness or injury
- Mortgage insurance: protects the financial institution, and allows purchasers to buy with a lower down payment.