There are several types of insurance you will encounter during the purchase of a new home.
This insurance covers the purchaser and seller for any disputes that may arise from the transfer of a property, including defaults, liens, defects or other matters.
In Ontario, comprehensive Homeowners Insurance will cover certain damages. These can be due to the dwelling, other structures on your property, contents, additional living expenses for time spent away from your home due to an insured loss. You also can add things like personal liability coverage, counterfeit coverage, lock repair and replacement, freezer foods coverage. You can even add a reward for information amount for offering a reward on information that leads to a conviction on someone who has damaged your property.
It can be a good idea to opt for this extra insurance. Flooding is not generally covered in your Homeowners Insurance. While it can be mandatory to purchase when you live in an area close to a body of water, it can be a good idea to have this. Especially, as Ontario is no stranger to torrential rains and heavy snows with quick melts.
To find the right and most comprehensive insurance coverage for your needs, consult a local insurance broker.