What Does My Home Insurance Need From Me?

Are you a homeowner or real estate investor? Do you know why having home insurance is so important?

Picture this: You’ve invested in a beautiful rental property, and you have tenants who love living there. Then, one night, a fire breaks out, and the property sustains significant damage. Without the right insurance coverage, you could be left with a hefty bill for repairs or even face legal action from your tenants.

But don’t worry, I’ve got you covered with a FREE checklist to help you gather all the necessary information.

Let’s quickly overview what your insurance broker is going to ask you about the home, saving you time and energy playing messenger with your realtor and insurance broker.

Home insurance isn’t mandatory in Ontario, but it is required if you want to secure a mortgage. Your lawyer will not close the deal as lenders won’t consider you without your home insurance.

Home Insurance Checklist Items

One of the fun things about getting a home insurance quote is collecting all the information you need! Just kidding, honestly it can be annoying for buyers to try and answer questions they usually don’t know.

Your realtor is a great resource to help you fill in this checklist.

So what is the insurance company going to ask you when trying to provide you a quote? Let’s go over each category.

10. ELECTRICAL

When was it last updated? Is it a breaker or fuses, the amps, any knob & tube, aluminum and the material.

9. PLUMBING

When was it last updated and the type of material used.

8. ROOF

What is the material and when was it last redone?

Metal versus asphalt shingles will rate differently. My Free checklist will explain this in more detail.

7. HEATING

Is it forced air propane, gas, is it electrical, oil, or wood? If it’s wood, do you have a WETT inspection?

What’s a WETT inspection? Find out here.

6. SUMP PUMP

Do you have one, how old is it, does it have a back flow valve, a flapper and do you have a back up incase it fails?

5. FIRE

Where is the nearest fire hydrant or fire station? Is it within 300m or 13 km? Do you have up to date working fire alarms?

4. WATER

If living in the country, find out what type of well it is and if it’s a shared agreement, does it get tested regularly?

3. HOT WATER HEATER

Is it owned or rented and how old is it?

2. THE HOUSE SPECIFICS

The age, square footage, any out buildings and so on.

1. DISCOUNTS

Last but most definitely not least are questions they will ask to help you qualify for discounts, and if they don’t make sure to bring it up yourself to save some money.

Ways you can save on your home insurance can be paying in full for the year, bundling other policies like auto insurance, are you mortgage free, is this your first home, and are you a smoker? There are more ways to save that you can find in my free checklist below.

If you need a quote I would be happy to recommend a great insurance broker that can explain the different types of coverage you need and how to evaluate your insurance options to ensure you’re adequately protected.