Shopping for a new home?

It is important to keep insurance in mind while shopping for a new home and throughout the entire buying process. The team at Caldwell Roach, along with your Realtor, can help you during the process and advise you what things can affect your rates and insurability.

Here is a checklist to follow throughout the buying process:

Before you look for a home:

Renter’s Insurance

If you are currently renting, it is important to have a tenant’s package in place to protect your liability and your personal property. Caldwell Roach Insurance can provide you with a comprehensive tenant’s package to suit your needs.

While house hunting:

Age of the house

Older homes often have features like decorative ceilings that can be quite costly to replace and may cause the cost of your insurance to increase slightly. If available, make sure you get replacement cost coverage in your policy. Also, check to see if the older home has been updated to comply with current building codes.

Condition of the roof

Be sure to check the condition of the roof. A newer roof that is in good shape will be more appealing to insurers and could end up saving you money.

Plumbing, heating and electrical systems

Recent upgrades to these systems make your home safer and less likely to suffer fire or water damage.

Safety devices

Homes equipped with smoke, fire and burglary alarm systems that ring to an outside service may qualify for a discount on your home insurance. Also, strong doors, dead bolt locks and window can help keep your possessions safe!

When making an offer on a home:

Check the house’s loss history report

Ask the current homeowner for a copy of the home’s insurance loss history report. This will provide information on claims filed and answer questions such as “are there any past problems with the home and was it properly repaired?”

Get the house inspected

A thorough inspection of the home is very important. The inspector will check the general condition, show any potential problems and suggest upgrades. If the home is well-maintained, there should be no problem getting insurance. However, if the inspector raises questions, the insurance company probably will too.

Contact us

The Caldwell Roach Insurance team will let you know if the house will qualify for insurance and give you an estimate of the premium.

Have your broker shop around for the best coverage

Caldwell Roach Insurance shops Canada’s top insurance companies to get you the best rates. Our knowledgeable and experience team works with you to find the best insurance for the most unique situation - yours.

When purchasing your home and insurance:

Take the highest deductible you can afford

The deductible is the amount that you, the insured, is responsible for on each loss before your insurance company will make payment. The higher your deductible, the lower your premium will be.

Ask about available discounts

Ask your broker if you qualify for discounts such as multi-policy, claims free or credit scoring discounts.

Get enough insurance

Make sure you take the time to properly insure your home. It is important to make sure you have enough coverage to:

  • Rebuild your home in the event of a total loss

  • Replace everything in it

  • Protect your liability in case someone is injured on your property

Ask about additional coverage

Sewer back-up, Overland water coverage and special riders for jewelry can further enhance your homeowners insurance policy.

After you purchase your home:

Properly maintain your house

It is important to manage risk within your home. Ensuring that your home is safe, can give you peace of mine and potentially save you money.

Keep your insurance up to date

Let your broker know about alterations, additions and improvements you make to your home to ensure you have the coverage you need.

Caldwell Roach Insurance

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