Parade of Homes featuring the best of new homes in Manitoba, Canada
Issue link: http://publications.winnipegfreepress.com/i/1506963
142 PARADE of HOMES FALL 2023 "If you are arranging a mortgage to fi- nance the purchase of your home, the lender will require home insurance on the property before they will advance any funds," he adds. "If you don't have a mortgage and elect not to insure your home, then you risk losing everything you've worked so hard to acquire to a poten- tial disaster like a fire or flood. Home insurance policies also include liabili- ty coverage that protects you if you're held legally liable for personal injury or property damage to others." Optional coverages, which are not typically included in a basic home insurance package, are often avail- able. These might include increased jewelry limits or coverage for overland water, service line, seepage and sewer backup. Other options could include coverage for a home business, identity theft, watercraft and equipment break- down. In addition, some homeowners might want to add cyber coverage or legal expense coverage. Even if you haven't moved into your new home yet, it's never too early to start looking into your insurance requirements, McRedmond says. "A home insurance policy can usually be arranged fairly quickly, but you want to take enough time to under- stand your options so you can make an informed decision on your cover- age needs," he says. "Coverage is required to be in place the day you take possession of your home, and typically your lawyer will require confirmation of coverage ahead of your possession date and before the keys will be handed over." At Crossroads Insurance, they start the process by asking the homeown- er some detailed questions about their house. "We will then input that information into our rebuilding cost calculator. This is an industry-approved program that estimates the rebuilding cost of your house," he says. "It is an insurance broker's job to educate and guide you towards protecting best what matters to you the most." – T.J. M C R E D M O N D, P R E S I D E N T, C R O S S R OA D S I N S U R A N C E PHOTO BY DARCY FINLEY Home Insurance