Guide

Buying your first home? Here's the insurance part, start to finish

Somewhere between the offer and the keys, your lawyer will ask for proof of insurance — and most first-time buyers scramble. Here's how to handle it calmly.

Yes, it's required — and it's about rebuild cost

Your mortgage lender requires the home insured from the day you take possession. The policy covers the cost to rebuild the house — not its market price. In the GTA, land is a huge share of what you paid, so don't be surprised when the insured value differs from the purchase price. What matters is that the rebuild number is right.

What drives a first home's premium

• Rebuild value, construction type and age of the home
• Roof, wiring, plumbing and furnace age — updates earn discounts
• Distance to a hydrant and fire hall
• Your claims history and continuous insurance record
• Water protection: sewer backup and overland water add-ons

The timeline that removes all stress

• 2–3 weeks before closing: send me the listing — I quote the market while you pack
• 1 week before: pick the option you like; I bind it and send proof to your lawyer
• Closing day: you get keys; you're already covered

Bonus: buying a home is the single best moment to bundle your auto — the combined discount often pays for a chunk of the home policy itself.

More guides: How a broker saves you money · Why Ontario car insurance costs what it does · Home insurance, explained simply · New driver insurance (G1/G2/G) · Insurance for newcomers to Canada · Why your renewal went up · High-risk driver? You have options · ਬੀਮਾ ਗਾਈਡ (ਪੰਜਾਬੀ ਵਿੱਚ) · ਨਵੇਂ ਆਇਆਂ ਲਈ ਗਾਈਡ (ਪੰਜਾਬੀ)