Do I Need Home Insurance?

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Do I Need Home Insurance?

Absolutely. Although some people may not think home insurance is necessary, what they may not realize is that most lenders will require proof of insurance before approving you for a mortgage.

There are however, many other reasons why home insurance is important to have: it protects your investment, you can get back what you’ve lost in the event of theft or other damage and you can rest easy at night knowing you’re covered.

For a lot of people, buying a home is the most significant investment they will ever make, and that is worth making home insurance a high priority. Keep in mind, the value of your home will generally increase over time, unlike vehicles whose value drops the minute it drives off the lot.

Nobody wants to think that catastrophe, such as a fire or flood, or a break-in, will affect their family, but being prepared ahead of time can take some of the sting out of heartbreak. With adequate coverage, home insurance can help pay for repairs or to replace expensive possessions.

Things to Remember

When buying or selling a home, it’s easy to forget about home insurance. Whether you’re buying or selling a home, here a few things to keep in mind.

Buyers

If you’ll be taking possession of your new home, and leaving your current property vacant for awhile, make sure that both properties are insured. (Contact your insurance company to ask about continuing liability coverage while discontinuing the insurance contents).

Home insurance is something best taken care of right away. Make sure your insurance company is aware of all the features of your new home that may reduce your premiums, such as sprinkler systems, alarms and wired-in smoke detectors.

Sellers

Once your property has sold, you’ll need to contact your insurance company to let them know the date that ownership of your property will be transferred. They’ll arrange to cancel your insurance once you’re no longer the owner of that property.

Realty in Red Deer

If you’re buying or selling a home in the Red Deer area, Realty in Red Deer can help. We say our team is “Your Connection to Real Results,” because it’s true. If you’re selling, our team has the market knowledge and expertise to get you the right price for your home, and if you’re buying, we have a great variety of listings in Red Deer, Blackfalds, Lacombe, Sylvan Lake, etc., and we can connect you to the home of your dreams. Please don’t hesitate to contact us if you have any questions.

If you are in need of home insurance, one of our partners (listed under Resources) may be able to help you.