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Common Home Insurance Questions Answered For First-Time Buyers

Homeownership is a major milestone that brings both excitement and stress. One of the top concerns for any homeowner—first-time or experienced—is protecting their home, personal property, and family from unexpected financial setbacks due to unforeseen circumstances such as theft or natural disasters.

Home insurance offers peace of mind by helping protect your assets in these situations. Whether you’re a first-time buyer wading through unfamiliar waters or an experienced homeowner looking to review their policy details before renewal, this blog post is here to help answer your questions about home insurance so you can make informed decisions when it comes time to purchase coverage for your valuable asset.

#1 – Is Home Insurance Required in Ontario?

One common question that many homebuyers have when purchasing home insurance is whether it is actually required in their home province or state. In Ontario, home insurance is not mandated by law, but it is highly recommended for all homeowners to have coverage for their home and personal property in case of an unforeseen event. All lenders will require you to purchase home insurance as a condition of your mortgage, so it’s important to speak with your lender about coverage requirements before making any final decisions. For the cost of insurance vs. the cost of a total loss house fire, insurance is extremely inexpensive. The argument is that it will never happen, but the longer Will Marshall Insurance Brokers have been in business, the more often we see never happening.

#2 – What Does Home Insurance Cover?

Home insurance typically covers damage from natural disasters such as floods, fires, and earthquakes, as well as theft and vandalism. When shopping for home insurance coverage, be sure to carefully review the terms and conditions of your contract so that you know exactly what is and isn’t covered in the event of a home emergency.

#3 – What Factors Affect My Home Insurance Premiums?

There are several factors that can affect your home insurance premiums, including the age, location, and size of your home; whether or not you have certain security measures in place, such as a burglar alarm or smoke detectors; and whether you own or rent your home. Home insurance premiums are also based on the limits of insurance. A large house will require a high limit of insurance. Fire hydrants vs. firehall or unprotected risks. The supply chain problems have added a tremendous stress on insurance markets, after a total loss, the house is built and ready to go, only to wait another six months for windows. Additional living expense limits have been exceeded to give people a place to live while we continue to wait.

To get the best home insurance coverage, use an insurance broker like WMIB, who can help you compare home insurance rates from multiple providers and find the policy that best fits your needs.

#4 – How Much Does Home Insurance Cost?

How much home insurance coverage will cost depends on a number of different factors, so it’s impossible to give a definitive answer. The best way to find home insurance rates that are right for your home is to speak with an insurance broker who can review all of your options and help you choose the policy that offers the most comprehensive coverage at an affordable price.

#5 – How Do I File a Home Insurance Claim?

If you find yourself in the unfortunate situation of needing to file a home insurance claim, contact your home insurance provider as soon as possible. Be sure to keep all receipts and documents related to the event, including repair estimates and photos of any damage that has occurred. Your home insurance provider will work with you on the claims process so that you can get your home quickly repaired or rebuilt and move on from this stressful event. A good insurance broker will also represent you after a claim, not always the case, so make sure you ask, and yes, Will Marshall insurance is here as your advocate to help navigate you through.

#6 – When Should I Get Home Insurance?

There is no right or wrong time to purchase home insurance, but don’t wait until the last minute to buy home insurance, start asking as soon as you make an offer of purchase. This way, you can review your home options and get an early start on the home insurance process so that you don’t have to worry about finding coverage when it comes time to buy. Renewal time is best, cancellations mid-term will trigger a penalty premium, about a month’s premium.


At WMIB, we understand how stressful home ownership can be, and our experts are here to help guide you through every step of the home insurance process so that you can rest easy knowing your home is protected from unforeseen expenses and damage. Whether you are a first-time homebuyer or an experienced homeowner, our team is here to answer your home insurance questions and help you find the right coverage for your unique home.

To learn more about home insurance and start shopping for your policy today, visit us online or contact us at any time for assistance.

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