Property Insurance… Do I Have to Purchase it?
You never know what’s going to happen next, and when it happens, it might be too late already. In the real estate field, we always advise our clients to obtain a property insurance, because we do not want to put you at risk with one of your biggest purchases. Most banks will also require home insurance for mortgage purposes. On a side note, for people who have already purchased insurance, it is important to review what exactly is covered.
Do I have to purchase home insurance?
For strata buildings, like apartments and townhouses, the Strata Property Act requires that the strata corporation to obtain and maintain property insurance and liability insurance. A building insurance already exists, but it only covers the building itself and its common areas, hence what is inside your unit is not covered. You may have the option of not purchasing a home insurance.
For duplexes, all homeowners are required to obtain and share a home insurance under the same insurance company, so that each homeowner is protected equally and fairly.
For detached dwellings, nothing is covered. You may have the option of not purchasing a home insurance.
You may not have to purchase home insurance, but we highly recommend you to purchase… and here’s why.
Let’s list the benefits of home insurance
Cover your property against fire, theft and accidental damage
Aside from just protecting your property, it may also protect its contents (ie: your personal belongings, furniture, appliances and other important assets.)
You will be prepared, both financially and personally if anything happens (ie: a bad leak came from upstair’s unit and turned your entire unit in an unliveable condition. You’d have to move out and pay for the rent temporary) With the right insurance, they will cover your temporary rent!
For the peace of mind and security.
You’d likely save more money if anything happens
Prevent significant financial loss
To Obtain a Free Quote & Understand Your Current Insurance
Contact one of our trusted home insurance agents for help!
Sadie Ma
Capstone Insurance
E: Sadiema1992@gmail.com
T: (604) 307-1638
Page Li
Murrick Insurance
E: pageli@murrick.com
T: (778) 892 - 4989
Renny Wong
Regent Pacific Insurance
E: renny@rpins.com
T: (604) 603 - 9181
Written By Ck Real Estate Team
