Top 5 Tips for buying your first home

A home is your biggest financial investment. On top of coming up with a down payment, there are a number of other fees to consider: real estate fees, home inspection costs, land transfer taxes, and the list goes on…

Cut down on costs with a little property insurance know-how. If you’re a first-time homebuyer, these tips can help you save money when you need it most.

Understand what your home insurance policy covers

Your policy protects the value of your home (and any other buildings on your property) against damage caused by fire, smoke, water, vandalism, or theft. But did you know that it can also protect your personal belongings?

In order for it to do so, you’ll need to keep an inventory of your personal belongings and review that list each year. People often don’t know that home insurance also protects you personally. If someone were to get injured on your property or if a flood in your home spread to your neighbours’ place, you are protected by the liability coverage of your home insurance policy.

Get optional water coverage

Did you know that water damage accounts for half of all home insurance claims?

While burst pipes are usually covered by standard home insurance, not all water damage is. Optional water coverage protects against water coming from outside the home due to flooding rivers, heavy rainfalls, sewers, and septic system backups.

Damage expenses are covered, and if you have to leave while your home is being repaired, living expenses are covered, too.

Don’t forget your utility lines

As a homeowner, you’re responsible for the underground service lines that run from the street to your home.

If a water line froze and then burst, a sewer pipe ruptured from a tree root, or an underground power line deteriorated, you’d be on the financial hook for any damages caused to your home. But with something like CAA Service Line Coverage*, you’re covered for expenses up to $10,000 per occurrence.

Protect your electronics and appliances

Appliances break down, and usually at the worst time. But with Home Equipment Breakdown Insurance*, your air conditioning system, water heater, electronics, and major appliances would be repaired or replaced if they were broken.

Even better, your living expenses would also be covered if you had to move out.

Always review your home insurance policy

After you’ve purchased your home, remember to review your home insurance policy. This should be done on an annual basis to really ensure that your policy reflects your changing needs.

It’s a good time to note to your provider any renovations you’ve done, any major purchases you’ve acquired, or any other major changes that could affect your policy.

CAA Home Insurance offers complimentary policy reviews - regardless of who your policy is with. If you’re a CAA Member, you can save 10%** on your home insurance - even more, if you bundle CAA Home and Auto Insurance - so it’s worth looking into.

To talk to a Licensed CAA Insurance Agent, call 1-877-222-1717 or get a quote online today.

_{Auto and Property Insurance are underwritten by CAA Insurance Company. Certain conditions, limitations and underwriting guidelines apply.
*Service Line Coverage and Home Equipment Breakdown Insurance are underwritten by CAA Insurance Company, Claims administered by Mutual Boiler Re.
**To qualify for the discount you must be a current CAA Member in good standing (CAA Membership dues paid in full by membership expiry date). Eligible CAA Members may qualify to receive a Member Loyalty Discount based on membership tenure and Roadside Assistance usage.
®CAA trademarks are owned by, and use is authorized by, the Canadian Automobile Association.}