Hey there, future homeowners! In the whirlwind of house-hunting, let’s not forget a crucial aspect – insurance. But before your eyes glaze over with the mention of the word, stick around. Not all insurance types are created equal. Let this Mortgage Broker guide you through the maze!

🛡️ Default Insurance: If you’re putting down less than 20%, this one’s for you. It’s the secret sauce that lets lenders nod in approval at those 5% down payments. A premium’s charged based on your loan-to-value ratio, either paid upfront or sneakily added to your monthly dues.

🔥 Home (Property & Fire) Insurance: Mandatory alert! This is your house’s shield against mishaps. While it sounds comprehensive, remember, events like floods or earthquakes might need an extra safety net, depending on where your dream house stands.

📜 Title Insurance: Every lender in Canada will ask you to have this. Why? It’s your protection against nasty surprises like pre-existing liens or, worse, title fraud. Think of it as a one-time fee guarding your home’s title.

🏢 Strata Insurance: Living in a stratum? This is your building’s safety net. However, it doesn’t cover the treasures inside your unit. Got an emergency like a flood? Your personal policy kicks in for unit fixes, while the strata policy rebuilds common areas. Pro tip: Keep tabs on your strata’s latest insurance policy.

🛡️ Mortgage Protection Plan: Optional but golden. Think of this as your mortgage’s lifeline if things go south, covering disability or life instances linked to your mortgage.

Confused? Curious? Or simply want to give your existing plan a once-over? Drop me a line 📩! As your trusted Mortgage Broker, I’m here to ensure you’ve got the best coverage for your cozy nest. Let’s safeguard your dreams together! 💪🏡🔐

Stay informed, stay insured. 🌟