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Buying a home? Protect yourself with the right insurance coverage!

August 3, 2020

Adequately insuring your home and protecting your financing means peace of mind. Find out why it’s important to have the right insurance coverage so you’re prepared should anything unexpected happen to you as a homeowner.

Updated April 7, 2022

Various insurance solutions can adequately cover your home and personal property. The first ones that usually come to mind are basic coverages like fire, theft or vandalism.

It’s just as important to make sure you can meet your financial obligations. That’s why there’s coverage to protect your financing. It will help you make your mortgage payments and ensure your family is financially secure should anything unexpected happen.

Protect your future

To reduce financial worries, it’s well worth your while to protect your assets and your ability to pay your mortgage.

An unexpected event like a claim, an accident, an illness or premature death can impact your ability to meet your financial obligations. That’s why you’ll benefit from knowing the coverage available to help you reduce the stress associated with such an event.

Home insurance and loan insurance* can help you rest easy and avoid a financial headache if something goes wrong.

Home insurance: a solid foundation

As a homeowner, you want to protect your investment with the right coverage for your needs. There are different types of coverage. The most well known covers your home and contents in the event of things like a fire or break-in. If either of these covered incidents were to occur, you could be compensated for the damages (less the applicable deductible), without having to borrow or dip into your savings.

You can also get coverage for water damage, sewer backup, seepage or flooding. Subject to certain conditions, your home insurance could also reimburse some of your living expenses, such as meals, accommodations and transportation, until you’re back on your feet.

Another benefit of home insurance is liability coverage. This critical protection covers you for unintentional property damage or bodily injury caused to others. Some examples: A fire breaks out in your house and damages your neighbour’s home, or your dog bites the mail carrier and causes serious injuries. In both cases, the damages caused might be covered under your home insurance liability coverage.

Loan insurance means peace of mind

Is your home insured? Perfect. And in the event of a health concern that results in total disability and makes it impossible for you to work, would you be able to make your mortgage payments?

That’s where Loan insurance comes in. It covers the insured balance in the event of death, and the mortgage payment in the event of total disability. It’s a huge relief for you and your family at a difficult time.

Desjardins Loan Insurance is flexible: You can choose life insurance or life insurance and disability insurance, as well as the coverage percentage you want, from 10% to 100% of your loan balance.

Loan Insurance protects a capital investment like a home. If we’re not able to make our payments, we have a real problem, especially if we have family or loved ones who depend on us

François Desrochers

Conseiller spécialiste, Assurance de personnes

Need personalized advice?

To assess your home insurance needs or make sure your coverage meets your needs, contact your insurer.

For information about Desjardins Loan Insurance, or to sign up, contact your Desjardins advisor.

*Loan Insurance is a product of Desjardins Financial Security Life Assurance Company.

The terms and conditions of the coverages described are set out in the home insurance contract and loan insurance contract, which always prevail. Certain conditions, limitations and exclusions may apply.