There are various types of homes for sale, such as:
- Single or detached homes;
- Semi-detached; and
The CMHC resource, Buying Your First Home in Canada: What Newcomers Need to Know, provides information on the different types of homes plus other useful information.
You're required to have home insurance for every home you own.
Home insurance gives you financial protection if your house is damaged by:
- Lightning strikes;
- Wind and hail;
- Falling objects;
- Theft; and
- Other risks.
Depending on your coverage, your home and other structures such as a garage, storage shed, or fence are protected.
Most banks will require you to have proof of insurance, before you can get a mortgage from them.
Types of Home Insurance
There are three types of home insurance policies that you can purchase.
- Basic: This package provides coverage for named risks in the policy associated with your house, its contents and your liability.
- Broad: A broad policy provides insurance coverage for your home for all risks and for named risks for its contents.
- Comprehensive: This policy covers both the building and its contents for all risks except for those specifically excluded.
How to Obtain Home Insurance
Contact a few home insurance brokers to get more information about the types of home insurance available to meet your requirements.
To find a home insurance broker, look under "Home Insurance" in the yellow pages of your telephone directory or search at mysask411.