Nearest broker: Searching for a broker nearby…
Nearest broker: 2607 Ellwood Dr SW, Edmonton, AB, T6X 0P7 Phone: 780-732-8616 10060 Jasper Ave, Edmonton, AB, T5J 3R8 Phone: 780-435-3632 , Calgary, AB Phone: 403-532-4882 322 Avenue C S, Saskatoon, SK, S7M 1N4 Phone: 639-398-4170 10325 Bonaventure Dr SE, Calgary, AB, T2J 7E4 Phone: 403-695-1050 5317 50 Ave, Taber, AB, T1G 1V3 Phone: 403-223-2377 110a McLeod Ave, Spruce Grove, AB, T7X 2H8 Phone: 780-571-1144 496 Marquis Rd, Prince Albert, SK, S6V 8B3 Phone: 306-970-8080 335 Hwy Avenue N, Picture Butte, AB, T0K 1V0 Phone: 403-732-6023 103-5020 Lac St Anne Trail S, Onoway, AB, T0E 1V0 Phone: 780-967-2282 2201 Box Springs Blvd NW, Medicine Hat, AB, T1C 0C8 Phone: 403-487-5132 550 Wt Hill Blvd S, Lethbridge, AB, T1J 4Z8 Phone: 403-394-1123 734 13 St N, Lethbridge, AB, T1H 2T1 Phone: 403-328-9114 5 St SE, High River, AB Phone: 403-652-4104 9901 103 St, Fort Saskatchewan, AB, T8L 2C8 Phone: 780-998-0881 , Edson, AB, T7E 1T6 Phone: 780-440-0075 16612 109 Ave NW, Edmonton, AB, T5P 1C2 Phone: 780-486-4488 201-4271 23 Ave NW, Edmonton, AB, T6L 5Z8 Phone: 780-466-2136 3908 97 St NW, Edmonton, AB, T6E 6N2 Phone: 780-465-6900 8170 50 St NW, Edmonton, AB, T6B 1E6 Phone: 780-469-9378 52 Ave, Drayton Valley, AB Phone: 780-621-1707 264 Midpark Way SE, Calgary, AB, T2X 1J6 Phone: 403-251-2926 1331 Macleod Trail SE, Calgary, AB, T2G 0K3 Phone: 403-278-1050 1331 Macleod Trail SE, Calgary, AB, T2G 1E1 Phone: 403-255-2252 234-7 Westwinds Crescent NE, Calgary, AB, T3J 5H2 Phone: 403-775-2100 , Calgary, AB, T3K 0S8 Phone: 403-719-9995 4632 70 St NW, Calgary, AB, T3B 2K6 Phone: 403-247-6435 5114 2 St, Boyle, AB, T0A 0M0 Phone: 780-689-3946 50 Ave, Bonnyville, AB Phone: 780-826-3147 12931 20 Ave, , AB, T0K 0E0 Phone: 403-562-2191 2903 Kingsview Blvd SE, Airdrie, AB, T4A 0C4 Phone: 403-945-8885

Does mortgaging my home affect my insurance?

Home Insurance

By Viola Wallace | October 18, 2018

Few people can afford to buy a house outright without taking a mortgage from a lender whether that is a banker or a speciality mortgage provider. Regardless of who holds your mortgage one thing you need to take into account is your home insurance. A mortgage will affect your insurance, whether it’s a new mortgage or you’re refinancing.

Lenders require home insurance

The holder of your mortgage will require you to obtain an insurance policy that covers the value of your home. This is usually done during the purchasing process of your home so you will have inspections and sale documents completed.

If you’re refinancing you will be required to ensure that your policy is updated or a new policy obtained to reflect the current value of your home as well as any other changes or modifications that may have been made. Only once a new assessment of your home is complete and a new insurance policy in place will a lender agree to a refinancing deal.

These requirements are in place because any lender must protect themselves against losses due to damage to the property the value of which is the security for their loan. They have to ensure that their information is included in the ‘mortgagee clause’ of your home insurance policy – either alongside or replacing that of your original mortgage lender – so that they are entitled to be paid in the event of any claim you make against your policy.

Furthermore, the lender may have requirements as to the type and extent of coverage you must place on your home. Most require a full comprehensive policy in order to ensure they’ll get their loan back in the event the home is destroyed or significantly damaged.

Keep an eye on your insurance coverage

Most homeowners intend to stay in their homes for a while. While your mortgage lender might not require you to update your insurance it’s a good idea to stay on top of it to ensure you your home and your belongings are adequately protected.

If you make any renovations or upgrades be sure to contact your broker or insurance company before you begin. The purchase of expensive property such as artwork, new appliances or a racing bike are also things you should bring up.

If you are refinancing, time may have changed the value of the property or your insurance coverage. A lender will still require comprehensive coverage to protect their loan. You may be required to get a home appraisal.

Your broker understands what mortgage lenders require for home insurance and work with you to find the best policy for your needs and budget.

Get A Quote From A-WIN

Get the best insurance deals and stay on budget.

Get A Quote

Life Events - It's Time to Reassess Your Insurance

Whether it’s heading off to university or deciding to start your own business,...

Download