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    When should I start to search for home insurance when buying a house?

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    When should I start to search for home insurance when buying a house?

    Buying a home is about more than showings, bids, and offers. You also need to account for closing costs and tasks. There are real estate lawyers, property taxes, and, of course, home insurance. These chores add up. Leaving them to the last minute could delay your closing or even cause the purchase to fall through. We’ve partnered with Perch to make this home purchase process significantly easier. While APOLLO can set you up with a great home insurance plan, Perch uses its analytics-driven digital platform to find you the most affordable mortgages in record time.

    This article dives into when you should start looking for home insurance and why insuring your property is essential.

    When to start looking for home insurance

    If you’re buying with a mortgage, home insurance is mandatory, and you won’t be able to close the purchase without it. That’s why you should start shopping for homeowner’s insurance as soon as you receive an accepted agreement for purchase and sale. The time between the getting your offer accepted and closing can last two to three months and this period is generally an ideal time to shop for insurance quotes.

    To receive an accurate insurance quote, you need to provide insurers with information relating to the property such as the neighbourhood, the recency of renovations, and the last time the roof was replaced.

    You’ll generally have this information by the time you submit a purchase offer on the property. However, you can also confirm those details by directly asking the seller’s listing agent.

    If you leave insurance shopping until the last minute, it could delay your closing. Insurance brokers commonly have clients coming in the day before closing, hoping to purchase a policy and confirm that it’s active to prevent delays.

    In such a situation, you lose the opportunity to compare quotes from different insurers, which could cost you hundreds or thousands of dollars in the long term. Starting early lets you make proper comparisons of different insurance quotes so that you can find the best deal for your home.

    However, if you’re still early in the home-buying process and looking for a mortgage, Perch can help you find the best rates in your area, and get you a mortgage approval in less than 48 hours.

    Related: How to start saving for a house

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    Your lender makes home insurance mandatory

    Home insurance protects you and your lender. Your lender uses the home you’re buying as collateral to protect themselves against a loan default when they extend you a mortgage. Home insurance assures your lender won’t take a loss if the home floods or burns down.

    Not only does your lender require home insurance, but they require a policy that fits specific criteria. Before you buy, make sure that the policy fits your lender’s needs. A lender might require that the policy covers a certain dollar amount and/or specific events such as an earthquake and sewer backup.

    You’ll further have to show your lender your proof of insurance coverage before closing. This proof might come in the form of a physical binder or digital file filled with insurance documents that confirms a policy’s details.

    Don’t risk your biggest investment

    Suppose you’re buying a home in cash. Home insurance might not be mandatory because you don’t require a mortgage. However, in this case, it’s still critical to purchase home insurance. Any home purchase is a big deal, and you want to make sure to protect such a significant investment from unfortunate circumstances.

    The proper insurance plan provides the appropriate compensation to rebuild your home in the case of a total loss. It can also offer repair or replacement costs if parts of your home or the contents inside are damaged or destroyed. The most important part of your policy is the peace of mind that you’re protected.

    The time between receiving an accepted purchase and sale agreement and the closing date is the perfect time to shop for home insurance. The earlier you start the process, the better. Starting early lets you compare quotes from different insurers and find the best deal available.

    How to get a home insurance quote from APOLLO

    Getting a quote from APOLLO is easy and fast! You can get a free quote by clicking here, it takes 5 minutes to get an instant quote. APOLLO’s agents are always available through our live chat and phone to answer questions as well as to support any applicant through the application process.

    Get a quote for your home insurance from APOLLO Insurance today! Or, if you’re still looking for a mortgage, visit Perch for some of Canada’s best mortgage rates.

    APOLLO Has You Covered

    We can help you understand the benefits of Home Insurance, and get your belongings covered in minutes.

    Learn More

    Originally published November 24, 2021, updated August 25, 2023

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