Chapter 11
Protecting Your Interests: Insurance and Warranties
IN THIS CHAPTER
Safeguarding your investment with insurance
Insuring a newly built home: New home warranties
Walking through your home
A home is the single biggest purchase of your life, so naturally, you want to protect it. This chapter discusses the different types of home insurance available to safeguard your new investment, including warranties provided on new homes. We also discuss the final walk-through before closing, an important exercise that confirms the state of the home that’s about to come into your possession.
Insuring Your Home
Mortgage is just a fancy term for a whopping big loan. Because your collateral for this loan is your home, it needs to be protected from anything or anyone that may cause damage (this includes you). Suppose you forget to close a window or didn’t get around to reinsulating your basement before a nasty freeze hit and the pipes freeze and burst, causing a flood. The damage could be in the thousands of dollars and lead to mould issues. You’ll wish you had insurance. (Don’t confuse this with mortgage life insurance, which we discuss in Chapter 5.) Because you can choose from different ...
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