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Insurance

MORTGAGE LIFE INSURANCE
In the event of the death of the owner or owners of a home, the balance owing on the mortgage is covered by mortgage life insurance,  form of term life insurance.

Particularly for families with young children who could run the risk of losing their home if the breadwinner should unexpectedly die, mortgage life insurance is highly recommended.  It is the safest way to protect the survivors from losing their home because they cannot make the mortgage payments.

FIRE INSURANCE
No one plans on or expects a fire to happen to them.  But it is possible, and fire insurance on any dwelling is an absolute necessity.

if you have a mortgage on your home that is insured by the National Housing Act the fire insurance policy you take out must be equal to the full replacement value of the building.  And as housing costs rise so should the amount of your policy.  Also your policy should be large enough to help you recover your own investment in the building as well.

Policies are generally renewable each year. If you are building or having a home built, you should also consider having insurance to cover the building period as an added security measure.

THIRD PARTY INSURANCE
Civil Liability or third party insurance is highly recommended to cover your personal liability in the even that a visitor to your property sustains an injury.  It protects you in the event the visitor sues you for damages.

Package policies are available to homeowners to provide them with a full benefit package.  Fire and third party insurance can also be included in a package protecting you against theft, loss or destruction of contents as well as property damage cause by mother nature.

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