Mortgage Insurance

Going through the purchasing process can be stressful.   Having to follow up with all the insurance options can make it overwhelming.  Adding to that, the different types of insurances can make it that much more of a hassle, making you want to ignore it and deal with it at a later time.  However, when you are taking on a new and large debt, such as a home, it’s a very critical time to review your insurance options, and yes, there are many to consider, such as:

  1. Mortgage loan insurance (insurance on a high-ratio mortgage),
  2. Title insurance (protection against title transfer errors or fraud),
  3. Property insurance (protection on your home, personal property and liability),
  4. Mortgage insurance (protection against your mortgage in case of death, injury or illness).

Why Get Insured?

You may think that insurance is not necessary or that you already have a decent insurance plan set up. Taking on a new property is a great time to review your current insurance plan and all the options you have available to you. Review and understand what insurance plan, or combination of insurance plans might work for your needs.

Some people border on being over-insured, while others are living free from any thought of disaster; neither of these are the best method. A sensible insurance protection plan is a good idea for any person, couple, and especially families. Ideally you want to place yourself and your loved ones in a comfortable situation should any unforeseen circumstance arise, such as unexpected loss of job, a disability, critical illness, or worst case, death.

There are a number of options to consider, such as your work benefit plan, additional extended health plans, life insurance, mortgage insurance, credit card protection plans, or even setting up a personal savings account. Look at all your options and associated payments to see if there is one, or two, that gives you and your family the protection you need that also meets your monthly budget. It doesn’t have to be over the top, just enough to offer comfort, relieving the potential financial stresses of loosing your home at a time when personal issues are paramount.

Through my mortgage broker’s network, I can offer you to the most flexible and comprehensive mortgage insurance coverage available in Canada.

For more information about mortgage insurance please email me directly at: paul@paulhudsonmortgages.ca