Any insurance professional will tell you that there’s no easy answer for cheap and full coverage, as it’s really about finding the best plan for your needs. But it can be done. You have to do your homework. Shop around. Compare quotes. Luckily, there are a few hard and fast rules to keep in mind when comparing home insurance quotes.
How to compare types of home insurance policies
While you don’t need home insurance by law, as you do with car insurance, your mortgage lender or landlord will often require it. Home insurance experts will tell you that the key to getting the best plan in terms of cost and coverage is to shop around and compare policy offerings from company to company. In your search, these are the main kinds of coverage you’ll come across:
Comprehensive: This is the most inclusive type of policy, covering sudden and accidental occurrences involving buildings and personal property, as well as liability…
Mortgage rules and rates: What to know about buying real estate in Alberta
The mortgage rules in Alberta are the same as they are in other parts of the country. Why’s that? Canadian mortgage rules are based on the lender you deal with—not where in Canada you buy your home.
Federally regulated financial institutions, including banks and federal credit unions, must follow rules set by Canada’s banking regulator, Office of the Superintendent of Financial Institutions (OFSI). A first-time home buyer in Alberta obtaining a mortgage from one of these institutions will face the same down payment, mortgage qualification and mortgage stress test rules as any other Canadian buyer using the same kind of lender…