🏡Here’s What You Need to Know About Home Insurance – And When to Get It
Searching for Insurance for the First Time Home Buyer:
Buying your first home is a milestone worth celebrating – but between the paperwork, inspections, and moving boxes, one important item often gets overlooked: home insurance. If you’re a first-time homebuyer, knowing when and how to secure the right insurance coverage is key to protecting your investment and your peace of mind.
At McGoey Insurance Brokerage, we’ve guided generations of homeowners in Alliston, Beeton, Tottenham, and across New Tecumseth through this important process. Here’s what you need to know.
✅ Why Do You Need Home Insurance?
Mortgage lenders in Ontario require proof of home insurance before they’ll release the funds to close on your home. But beyond that, insurance protects your home from events like:
- Fire or smoke damage
- Water damage (depending on the type)
- Wind, hail, or ice storms
- Theft and vandalism
- Liability if someone is injured on your property
It’s not just a box to check—it’s your financial safety net.
⏰ When Should You Get Home Insurance?
Don’t wait until the last minute! Here’s a simple timeline:
- As soon as your offer is accepted:
Start shopping for home insurance. This gives you time to compare coverage, ask questions, and avoid feeling rushed. - Before your closing date:
You’ll need to provide your lawyer and lender with proof of coverage (usually a “binder” or confirmation letter) before you can take ownership.
We recommend having a policy finalized at least one week before your closing date to prevent any last-minute delays.
📝 What Information Will You Need?
To get an accurate quote, be ready to provide:
- The address of the home
- Age and condition of the roof, plumbing, and electrical systems
- Square footage
- Type of heating system
- Any special features (fireplaces, finished basements, pools, etc.)
- Whether you’ll live in the home or rent it out
🛡️ How McGoey Insurance Can Help
We’re not just here to sell you a policy—we’re here to protect your future. As a local, independent insurance brokerage, we:
- Compare coverage options from multiple insurers
- Customize policies to fit your home, budget, and lifestyle
- Explain your coverage clearly—no jargon, no surprises
- Support you long after your closing day
Whether it’s your first home or your forever home, our team is here to walk you through every step.
🏁 Final Tip for First-Time Home Buyers
Your home insurance is just the beginning. As your life evolves—new cars, new family members, renovations—we’ll make sure your coverage grows with you.
Call us today or visit our Tottenham office. Let’s make sure your first home is protected the right way.
