All about protecting your home

May 1, 2017
Written By: Coast Capital Savings

A big part of creating a financial plan is to be prepared for those unexpected moments life can throw at us. So how can you protect your home? Below we break down what you need to know.

What’s the deal with mortgage, life and disability insurance?

Mortgage insurance provides protection if you don’t have sufficient personal life or disability insurance. If you need to make a claim, mortgage insurance will pay off the outstanding balance on the mortgage or make the mortgage payments while you are unable to work.

Through our partners at CRI Canada, we offer life and disability insurance for your mortgage. This can protect you from losing your home if you’re unable to make mortgage payments due to injury, illness or death. It sounds a bit scary but it’s so important to consider.

A personal life insurance policy will provide a lump sum payment to your beneficiaries if you pass away.  It can be used for paying off the rest of your mortgage or help take care of other financial needs for your loved ones.

And disability insurance replaces a portion of your lost wages if you’re unable to work for an extended period of time.

What’s the bottom line on protecting your home?

Explore the benefits of all of these types of insurance options with your financial planner. They can walk you through the options available and help you determine what suits your needs. Don’t hesitate to reach out for help.

How does house insurance work?

In case of an earthquake or fire (even wind and water damage) – get insurance that will cover your home, you, your belongings and protect you from liability to others.

It can also provide you with money for additional living expenses. This’ll help you so you don’t have to stress about how to pay your mortgage.

How can renters protect themselves?

Just because you don’t own a home, doesn’t mean you shouldn’t get protection. The owner of the property will likely cover the building,but not your personal property.

As a renter, you could be held financially responsible for the value of the house, if your actions caused damage – such as fire or water damage – to the place you’re renting.

Look into getting renters insurance to protect both your stuff and your liability.

Come up with a plan.

Talk with a trusted, licensed insurance broker before you buy to learn your options and come up with a plan together.

 

The stuff we have to say.
Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products. Coast Capital Wealth Management Ltd provides investment and financial planning services. Coast Capital Financial Management Ltd. provides advice and service related to segregated funds, annuities and life insurance products. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts carefully before investing. Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.

Coast Capital Financial Management Ltd. provides service and advice related to insurance, segregated funds and annuities. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual funds are not guaranteed or insured by any financial institution, government or other deposit insurer. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts carefully before investing.