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Home Insurance ● Sep 12, 2023

Congratulations on Your New Home: A Guide to Preparing for Your Insurance Meeting

Congratulations on Your New Home: A Guide to Preparing for Your Insurance Meeting

Buying a new home is an exciting journey, but it can also be a whirlwind of paperwork and appointments. Amidst all the visits to banks, meetings with lawyers, and discussions with realtors, it's easy to overlook one crucial step – your meeting with the insurance broker. To make this part of your homeownership process a little smoother, we've put together some valuable tips to help you prepare.

1. Know Your Home Inside and Out

Before meeting with your insurance broker, you should be ready to answer questions about your new home. These details are essential for determining the appropriate coverage and replacement value for your property. Here's a checklist of information you should have at your fingertips:

  • Square Footage: Know the exact size of your home, including the type of garage if you have one (single car, 1.5, or double).
  • Wall/Ceiling Heights: Note the dimensions of your walls and ceilings.
  • Floor Plan: Understand your home's layout, whether it's one storey, two storey, split-level, or another design.
  • Flooring and Wall Coverings: Document the types of flooring (laminate, vinyl, hardwood, carpet) and wall coverings (paint, wallpaper, tile, etc.).
  • Bathrooms: Count the number of bathrooms and specify their types (full bath, half bath, etc.).
  • Upgrades and Renovations: Provide information about any upgrades or renovations to heating, furnace, plumbing, electrical, and the roof, especially for homes older than approximately 20 years.
  • Sewer Backup Prevention Devices: Inform your broker if your home has sewer backup prevention devices like a sump pump or backwater valve.
  • Special Features: Highlight any special built-in features, such as bay/bow windows, air exchangers, jet tubs, custom cabinets, granite counters, or other designer-quality finishings.
  • Occupants: Be prepared to share the names and dates of birth of the people who will be living in the house. This information might qualify you for age-related discounts.

If you're unsure about any of these details, consider consulting your home inspection report (if one was done) or reaching out to your realtor or the previous owner for assistance.

2. Gather Mortgage Information

In most home sales, the sale cannot be finalized until your insurance policy is forwarded to your bank or mortgage company. To expedite this process, ask your lawyer for the correct name and address to send your policy to. They may provide you with an insurance confirmation letter, so make sure to bring it with you to your meeting.

3. Existing Policy? Bring It Along!

If you're a new customer with Knight Archer Insurance but already have a residential policy of some kind, don't forget to bring it with you. To apply for new insurance, your broker will need your previous policy number to send to the new insurance company.

While we hope your meeting with your insurance broker goes smoothly, it's always a good idea to allocate some extra time for unexpected events. It's best to come in sooner rather than later – don't leave it until the day before you take possession of your new home. A little advance planning can ensure a smooth and streamlined insurance process, allowing you to fully enjoy your new home with peace of mind.

Congratulations once again on your new home! We're here to help you protect it and make the transition as seamless as possible. If you have any questions or need further assistance, don't hesitate to reach out to our dedicated team at Knight Archer Insurance.

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If you're looking to learn more about what we offer, we'll email or call you to answer any questions you may have. Our team is flexible, approachable, and ready to make the process as easy as possible.

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