Mortgage: Your Biggest Debt. Are You Covered?

You don't want to have to worry about the whole laundry list of things that could happen to your new home. It's enough to keep you up at night! Banish those dark thoughts and sleep like a baby by getting these two types of insurance.

You’ve found the home you’ve always dreamed of with the cute little breakfast nook and the impressive deck in the back yard. You’re ready to put in an offer, take out a mortgage, and start making the invite list for your first BBQ. But before you hand out hot dogs, protect yourself and your investment.

Protect Your Investment: Home Insurance

Whether your dream home is perfect as is or you’ll need to redo its 1970s era kitchen, you don’t want to have to worry about the whole laundry list of things that could happen to your new home. It’s enough to keep you up at night! Banish those dark thoughts and sleep like a baby by getting home insurance.

What it Covers: Policies vary, but usually they cover theft and vandalism and damage caused by things like fire, lightning, and storms. It also provides liability protection in case someone is injured on your property and living expenses if you can’t stay at your place because of damage.

Cost: Varies based on things like value of home and contents, location, deductible, type of insurance, and number of claims.

What it Doesn’t Cover: Things like earthquakes and hurricanes are generally excluded. Ask your insurance provider for a list of exemptions.

Protect Yourself: Mortgage/Debt Insurance

We like to think that we’re invincible, but sometimes things happen that we don’t expect and suddenly we’re out of commission and unable to make money or pay our bills.

What it Covers: It pays your mortgage in the case you pass away, become unable to work, or develop an illness.

Cost: It depends on the value of your home and your age and health.

When it Kicks In: Mortgage insurance covers the full value of your loan if you die or develop a critical or terminal illness. If you become disabled, it will cover your minimum monthly payment while you’re disabled.

Find out more about home insurance for your property and HomeProtector Mortgage Insurance.

Rather talk to someone? Call 1-877-749-7224 or find an advisor near you.

Great Rates and Expert Advice on Home Insurance

Get a free online quote* for coverage to protect you, your property, and your belongings from the unexpected.

Get My Quote

Learn More

*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

Share This Article