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Purchasing a Home? 6 Factors You Should Consider

May 11, 2016

The purchase of a new home is an exciting life event. While making such a big decision, it is important to factor in all the small decisions as well.

Did you know the choice in house you make can influence the amount of premium you will pay?  Consider these next items when choosing a home

  1. Hot tubs and swimming pools.  Although they are a fun addition to your home, you will need to be carrying more liability insurance on your policy if you have a hot tub or swimming pool.

  2. Urban or Rural.  It varies from your provider, but your home will fall into one of the three following categories.

  3. Hydrant protected – your home is in a city or town and you’re within 300 meters of a fire hydrant.

  4. Fire hall protected – your home is in a rural location and is within 11-13 km of a fire hall.

  5. Unprotected – your home is in a rural location and farther than 11 km from a fire hall.

  6. Age of home.  Older homes in established neighborhoods often stand out, offering charm and appeal.  However, because of the age of these homes, the roof, plumbing, electrical, furnace, and water tank are more likely to require inspections and/or replacements.  If these elements are new, lower premiums may be applied.

  7. Risk of flooding.  The most common natural disasters experienced by Canadians are floods.  These also tend to be the most underestimated risk as well.  Floods can occur at any time of the year and can stem from events such as snow melt, rising ground water, or heavy rainfall.  Contact your MIG Insurance broker to see if you are eligible for coverage.  Coverage may not be available if your home is in a low-lying, flood-prone area. 

  8. Hail risk.  Manitoba has been struck with hail storms numerous times in the past and everyone knows the damage they can leave behind.  Aside from the mandatory deductible you are required to pay when making a claim, comprehensive home insurance may cover hail damage to your house, including the roof, soffit, and fascia.  An important thing to note is when it comes to your roof, there may be limits to coverage and depreciation may be factored into the settlement of your insurance claim.  Check with your MIG Insurance broker to know where you stand.

  9. Earthquake History.  According to Stats Canada, there are approximately 5,000 small earthquakes recorded in Canada each year.  Nine of those earthquakes registered a magnitude of 7 or more in the past 100 years.  Although Manitoba is at a lower risk for earthquakes it is good to check with your MIG Insurance broker to see if you are covered by your comprehensive policy. 

While in the home buying process, be sure to:

  • Have a home inspection conducted.  Purchasing a home is a big investment and is expensive enough without having to do major repairs.  With having a home inspection done you mitigate that risk as these issues will be uncovered.  The home inspector will inspect the interior, exterior, foundation, plumbing, heating, electrical systems and the roof of the property. The inspector will look for clues that may indicate there is a bigger problem that may be costly down the road.
  • Include a home inspection as a condition of your offer when you have found your right home.  With the inclusion of this condition, it acts as a contingency if major defects are found within the home, which will in turn allow you to back out of the purchase with no penalty for a stipulated amount of time.


The last thing is to know what you will require for your home insurance for your new home.  As always, your MIG Insurance broker will know what’s best for you and your home.

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