Owning a home is your key to freedom, but there are a lot of steps to get there. Home insurance is a big part of the process of leaving the rental market and owning your first house. As soon as your offer is accepted, it is time to start shopping for an insurance plan that is right for your needs. In insurance, basic is the minimum level of coverage, and it is often insufficient. Your policy should cover everything that makes you and your family unique. 


Saskatoon homeowners need home insurance to qualify for a mortgage


When you move through the process of purchasing a home, from pre-approval to move-in, home insurance is a necessary step along the way. To qualify for your mortgage, you will have to prove that you have insurance. This helps prove that your mortgage lender’s investment is secure, whether through the bank or a private lender. 


Damage to your home, whether natural, accidental, or criminal, will change its value, so insurance is an essential component to protect your property and your equity. Once you have paid your mortgage, you’re not required to have home insurance, but we don’t recommend going it alone. 


You may qualify for a discount on your insurance cost. 


There are some factors that can help offset the costs of your insurance policy, including: 


  • Installing a home security system
  • Being in good standing with your other insurance policies (like auto and tenant)
  • Being claim-free for longer than 3 years
  • Bundling your additional coverage options 


Your customizable policy covers everything that makes you unique.


While you must have home insurance, many people don’t realize the scope of coverage that your broker can offer and what you can protect. Some people don’t understand the value of being protected, and many opt for the least expensive coverage instead of building a plan that covers their unique needs.

Here is what your home insurance can cover: 


  1. Your outbuildings and dwelling

    This includes sheds, garages, and your home itself. Basic policies will provide some coverage for insured risks that any buildings mentioned in the policy incur. You can change your insurance to offer more protection against flooding and increase your coverage amount overall. It is always beneficial to check in with your broker if you add new buildings to your property to ensure your coverage amounts are adequate.

  2. Protect your valuables

    Everything from furniture, appliances, clothing, artwork and other valuable possessions are all able to be covered by your home insurance policy. Your policy will reimburse you or replace valuables lost after your claim is processed for a covered loss. You can work with your broker to ensure your policy is adequate for your unique needs and add additional protection from threats specific to your location or home. Additional coverage can be added to accommodate your lifestyle––for things such as antiques, artwork, home workshops, offices, and studios.

    Each year, or after a significant purchase, talk to your broker to increase your insurance needs. It is also a good idea to create an inventory of your belongings to document what you have. . This inventory can also help you when you make a claim, especially after a fire or flood.

  3. Your home insurance includes personal liability protection.

    Many insurance policies will include specific personal liability insurance, which protects you from financial responsibility when injury or damage has been caused to another person or their property. This can include a third party injury to someone who may slip on ice or snow located on your property, and more. Personal liability coverage can be increased depending on your needs, but basic coverage is often insufficient to cover many legal situations.

  4. Seasonal home, cottage, or secondary property

    Do you have a cottage or a property that accommodates your love of lake life? Your home insurance can be customized to cover your seasonal home, outbuildings, and leisure items ––such as boats, waterskis, and quads. 

If you have a second home, which isn’t on a lake or resort, you can also ensure it and its belongings are safe from harm. If you own additional property, talk to your broker about combining coverage and potential discounts.


  1. Water and sewer damage

    In Saskatchewan, we are twice as likely to experience damage to our homes and property from water or sewer backup than from fire or even theft. With some basic home insurance, you’re not protected from the damage caused by flood, surface water, groundwater, and sewer backup.

  2. Protection from identity theft

    If you are a victim of identity theft, your home insurance can help cover the costs of restoring your identity and the associated credit, loans, documentation, and any fees related to notarization. In an increasingly digital world, identity theft is becoming more and more common. You can further protect yourself by purchasing additional identity theft coverage.

  3. Service line coverage

    This includes all underground lines such as water, electrical, internet, and natural gas. You can purchase coverage to cover any potential damage caused by ruptured underground lines, and loss of service. This additional coverage option can help protect you from expensive repairs that are common with the ageing infrastructure of Saskatoon––especially in older neighbourhoods like City Park, Nutana, and Riversdale.

  4. Home systems

    You can add additional coverage to help cover the parts of our home we rarely see and often take for granted––electrical, appliances, HVAC systems, and more. This coverage can help offset the financial burden of the failure of any of these systems.



Your home protects you, and insurance protects your home.


Finding the right insurance can feel daunting, but your trusted broker at LaRoche Mcdonald can help you build the policy that is right for you and your needs. Whether you’re a first-time homeowner or finally making your lake life dreams come true, we can build a package that is tailored to your individual needs.