Fire Insurance - NOT Including Condominiums (not relevant for those purchasing condominium property):
All properties (other than condominiums) are required to have Fire Insurance. A Fire Insurance Binder MUST be provided to our office prior to the Closing Date. Please have your insurance agent forward the fire insurance binder to our office, such should indicate that you and the Mortgagee (bank) are insured for Guaranteed Replacement Cost prior to the Closing Date.
Fire Insurance - Condominiums:
If the property you have purchased is a condominium you are NOT required to purchase fire insurance, as the condominium corporation will have insurance for the entire building. You still should arrange insurance coverage for the contents of your condominium unit. Be sure that the insurance is effective prior to the closing date and that such insurance covers any deductible that might become payable to the condominium corporation for a claim under its insurance.
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