CMHC default insurance is mandatory for all home buyers paying less than 20 per cent on their home purchase. But are these mandatory premiums priced too high? A new petition is challenging the CMHC’s profit margins, arguing it’s time to give first time home buyers a break.
No one can see the future – which is why it’s fortunate that insurance products exist to keep your family, home and valuables safe in a worst case scenario. But why must peace of mind come with so much paperwork?
Using an insurance broker is the first step to getting the best coverage for your needs. Before you sign, though, ensure you understand exactly what kind of coverage you’ll get for your money – and whether there are any hidden limitations.
Taking out mortgage insurance may seem like a breeze, especially compared to the lengthy process of life insurance. Turns out, you’re paying for that convenience with the quality of your coverage – and you may find yourself without any, right when you need it most.