Home insurance (fire, flood etc.) is typically required when obtaining a mortgage. Your insurance provider will send an “insurance binder” to your Lawyer or Notary shortly before closing to confirm there is adequate coverage. Here are a few examples of what they will be looking for:

• Confirmation of occupancy (if the property is owner / occupied, they will want to review to ensure the policy confirms that)
• That the amount of coverage is at least the amount of the mortgage or there is full replacement cost available (requirements will vary per lender)
• Endorsements to cover wood heat (if applicable) 
• Adequate wildfire coverage (if applicable)
• Adequate strata insurance (if applicable)

If you are unsure whether your insurance will provide you with enough coverage, please consult your insurance advisor as soon as possible.