We’ve got you covered from day one
Our optional pre-possession insurance protects you from the moment you pay the deposit until you take possession of your completed home — beyond Alberta’s mandatory 1-2-5-10 year coverages.
Pre-Possession Insurance for single-family homes protects you from the hardship of a builder default no matter where you are in building a new home.
Pre-Possession Insurance combines i) Deposit Protection Insurance and ii) Home Completion Insurance:
Before building begins: Deposit Protection Insurance
Deposit Protection Insurance protects the payments you made to secure your building commitment until the building begins, up to a maximum coverage of $100,000; however, we recommend that you confirm with your homebuilder the amount of coverage you have specific to your purchase agreement.
During construction: Home Completion Insurance
Next, Home Completion Insurance takes over to protect your investment during the time your home is under construction until you take possession.
Deposit Protection Insurance for multi-family home construction projects protects your deposit. Your deposit is protected (in the event of a homebuilder default) from the time its paid until you take possession of your new home, and your home warranty insurance commences. Deposits are protected to a maximum of $50,000 — however, please confirm with your homebuilder the amount of coverage you have specific to your purchase agreement.