As the saying goes, ‘There’s no place like home.’ But what about when the unexpected happens?
The Co-operators, Ourboro’s preferred insurance partner, helps streamline the home insurance process for our co-owners, protecting their belongings and their investment. We sat down with Ishaan Ahuja – a Certified Financial Planner with 13 years of experience in the Financial Services industry and a Co-operators agent since 2021 – to discuss the Co-operators, their new partnership with Ourboro, and what buyers should keep in mind while looking for home insurance.
To start us off, can you tell us a bit about The Co-operators?
The Co-operators is a proudly Canadian co-operative, established in 1945. Our heritage and values shape our approach to business, resulting in a different and better client experience. Similar to Ourboro, we are rooted in the idea that together we are stronger, safer, and more resilient. We’re dedicated to improving our clients’ financial security and aim to give you the advice and solutions you need to feel confident about your financial future.
Co-operators and Ourboro recently announced a partnership. What can Ourboro co-buyers expect once being connected to you?
At Co-operators, we take a very holistic approach to insurance and financial planning, helping homebuyers save for what matters and keep what matters safe.
Ourboro co-owners can expect a very prompt and personalized client service experience. Buyers will be directly connected to our office where we have a dedicated team of experienced insurance and financial services personnel.
What is home insurance and why is it so important for homeowners?
Owning a home may be your largest single investment, so it’s important to protect it. Home insurance is a form of property insurance that you purchase to protect your property and your belongings.
It may not be something we think about every day, but unexpected incidents can happen at any time to your home, which is why home insurance is so important. Co-operators protects your home by helping you select the right coverage.
What’s the difference between home insurance and condo insurance? And how are they different from tenant insurance?
Tenant insurance is for renters who want to protect their personal property. Tenant insurance also includes personal liability coverage, which covers accidental damage to property not owned by you or unintentional bodily injury to others.
Once you buy a home of your own, you’ll need to trade out your tenant insurance for home or condo insurance. Home and condo insurance have key differences due to the owner’s level of responsibility. When you own a house you’re responsible for everything on the property, while condo owners are only responsible for their individual unit and their belongings within it.
Home insurance covers expenses that occur when something unexpected or accidental happens to your home and/or your belongings. That means that you’ll receive financial protection against losses due to theft, fire, wind damage and much more. Should anything happen to your home, your standard policy can include coverage for the structure of your home, coverage for your personal belongings, and coverage for additional living expenses – if you’re unable to live in your home while it’s being repaired due to a covered loss. It can also come to the rescue if someone injures themselves on your property, or if you damage someone else’s property or accidentally injure someone.
Condo insurance covers what’s in your unit, including your liability, contents, and the unit itself. Insurance for your condo building and common elements (e.g. hallways, elevators) are paid through your condo fees. What your individual condo insurance does not cover are any damage, loss, or injuries that happen to or within your condo structure. For instance, if there is a flood originating from the rooftop of the condo, and you need major repairs to the overall structure of the building, your individual insurance will not cover this. Instead, your building’s master insurance policy would come into effect.
What’s something you find homeowners often overlook when it comes to buying insurance?
Some homeowners exclude important coverages like flood & water damage, get lower coverage on personal property, or choose a higher deductible, in order to get a lower premium. At Co-operators, we help homeowners understand that they could end up spending a lot more when they need to make a claim in the future, just to save a few dollars on their premium today. Choosing the right coverage is very important and we work collaboratively with our clients to help them do just that.
Homebuyers should also consider title insurance to protect both themselves and their lender from financial loss due to defects in a title to a property.
Finally, mortgage life insurance and life insurance are also very important options which should not be overlooked as they help to safeguard your financial assets in the event of an untimely death. Though, understanding the difference between the two is important.
Mortgage life insurance is designed to pay the lender the remaining mortgage in the event that the borrower dies. This protects your estate or beneficiaries from being responsible for taking on your monthly mortgage payments. On the other hand, life insurance is paid directly to the chosen beneficiary to use as they wish and, if you have outstanding debts, your creditors won’t have a legal claim to the payout.
We know that Co-operators does more than just home insurance. What other services are you looking forward to offering Ourboro co-buyers?
We aim to give our clients the advice and solutions they need in order to feel confident about their financial future. From the right investments to the right insurance products, we can help your clients create a personalized plan for their unique goals.
For example, Ourboro offers a unique opportunity to their clients, allowing them to offer to buy out Ourboro’s share of the property at any time. If a co-owner is interested in buying out Ourboro, creating a plan, adopting healthy money habits, positioning their money for growth, and guarding against inevitable market fluctuations will be very important. And that’s something Co-operators can be a great support for.
We look forward to providing complete investing and insurance solutions to our clients and aim to be the trusted advisor for all their financial services needs.
With The Co-operators as our preferred insurance partner, Ourboro is looking forward to connecting our co-owners with a streamlined home insurance process, giving them access to a dedicated team and tailored insurance packages.
Ready to take the first step towards co-ownership? Get started on your application today.