insurance and new home

fishguyxd · #1 05-26-2009, 10:47 PM

Anyone know how this works with certain builders in Edmonton if you buy a new home with them you get 1 yr insurance included ***so what's the catch ???? (I assuming there just trying new business) and get all your present and future requirerments on home and cars etc.

but are they giving you the coverage and if something happened would you be covered where as if you stay with you present broker at least you are covered I not sure I don't trust anyone these days.

HMMM

toxic111 · #2 05-27-2009, 04:06 AM

is that home owner's insurance, or New Home Waranty?

G1GY · #3 05-27-2009, 05:15 AM

Not so hard to fathom. You buy the home and they pay the insurance premiums on a homeowners policy for a year. It's only a $400-$800 perk depending on all the variables. I'd bet that the insurance provider even gives the builder a break in hopes that you'll stay with them and maybe even move some of your other buisness over to them. Even if you buy a mansion........ the amount they have to pay for that one year of coverage is directly proportionate to what you spend on a home. Heck, if I was selling my home and you were willing to pay the asking price..... I'll give you a year of free insurance!

Realy not all that amazing.

G1GY · #4 05-27-2009, 05:20 AM

Quote:

Originally Posted by toxic111

is that home owner's insurance, or New Home Waranty?

New home warranty isn't an insurance program at all, but CMHC is.(It's a policy we buy for the bank.

)

mark · #5 05-27-2009, 05:30 AM

Quote:

Originally Posted by G1GY

New home warranty isn't an insurance program at all, but CMHC is.(It's a policy we buy for the bank.

)

Never could figure CMHC, you pay for insurance on a loan and then the bank gets the asset anyways if you default.

Now the New Home Warranty Programs, there's another big joke/rip-off.

Scythanith · #6 05-27-2009, 06:55 AM

I've used the NHWP to my advantage while dealing with issues in our new home.

CMHC is a kick to the nuts...

Colby82 · #7 05-27-2009, 02:37 PM

you dont have to pay CMHC if you put down 25% or more on the total price of the home. if you are only paying 5% you get the CHMC charge.

toxic111 · #8 05-27-2009, 02:39 PM

The New Home Warranty Program is one of the biggest scams out there....

I have been in the design industry for 12 1/2 years, and in construction industry for over 20... I have to yet see the Home Warranty program actually pay out properly...

For the extra 10-15000 for a new home you pay... its not worth it.. since they will only come in if the contractor does not come to fix problems... PIA