Are you eligible for the first time home buyer discount?
First time home buyers who have purchased a home or condominium within Erie Mutual’s normal service area on or before January 1st of last year will be eligible (additional criteria below).
You must intend to occupy the home upon purchase. Click here to read other first time home buyer insurance “what ifs?”
Click here to get a free home insurance estimate emailed within minutes.
What is required to receive the first time home buyer discount?
- You or your spouse must have purchased a qualifying single-family home on or after January 1st of last year
- Your home must be registered in either your name or your spouse’s name (or both)
- At least one of the legally registered owners must be a first time home buyer
- Your home must be located within our normal service area and be your first home purchased within the province of Ontario
- Your home cannot be under construction or renovation
- You must provide supporting documents
What documentation is needed?
We will require proof of ownership and purchase date, you may be asked to provide a combination of the following:
- Your lawyer/legal documentation verifying the property owner’s name (purchaser) including the closing date and address of the property purchased
- A copy of recent county/city property taxes in the name of the registered property owner
- At the purchaser’s discretion, relevant tax return documentation showing that they are eligible for the federal First Time Home Buyers Tax Credit is acceptable
What is the First Time Home Buyer Discount?
The Erie Mutual First Time Home Buyer Discount is an innovative plan to help buyers with the financial struggles of buying their first home. While the Government of Canada offers a First Time Home Buyers Tax Credit, our discount offers you insurance savings with similar criteria. You may also be eligible for a tax-free First Home Savings Account (FHSA) the government provides.
We know that interest rates have been challenging in recent years and that first-time home buyers face uncertainty in the financial marketplace and numerous costs associated with their home purchase.
As an insurance company protecting our members since 1871, we have built a mature policyholder client base. We happily welcome younger customers buying their first home and understand that the insurance industry has not been kind to you over the years without previous insurance or credit experience.
This FTHB Discount offers you a reduced rate to secure your first home! We also continue to apply this discount to your insurance for future years that you own and occupy this home; it’s not deleted after the first year!
- Please note that Erie Mutual Rates/Discounts are subject to change without notice
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FREE HOME INSURANCE INSPECTION
Because we want to see what we insure Erie Mutual provides a free home insurance inspection on all properties. You are automatically eligible for this inspection of your new home by our loss prevention team.
This may offer peace of mind knowing that your home qualifies for the insurance you require to close the deal!
MORE VALUE
Watch for upcoming blogs by Erie Mutual in the coming months. We will provide additional value to first time home buyers with various topics related to insurance tips and advice as well as general information for first time home buyers.
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