If you’ve read about our first time home buyers home insurance discount then you already know how a first time home buyer can reduce the costs of their insurance.
But, what exactly is a first time home buyer?
This may seem like a simple answer (“someone who just bought their first home duh”) but it’s raised more questions than we expected so we’d like to provide answers to them all here.
NOTE: These first time home buyer “what ifs” below have either come up internally at the office or been asked by our members.
What if I inherited my first home?
Absolutely, we will still provide the first time home buyer discount for an inherited home if it’s in fact the first home your name is registered to and meets all other criteria regarding occupancy and location.
What if I inherited my first home and now buying a new one?
Regardless of how you acquire your first home through a purchase or inheritance, your first home is the one where you’d qualify as a first time home “buyer”.
If you’re now buying a new home after first living in the home you inherited, that would be considered the second home registered in your name and would not meet the eligibility for the first time home buyer insurance discount.
What if I’m purchasing a condominium as my first home, does that qualify?
Yes, for sure!
The first time home buyer discount applies to a dwelling or condominium within our normal service area.
We are parents of a young adult who already own our home, but we are helping our child get their first home. What if we will be the purchasers and legal owners of the home but our child will be the only person living in the house (it will be their home) and they will be making the mortgage payments to us directly?
It’s challenging these days for almost anyone to buy their first home, so Kudos to you for helping your child out with their first home purchase!
Unfortunately, this will not qualify for our first time home buyer home insurance discount since your child would not be the legal owner or purchaser of that first home.
However, we have several other home insurance discounts that may be applicable such as the new home discount (applies to homes less than 10 years old), multi-line discount (if for example, you have both your home and auto insurance with us) and the monitored alarm discount (which saves you on the cost of home insurance).
What if my partner or I owned a home before – does the other qualify?
Yes, you do qualify.
As long as at least one of the legally registered owners is a first time home buyer then you will qualify for the discount.
So if only one of you or your partner previously owned a home, then the other partner is still considered a first time home buyer and is eligible.
What if I’m not a spring chicken anymore – is there an age requirement?
Heck no!
We have no age requirements or restrictions, if you’re a first time home buyer you’ll qualify regardless of age.
Congrats on your purchase!
What if I owned my first home in another country or province?
Welcome to Ontario, Canada!
Since this is your first home purchased within the province of Ontario you are eligible for our first time home buyer discount regardless if you’ve previously owned a home in another province or country.
What if the first home I buy is going to be used as a rental property – do I need to be living in the home to qualify?
Yes, one of our rules of eligibility stipulates that you must intend to occupy the home upon purchase.
The first time home buyer discount applies only to qualifying single-family homes insured under our homeowner package.
A rental property will need to be insured by us under a commercial policy and does not qualify for a homeowner package or this discount.
Did you find your personal what-if above? If not please reach out to us any time (https://www.eriemutual.com/contact-erie-mutual-insurance/) with your question and we will be happy to provide all the information you’re looking for.
Erie Mutual Insurance proudly serves the commercial insurance, farm insurance, home insurance and auto insurance needs of members throughout Southern Ontario including Haldimand, Niagara and Hamilton.
Please don’t hesitate to contact us with any questions you may have about this or any other topic related to your insurance.
