You will need homeowners insurance for your new property. It will be the safety net that both you and the bank will need if something happens to your home.
Protect your investment
There are several options for insurance for your property. In most cases, the mortgage lender will require you to obtain a policy that appropriately protects your home and your liability.
Homeowners insurance policies may include provisions for:
The property
Other structures
Personal property
Loss of use
If you purchase a condo or townhome, you will need a tenant's policy as the association will typically have a Master Insurance policy for the structure of your building. Finally, some homes are also required to carry flood insurance. Be sure to check with the bank and your insurance provider to select the right policy for you and your property.