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Re: Insurance

I was just chatting with a couple of friends who've purchased before and they mentioned that some Insurance companies will say that 'content' and 'liability' insurance are the same thing or all in one - but the details of the coverage should clearly show how much is covered for content, how much is covered for liability etc; etc; Just make sure you ask questions and get things clarified before signing up with any one.

There are several online sites that you can get rate quotes from to get an idea of how much the insurace will be monthly/yearly and what it covers etc; Some examples:
TD Meloche Monnex: http://www.melochemonnex.com/en/home6
State Farm: http://www.statefarm.ca/

Either way, content & liability insurance shouldn't be too much for a condo unit... about $250 annually roughly...

Also, some insurance companies provide discounts if you are an graduate of a certain university etc; (eg: TD Meloche Monnex gives discounts for gradutes of most Universities in Canada - U of T, York etc; etc; )
 
greentea said:
Hey guys, thanks for sharing all the info. I'll be in M3, about a yr away .....

Couple of questions about $$$:
1) What are we looking to pay for the $2mm Liability Insurance?
2) Closing fees (I think about $5K, but correct me if wrong)
3) Lawyer fees (approximation)
4) Land Transfer (I'm a first time home buyer so I get that credited)
5) Anything else??

Basically, I just want to have an idea of all fees I should set aside (besides the money I'm saving for my furnishings).

THANKS!!!!!!
Click to expand...

I've not moved in yet myself either, but everyone has helped each other on this forum with ideas of costs etc; so here is just a rough list:
(1) I'm told about $250 annually
(2) The builders have told us to roughly put aside about 3% of your purchase price (therefore $5K might not be enough...but again, I've not moved in yet so I don't know what the final numbers are... maybe someone who's moved in already can elaborate?)
(3) Depends on your Lawyer, but expect it to be about $1500-$2000+
(4) yes, that's correct
(5) HST... If you've entered into a purchase of agreement after June 18th, 2009... I don't know what that entails as most of us who've purchased in M1 and M2 were able to escape it... I've read somewhere that purchases under $400,000 will not be affected... but I've also read elsewhere that a certain amount will be credited and you pay the remaining amount... you'll have to ask your lawyer for details if this applies.
(6) If you bought a locker, you'll have to pay the remaining balance when you move in
(7) If you're using any RRSPs towards your first time home purchase, you have 15 years to pay that amount back... sounds like a lot of time, but depending on how much you use (you can withdraw up to $25,000) it could be a lot (eg: if you withdraw the full $25,000 you're allowed... that's about $1650 a year...)

Uhhhhh.... I think that's it.... for now... There will ALWAYS be something else down the road so just be on the safe side and have extra $$$ for emergencies I guess....
 
Last edited:
coldstudios, thanks so much!!...

I guess the total fees should be in the $10K range.

I bought mine in Nov 2008 so I think I should ok in terms of the HST (although I should check to be safe)....

I do plan on using my full $25K from RRSP ($1650/yr isn't too bad), I wish I could take out even more!
 
greentea said:
Hey guys, thanks for sharing all the info. I'll be in M3, about a yr away .....

Couple of questions about $$$:
1) What are we looking to pay for the $2mm Liability Insurance?
2) Closing fees (I think about $5K, but correct me if wrong)
3) Lawyer fees (approximation)
4) Land Transfer (I'm a first time home buyer so I get that credited)
5) Anything else??

Basically, I just want to have an idea of all fees I should set aside (besides the money I'm saving for my furnishings).

THANKS!!!!!!
Click to expand...

Earlier threads, we all confirmed that between 8-10K after all said and done is a safe bet.
 
greentea said:
coldstudios, thanks so much!!...

I guess the total fees should be in the $10K range.

I bought mine in Nov 2008 so I think I should ok in terms of the HST (although I should check to be safe)....

I do plan on using my full $25K from RRSP ($1650/yr isn't too bad), I wish I could take out even more!
Click to expand...


I'm in the same boat re: RRSPs but really $1,650 isn't all that bad in the grand scheme of things
 
Flaco, where is the power and cable outlets located? Outer walls? Center?

I have the electrical floorplan at home, but forgot how the cable diagram looks like.
 
Does anyone know if we are provided with a dolly to help move our big stuff or do we need to bring one. I know at my dad's condo there is one that everyone can use when moving.
 
Hi, M2 here and no I have not heard from my lawyer. I actually called him this week and he told me not to worry or panic and that all the paper work should be given to him a few days before. He'll need to read it and go over everything, then papers need to be signed and delivered. My move in date is Aug. 6th, and he said perhaps I will see him on the 5th or 4th? (The sooner the better I hope)!!
 
italjoe said:
Hi, M2 here and no I have not heard from my lawyer. I actually called him this week and he told me not to worry or panic and that all the paper work should be given to him a few days before. He'll need to read it and go over everything, then papers need to be signed and delivered. My move in date is Aug. 6th, and he said perhaps I will see him on the 5th or 4th? (The sooner the better I hope)!!
Click to expand...

oh thats really tight. I was thinking like 2 weeks in advance. I hate all of this last minute stuff. I am a planner and this definitely NOT my style
 
Does anyone know about the MAIL pick-up? I have visited the 2800 Keele St (and Wilson) Canada Post office today at about 11:30am and everything is CLOSED??? Huh?? There was a sign indicated that this location is closed and that there are other branches near by. So, I went to the nearest location around the corner and they told me they are OPEN? They just have short business hours?? Then, later this afternoon I called Canada Post and they had NO IDEA if the location is open or not and there is no direct number to call? I spoke to a supervisor and she will call me back hopefully by Friday. Does anyone know how we go about picking up our mail? I am asking because I have started to change my home address to the new one. Please advise!!!!! THANKS :)

Joe
 
lornei said:
oh thats really tight. I was thinking like 2 weeks in advance. I hate all of this last minute stuff. I am a planner and this definitely NOT my style
Click to expand...

Yes, I know what you mean, its stressful :-( Is there a way to do this sooner?
 
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