Home insurance
Personal
You must obtain homeowner’s insurance once the property becomes yours.
Homeowner’s insurance (Hazard Insurance) helps protect your property and personal belongings. It may help cover the cost to repair or replace your home and possessions if they are damaged by certain risks, such as fire or theft. It may also provide liability coverage if someone is injured on your property or if you accidentally damage another person’s property.
Desjardins Bank does not offer homeowner’s insurance. Borrowers must obtain coverage from the insurer of their choice and provide proof of insurance during the mortgage process.
Condominium
Insurance required to obtain a mortgage
The building structure of a condominium is generally insured through a policy held by the condominium association. A portion of your Homeowners Association (HOA) fees typically contributes to this coverage.
Desjardins Bank will confirm the building’s insurance coverage directly with the condominium association.
HO-6 Insurance (Condominium Unit Owner Insurance)
HO-6 insurance, also known as “walls-in insurance,” is designed for condominium unit owners. It generally covers interior elements of the unit, such as walls, floors and ceilings, as well as personal belongings and personal liability.
HO-6 insurance is not required to obtain a mortgage with Desjardins Bank, but it may provide additional protection for condominium owners.
Single-Family Home
Homeowner’s insurance is required to obtain a mortgage.
Flood Insurance
Flood insurance may be required depending on the property’s location and flood risk designation.
For more information about flood insurance, visit the official U.S. government website: