Home Purchase Insurance Requirements

Insurance Requirements

Disclaimer: Please note that the information provided on this page are for informational purposes only and you shall NOT rely on them in lieu of seeking legal advice from your solicitor or obtaining instructions from your lender. Furthermore, this information is subject to change without notice. For specific questions, please contact us by phone at 403-648-3121 or by email at general@agahilaw.com.

Note: Generally once you obtain financing from a lender, they require you to have a valid insurance on your home to protect their security on the property in case of natural hazards. There are a few minimum requirements that have to be met in order for the insurance to be satisfactory to the lender (otherwise, even if your lawyer receives your mortgage funds from your lender, s/he is not authorized to use same). Here below are some general insurance requirements:

1. The name of "Insured" person(s) has to match that of the borrower(s) on the mortgage (e.g. if the two borrowers on the mortgage are John and Jane Doe, the Insurance needs to list John Doe and Jane Doe as Insured persons);
2. The effective date on the insurance has to be no later than the mortgage advance date;
3. The insurance amount (on the building) cannot be any less than the mortgage principal amount OR the insurance has to cover "Full Replacement Cost" or "Full Replacement Value";
4. The lender's full name and address has to be listed as a loss payee (if you're obtaining a 1st mortgage, then lender has to be the 1st loss payee, if 2nd then 2nd and so on). Please see below for a sample list of some lenders with their address as how they "may" want to appear on the insurance (see disclaimer above);
5. The insurance has to be subject to the Standard Mortgage Clause.

Please note that the headers are for navigational purpose and the legal name and address for the lender is inserted below the header.

AP Capital Mortgage Investment Corporation

AP Capital Mortgage Investment Corporation
#1795, 555 Burrard Street
Vancouver, British Columbia V7X 1M9

B2B Bank

B2B Bank
Mortgage Administrative Centre
199 Bay Street, Suite 600
PO Box 279 STN Commerce Court
Toronto ON M5L 0A2

Bridgewater Bank

Bridgewater Bank
#150 – 926 5th Avenue SW
Calgary Alberta T2P 0N7

Canadian Imperial Bank of Commerce (CIBC)

Canadian Imperial Bank of Commerce
National Servicing Centre
P.O. Box 115, Commerce Court, Postal Station
Toronto ON M5L 1E5

CMLS Financial Ltd.

Computershare Trust Company of Canada
c/o CMLS Financial Ltd.
18 York Street, Suite 1500
Toronto ON M5J 2T8

First National Financial LP

Computershare Trust Company of Canada and First National Financial LP
c/o 100 University Ave, Suite 700, North Tower
Toronto, Ontario M5J 1V6

Home Trust Company

Computershare Trust Company of Canada
c/o Home Trust Company
145 King Street West, Suite 2300
Toronto ON M5H 1J8

Investors Group Trust Co

Investors Group Trust Co. Ltd.
One Canada Centre
447 Portage Avenue
Winnipeg MB R3B 3H5

Manulife Bank of Canada

Manulife Bank of Canada
500 King Street North, Del Stn 500-G-A
Waterloo ON N2J 4C6

MCAP Service Corporation

MCAP Service Corporation
P.O. Box 351, Stn C
Kitchener ON N2G 3Y9

Radius Financial Inc.

Radius Financial Inc.
Residential Mortgage Servicing
Suite 600, 101 Frederick Street, PO Box 351, Station C
Kitchener ON N2G 3Y9

RFA Mortgage Corporation

RFA Mortgage Corporation
PO Box 351 STN C
Kitchener ON N2G 3Y9

The Bank of Nova Scotia (Scotiabank)

The Bank of Nova Scotia
c/o Property Insurance Tracking Centre
10 Wright Blvd
Stratford ON N4Z 1H3

ATB (Alberta Treasury Branches)

Alberta Treasury Branches
<Branch Address>*

*The address for the ATB branch from where the mortgage was obtained.

Bank of Montreal (BMO)

Bank of Montreal
Mortgage Service Centre
865 Harrington Court
Burlington, Ontario L7N 3P3

Canadian Western Bank (CWB)

Canadian Western Bank
Suite 3000, 10303 Jasper Avenue
Edmonton AB T5J 3X6

Classic Mortgage Corporation

Classic Mortgage Corporation
100 – 586 Leon Avenue
Kelowna BC V1Y 6J6

Equitable Bank

Equitable Bank
30 St. Clair Avenue West, Suite 700
Toronto ON M4V 3A1

Haventree Bank

Haventree Bank
P.O. Box 1160, Stn TD
Toronto ON M5K 1P2

ICICI Bank Canada

ICICI Bank Canada
Mortgage Servicing Centre
PO Box 351, Station C
Kitchener ON N2G 3Y9

Lendwise/Merix Financial

Computershare Trust Company of Canada
c/o Paradigm Quest Inc.
390 Bay Street, Suite 1800
Toronto ON M5H 2Y2

Marathon Mortgage Corp

Computershare Trust Company of Canada
c/o Marathon Mortgage Corp.
507 – 40 University Avenue
Toronto ON M5J 1T1

National Bank of Canada (NBC)

National Bank of Canada
500 Place d’Armes, Transit 5495-1
Montréal Quebec H2Y 2W3

Royal Bank of Canada (RBC)

Royal Bank of Canada
Personal Service Centre
10 York Mills Road – 3rd Floor
Toronto ON M2P 0A2

RMG Mortgages

RMG Mortgages
c/o MCAP Financial Corporation
PO Box 351 STN C
Kitchener ON N2G 3Y9

The Toronto Dominion Bank (TD Canada Trust)

The Toronto-Dominion Bank
500 Edmonton City Centre E, 10205-101 Street, 5th Fl.
Edmonton AB T5J 5E8

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