No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
What your lender requires, what you actually need, and how to get the best rate.
When you close on a home in Canada, your mortgage lender requires proof of homeowner's insurance effective on the closing date. You must arrange this before closing — your lawyer or lender will ask for the binder (proof of coverage) during the closing process.
Canadian homeowner's insurance typically costs $1,000–$3,500/year, though premiums vary widely based on location, home value, construction type, claims history, and the coverage you select.
| Endorsement | Annual Cost | Who Needs It |
|---|---|---|
| Sewer backup | $500–$200 | Almost everyone |
| Overland flooding | $100–$500+ | Properties near waterways |
| Earthquake | $200–$800 | BC (especially Vancouver) |
| High-value contents | $100–$500 | Jewellery, art, collectibles |
| Home business | $100–$300 | Home office with clients |
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Open KOHO Free — Code BREMO2026Related: home warranty guide, closing costs overview, total cost of buying a home.