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    Do I require fire insurance?
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    Residential purchases cannot be completed without proof of fire insurance if you are obtaining a mortgage. It is mandatory that your fire insurance agent provide your lawyer with a fire insurance binder prior to closing. This binder should include the details of any mortgagees and show GUARANTEED REPLACEMENT COST.

    For condominium purchasers, the condominium corporation arranges insurance for the entire condominium complex. It is still necessary for the individual unit owner to obtain insurance for their contents and for public liability. Fire insurance coverage should always be placed before closing, becoming effective on the day of closing.

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