What is Westmount Protect?
Westmount Protect is a deposit protection insurance product provided by Westmount Guarantee Services Inc. and underwritten by Aviva Insurance Company of Canada that insures the deposits above the Tarion Warranty Corporation coverage on newly built freehold homes. With Westmount Protect, 100% of the deposits you pay to the builder can be protected.
What is my Tarion coverage?
Tarion Warranty Corporation provides new home warranty coverage to new home buyers in the province of Ontario. This coverage includes $100,000 of deposit protection on new freehold homes. Westmount Protect covers those deposits in excess of the Tarion coverage. More information can be found here.
What are the advantages of Westmount Protect?
Westmount Protect allows you the peace of mind that the entire amount of your deposit, including upgrade deposits, are insured.
What is the process and timeline to apply for Westmount Protect?
If your builder has purchased Westmount Protect for you, when you purchase your home, an account is created for you in the sales centre on our Westmount Protect portal. Through our portal, you can confirm your coverage, download your policy, add upgrade deposits to your coverage as you make them, and in the event the unthinkable happens, you can also submit a claim online.
Who pays for my Westmount Protect?
Westmount Protect is purchased for you by the builder. Take solace in the fact that not only does your builder have your peace of mind at heart, but that your builder has also qualified for the Westmount Protect program.
Who owns Westmount Protect?
Westmount Protect is a product offered by Westmount Guarantee Services Inc. Westmount Guarantee Services Inc. is a licensed insurance brokerage with the Registered Insurance Brokers of Ontario under licence number 3969. The insurance coverage under the Westmount Protect program is underwritten by Aviva Insurance Company of Canada, an insurance company incorporated under the Insurance Companies Act (Canada) and regulated by the Office of the Superintendent of Financial Institutions Canada.
Are my upgrades covered by Westmount Protect?
Yes, deposits for upgrades on your new home are covered under your Westmount Protect policy. You can add the upgrade deposit amounts to your policy coverage quickly, easily and at no additional cost on your Westmount Protect account. When you add upgrades to your home purchase, make sure to add them to your account and we will amend your policy to cover these extra deposit amounts. Additional deposit amounts for upgrades made at a later date are also covered as long as you add them.
Still need help? Contact one of our licensed professionals to answer your questions.