Insurance is one of the best ways to ensure that you and your family are cared for in the event of a catastrophe or medical emergency. We offer a wide selection of products, from close affiliate companies that we trust, and we believe can best serve your needs. Coverage includes personal loans and mortgages, and unique travel protection geared to your travel plans.
Peace of Mind While You Travel
Our members get excellent rates on travel insurance coverage. Whether you are travelling to the U.S or overseas we'll get you covered. With excellent rates, 24/7 access to emergency travel assistance and a great claims service we will make sure your trip is relaxing knowing that you are covered.
Learn more about Travel Insurance below.
Protecting You Against Fraud
Real estate title fraud in Canada continues to rise. Find out how title insurance can protect you against the devastating effects of real estate fraud and identity theft.
Learn more about Title Insurance below.
High-Ratio Mortgage Default Insurance
Mortgage Default Insurance, also known as High-Ratio Mortgage Default Insurance, gives homebuyers the ability to purchase a home with less than a 20% down payment and protects the lender in case of a default.
The cost of this insurance is based on the amount of the mortgage and the premium can be added onto the mortgage amount. In Ontario, the provincial sales tax is payable by the borrower and should be factored into any closing costs.
To find out more information on mortgage default insurance service offerings and pricing contact one of our experienced Mortgage professionals.
Protect Your Purchases Made by Debit or Cheque
Buyer Protection/Extended Warranty coverage provides protection for 120 days (from date of purchase) on most retail items* of personal property (including gifts) against loss, theft, or damage when purchased by using your MEMBER CARD® debit card or by writing a cheque on your MSCU account.
The Extended Warranty coverage also doubles the repair period on a manufacturer's authorized Canadian warranty for up to an extra two years for virtually all purchases.
*A few exclusions such as plants, animals, cash, etc. For details call our offices, or check the Certificate of Coverage on this site.
Insurance while you Travel
CUMIS Travel Insurance coverage is available for purchase at our branch and over the phone. It offers unique protection rated specifically for the area where you plan to travel. You pay according to your destination, whether you're traveling for business, pleasure, or to attend school.
Get the most out of your travel insurance knowing that you have 24/7 access to multi-lingual emergency travel assistance, exceptional claims service when you need it most and convenient multi-trip plans that are ideal for frequent travellers.
For the best rate on your travel insurance contact our branch to get a quote or purchase your travel insurance now before you leave!
416.860.1072 or Toll Free 1-888-560-2218
Learn How to Protect Yourself
For a one-time premium, title insurance is the most effective and inexpensive way to insure your property. Title insurance covers all legal expenses related to restoring title and is also available to existing homeowners long after they have purchased their properties.
Title insurance is unlike any other kind of insurance. It is not home insurance, which protects the contents of the house or the structure; it is an insured statement of the condition to the title of the property at the time the policy is issued. Title insurance provides protection against issues like survey defects, unpaid liens, encroachment issues, construction liens, defects in title, costs arising from building code violations, as well as real estate title fraud.
What is Identity Theft?
Title fraud often involves identity theft. According to the Office of the Privacy Commissioner of Canada, identity theft is the unauthorized collection and use of your personal information, usually for criminal purposes.
A fraudster can use your personal information to:
- Open credit card and bank accounts
- Redirect your mail
- Secure employment
- Ruin your credit history
Real Estate Fraud Story
Real estate title fraud is widespread across Canada. Real estate industry insiders estimate the average case of real estate fraud at $300,000. In comparison, the RCMP estimates the average credit card fraud case in Canada to be $1,200. Industry insiders also estimate that real estate title fraud costs Canadians between $300 million and $1.5 billion each year. If real estate title fraud occurs, the onus is on the homeowner to prove the crime and it can be very costly, financially and emotionally, to restore title. However, despite the rise in title fraud, and a booming real estate market that is pushing housing prices to all-time highs in many communities across the country, a survey commissioned by First Canadian Title in 2005 suggests that one in three Canadian homeowners has no knowledge of one of the most important ways to protect their biggest investment – title insurance.
The incidence of real estate title fraud in Canada continues to be on the rise. In spite of recent changes to legislation in Ontario, this type of fraud can have devastating personal and financial effects on its victims, all of which can be prevented with title insurance. As your trusted advisor, we can assist you with the information you need to protect yourself from the devastating effects of real estate title fraud.
How does real estate title fraud occur?
When real estate title fraud happens, a fraudster has typically done the following:
- Forged the property transfer/deed
- Registered the title in his or her name
- Forged a discharge of the home's existing mortgage
- Borrowed against the clear title
Real estate title fraud is when someone could make a claim against a homeowner’s ownership of the property. Here is one of many stories that illustrate how title insurance can protect you.
Title insurance protects new and existing homeowners, commercial property owners and lenders against losses as a result of title defects and claims against a property not uncovered in a title search. Title insurance provides protection against issues like unpaid liens, encroachment issues, construction liens, defects in title, costs arising from building code violations, as well as real estate title fraud. The Consumers Council of Canada (CCC) recommends the purchase of title insurance for both new homebuyers and existing homeowners.