Homeowner’s Insurance

    Unless you pay cash for your home, one of the requirements made by your lender will be proof of a valid homeowner’s insurance policy (and even if you do pay cash for your home, we strongly recommend obtaining a policy regardless!).  A homeowner’s insurance policy protects both your investment as well as the lender’s from un-seeable events.

    Allow yourself plenty of time before Closing to find a homeowner’s insurance policy that is right for you.  Costs and coverage can vary, so we recommend obtaining at least three quotes from different companies.  When evaluating policies to find the one that best suits your needs, consider questions such as:

    • What is covered?
    • What is not covered?
    • How much will the insurance cost?
    • Are discounts available for things such as smoke detectors, burglar alarms, non-smoking owners, and combination auto policies?
    • Is the home in an area prone to hurricanes or tornadoes where wind insurance may be required as a separate policy?
    • Is the home in a flood zone where separate flood insurance is required?

    Also to consider is that personal items such as expensive jewelry may not be covered in standard homeowner policies.  When getting quotes, include an inventory of your possessions to see if riders are required to cover these items.

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