What Buyers Need to Understand About Homeowner’s Insurance
First Time Home Buyers Click Here
With few exceptions, your house is going to be the most expensive thing you own. If you add the amount of work and upkeep needed to keep a home clean and furnished, there’s almost no doubt that your house is your largest investment. Like any investment, including your health and life, your homeowner's insurance should be a priority.
What Type of Insurance Do You Need?
When you buy your home, you’re literally pouring thousands of dollars into something. If something were to happen, wouldn’t you want to be protected? Luckily, there are many different types of additional
insurance you can (and probably should) purchase when buying your home.
Title Insurance Explained
Title insurance is bought at the time of closing. Though not talked about often, but can protect the buyer in case that the title is fraudulent. This kind of fail-safe covers the amount you’ve been given for the
#mortgage, as well as the down payment.
Basic Home Coverage for Your Property
Title insurance, along with the obvious homeowner's insurance plan is an absolute must. Between these two types, you’ll be protected for most disasters, theft, and some liability. You should be very thorough when reading your policy, as each one is different. You’ll want to know exactly what is protected (ie, if your car is parked in the driveway, but broken into, is it covered by your auto insurance or your homeowners?)
Asking Realtors About Insurance
Your realtor should advise you whether you’re in need of additional insurance, because of regional risk factors, for example: fire, flood, tornado, etc. Certain areas do require additional coverage, while some may only recommend it. Additionally, home warranties can be added if the home you’re purchasing has current or past renovation work.
First Time Home Buyers Click Here
