When Is Homeowners Insurance Required?
Homeowners insurance often needs to be in place before you can close on the purchase of a property where you are taking out a loan or a mortgage. Though even if you already own the home, you will need to take out homeowners insurance before you can file a claim of any damages. Damage that occurs before the policy’s effective start date will not be covered.
Do I Need An Inspection To Take Out Homeowners Insurance?
If the value of the home has been previously established by the previous owner, then you may not need an inspection. Though an inspection is still wise when it comes to ensuring that all necessary components of the property have the correct level of coverage. The last thing you want is a policy that has a coverage level that is below the actual value of the home or one that doesn’t have enough coverage to replace your home if it is lost in a fire or natural disaster.
Do I Need Flood Insurance Included In My Homeowner’s Insurance Policy?
You might be surprised to hear that a lot of homeowners’ insurance policies do not specifically cover flood damage. It’s also worth noting that if the home is in a known or designated flood zone, a lending institution might require you to take out a flood insurance policy in addition to your standard homeowner’s insurance policy.
How Much Does Homeowners Insurance Cost?
The cost of a homeowners insurance policy will be based on the specifics of the property. This includes its size, its value, and other risk exposure factors. With Healy Brokerage on your side, you can rest easy knowing that we have decades of experience helping homeowners find the right type and coverage level for any type of property.