Finding Homeowner's Insurance
Homeowner's insurance is a requirement of owning a home when you take out a mortgage. No mortgage lender will permit you to close the deal unless you can prove that you have adequate coverage. Lenders will also frequently request that you pay the entire first year's premium on your policy on closing.
There are several things about homeowner's insurance that you should know, so read on.
1. Upon purchasing a new home, you'll want to protect your investment. Homeowner's insurance allows you to protect not just your new home, but also the things inside it, including personal property such as clothing, furniture, kitchen appliances and other valuables.
2. It is important to take the time to shop for homeowner's insurance ahead of time. Although insurance is one of the smaller costs of closing, it can still be a rude awakening if you haven't thought of it beforehand. Ask providers for quotes, or ask current homeowners what they pay for their coverage and who they use.
3. When you're getting insurance quotes, tell your agent what type of property you are looking at, what the price range is, and where you would like to buy. The agent should be able to give you a rough estimate on what your monthly costs would be for insurance.
4. When it comes down to buying insurance, you can minimize the cost by buying the most comprehensive coverage you can afford, with the highest deductible.
Although it sounds complicated, buying a new home doesn't have to be an exercise in frustration. To find out how we can help, contact us. Stephanie Antes 612.750.6554 or RickMcDeid 7+63.443.6680
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