Insuring Your Home
Vision Realty, REALTORS®
You Need Insurance!
No one would drive a car without insurance, so it figures that no homeowner should be without insurance.
The essential idea behind various forms of real estate insurance is to protect owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime.
What Kind and How Much Insurance Do Your Need?
There are various forms of insurance associated with home ownership, including these three major types.
Title Insurance: Purchased with a one-time fee at closing, title insurance protects owners in the event that title to the property is found to be invalid. Coverage includes "lenders" polices, which protect buyers up to the mortgage value of the property, and "owners" coverage, which protects owners up to the purchase price. In other words, "owners" coverage protects both the mortgage amount and the value of the down payment.
Homeowners' Insurance provides fire, theft, and liability coverage. Homeowners' policies are required by lenders and often cover a surprising number of items, including in some cases such property as wedding rings, furniture and home office equipment.
Flood Insurance is general required in high-risk flood-prone areas. This insurance is issued by the federal government and provides as much as $250,000 in coverage for a single-family homes plus $100,000 for contents. In our area flood insurance is not available outside the City Limits. Therefore, be certain to ask your Realtor to make certain that the property you are buying is not located in the flood area on the flood-zone maps.
The Time to Insure!
The time to obtain insurance and warranty coverage is at closing. Be certain to ask about limitations, costs, deductibles and "endorsements" (additional forms of coverage that may be available.) Start early obtaining bids from various insurance agencies.
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