What You Need to Know About Home Owner's Insurance

The process of purchasing a new home may be both stressful and lengthy. It is loaded with information and there is much we learn during the process, homeowners insurance is not the exception. It is one of the main requirements at the time of closing. The bank needs to ensure you have proper coverage on the home they are lending you money for in case of a loss.

First it is important to find out which types of insurance are required for your home. Generally the bank itself will ask you for proof of insurance in advanced, to allow you time to bind coverage, on each of the specific coverages you may need. In South Florida there are several different types of insurance a homeowner may need to carry, and you may need all of them. Based on your geographical location you may need hurricane insurance, flood insurance and of course your hazard insurance, which is always required when financing a home.

Hurricane Insurance covers damages due to wind caused by any named storms. Keep in mind that in order to bind coverage you will be asked to provide an inspection of your home, completed by a certified inspection company. The insurance agency quoting you should be able assist you with the specific inspection you will need. You may purchase Hurricane insurance from the state, Citizens Property Insurance Company, or you may request quotes from local independent insurance agents.

Flood Insurance covers flooding, “rising water” , caused by a general condition. You are only required to carry it if the property is in a flood zone, if it is, you may need an elevation certificate in order to get a quote.You may purchase flood insurance from the government agency NFIP, but you must acquire it through a local insurance agency.

Hazard insurance generally covers fire, theft, vandalism along with other basic coverage depending on the specific policy form offered by the insurance company. You may shop for hazard insurance through any of your local insurance agents or your agent as well.

Fortunately it is one of the last steps to closing. Once the closing process is over you have finally reached the final and best step, making copies of the keys to your new home!


Contact Info:

Living Premises
Real Estate Consultants
1 (844) 853-1113
5600 SW 135 Ave Suite #103
Miami, FL 33183

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