Eight Tips For Buying Homeowners Insurance From: washingtonpost.com People purchasing their first homes
these areas will usually cost more because
represented 31 percent of all buyers in
of it. Home buyers should also be aware of
September, according to the National
local flood disclosures laws when buying a
Association of Realtors. Among the many
house in a flood zone. You’ll want to know if
steps in the process is purchasing
flood insurance is required for the property
homeowner’s insurance.
and whether the home has experienced any
“Home buyers — especially first-time home
flood damage in the past.”
buyers — often don’t think about budgeting
Buyers should start looking for a home
for home insurance when looking for their
insurance provider as soon as they have a
dream home, but they should,” Sean
contract accepted to buy a home.
Harper, co-founder and CEO of Kin Insurance in Chicago wrote in an email.
“Most mortgage companies require proof of insurance before closing,” wrote Bill
“Where you live can have an enormous
Gatewood, corporate vice president at
impact on your home insurance rates,”
insurance brokerage Burns & Wilcox in
Harper added. “For example, homeowners
Detroit. “Homeowners should begin
near open space in California and on the
shopping around at least 30 days prior to
coast of Florida are more exposed to
closing — waiting until the last minute can
extreme weather (like wildfires and
delay the process.”
hurricanes, respectively), and insurance in 12 / Insurance Insights
