Home Insurance: Need To Know

Today we're going to talk about home insurance. This is really important, and I think it's something that is often overlooked.

A lot of our clients tend to wait until the very last minute to get their home insurance set up and secured, and this is a mistake. Things can come up that can cause the insurance to be really expensive, or a possibility of a home not even being insurable, in which case your mortgage won't fund. It is crucial that you are looking into this early. If you're buying in a property that is in a zone that is prone to wild fires or possibly floods, the property may not be insurable. Insurance may be more expensive. Also, things can come up with certain properties that make the home insurance much more expensive. So it's really important that you're looking into this during this subject removal period.

You're generally given about two weeks to do your due diligence for the property, and this is one that you must do. Get a quote for the insurance, make sure you're comfortable with the price it's going to be, and make sure that the home is insurable. Then once you've done that and removed your conditions, 30 days prior to your completion date you can actually actually secure your home insurance so that it is locked in and guaranteed to you for your completion date.

This is important, especially in the summer months if there is an area that's prone to wildfires. If there's a fire that's burning even somewhere close to the home that you're purchasing, you may not be able to get insurance. For this and for every reason, talk to a mortgage professional, talk to your realtor, make sure that you're getting advice and that you're informed on these matters.

If you have any further questions, give our team a call. We're always here to help. Have a beautiful day.