If you are purchasing a house with a loan from a federally regulated lender, you are required to obtain homeowner's insurance before your loan can go through. It is important to protect your home by obtaining homeowner's insurance, even if you are paying cash for your house.
Related Searches:
Single-Family House
For single-family homes, a standard homeowner's insurance policy covers the physical structure of the house as well as all of the homeowner's physical belongings, whether they are in the house or not. Your homeowner's insurance also protects you in case a visitor decides to sue you because he tripped on a rock in your backyard. When you purchase homeowner's insurance, your insurance agent will ask you for a rough inventory of your belongings, including valuable assets such as antique furniture.
Condominiums
Some condominium associations require homeowner's insurance for condominiums. This type of homeowner's insurance protects the personal property inside the condominium and also protects the owner from liability should someone decide to sue for something that happened in the condominium, according to Free Advice. Your condominium association may already have insurance in place, but it does not cover your belongings nor protect your personal liability.
Flood Insurance
If you live in a high-risk flood area, you are required to add flood insurance to your homeowner's insurance if you purchased your home with a mortgage from a federally regulated lender, according to FloodSmart.gov, the official site of the National Flood Insurance Program. Even if you are not required to obtain flood insurance, if you live in a flood zone, you should obtain it to protect your assets. While it is not required in a moderate- to low-flood-risk area, you should obtain flood insurance if your homeowner's insurance company has that option. In most cases, because you are not in a high-risk area, you can obtain flood coverage at the lowest rate possible through the National Flood Insurance Program, currently starting at $119 per year, as of 2010.
Homeowners insurance offers protection against situations such as fire, theft, storm damage, sinkholes and liability. Maintaining valid homeowners insurance may be ...
Homeowner's insurance protects you against the loss of personal property and possessions. Homeowners are required to have this kind of insurance before...
Construction projects require a variety of insurance coverages to protect the parties associated with the project. First-party coverages protect the interest of...
Texas Home Owner Insurance Requirements. Like many states, Texas has enacted laws that places certain requirements on homeowners. In Texas these laws...
