Thursday, January 21, 2010

Insurance For Your New CA Home

In addition to the other details in escrow, you will also need to check into homeowners insurance (also known as fire insurance). Many lenders will require an insurance policy to be in place prior to funding your loan so the first thing you need to do is ask your lender if you need it. Homeowners insurance is not always necessary, but your lender might require it, so it is important to be asking these questions early. We'd say no later than the first week or two of escrow. If your lender does not require it, we recommend getting a policy anyway after escrow is closed.

It is a good idea to
talk to your current insurance providers (car, life, etc.) to discuss insurance policies for your home. If your current provider does not carry homeowners insurance there are many insurance providers that have a policy right for you. Good places to start are State Farm, Allstate, Farmers, etc. Some providers need to send a representative out to the property to determine whether it will qualify. If sending a rep is required, have them contact your real estate agent to schedule an appointment to see the property.

Now that you have got insurance covered, you are redy to move on.

1 comment:

MLS Listings NC said...

Hello all,

When you own the own home you will be required to have homeowners insurance if you have a loan on the property. Even if you own your home with no mortgage you absolutely want to be fully covered by a policy in the event of damage or total destruction of your home. Thanks.....