If you’re new to the dream homeownership you’ve probably already learned a lot throughout the process. One of the things you might have heard mentioned while dealing with your financial institution is homeowners insurance. This type of policy is a requirement and here’s exactly how you get homeowners insurance in Palm City.
What’s homeowners insurance for?
Homeowners insurance covers what you might expect it to: your home and even the contents inside. Having this type of policy ensures for the homeowner and the bank that holds your mortgage that your investment is protected from any severe and damaging weather or catastrophic loss for other reasons. There are also other types of protection built into these policies that can extend to your car in some cases, and even injuries to people visiting your home.
What homeowners insurance doesn’t cover?
While these policies protect a homeowner and the bank from many types of damage and loss associated with your home, there are things that it doesn’t cover. A homeowners policy typically doesn’t cover your home in the event of a flood. There are specific policies that do that. And if you live in a part of the country prone to earthquakes, it won’t protect your home from that either. It also won’t protect your home from a massive power outage, neglect, or damage to the property done purposefully by you.
How to find homeowners insurance
Many insurance companies these days offer several types of products like car insurance, life insurance, and even homeowners insurance. To sweeten the pot, many of those same companies offer bundle discounts if you purchase more than one of their products. Check with your current car insurance company first to see if they offer homeowners. If they do, great. If they don’t, they might be able to point you in the right direction. Your bank will also be able to provide recommendations if you need help finding a provider.
Applying for coverage
If you’ve identified the insurance company you’d like to work with, the next step is to apply for coverage. They’ll have an application process that you’ll have to work through submitting general information about yourself and the property that you’re about to own. Your bank might require that you pay for the first year in full before you’re allowed to close on the property. The application should be easy, and might even require another appraisal of your property to determine things like replacement value in the event something happens to the home in specific circumstances.