Home Insurance – WHY EARLY?

Buying a home is a simpler process when working with a REALTOR® and yet there are so many items to discuss, it becomes overwhelming at the time of purchase!

Therefore, it is best to comprehend, fathom.  Our goal is to ensure you are thoroughly served throughout your Fathom experience. The home buying experience needs to be digested in small bites.

Most of us are familiar with home insurance but when buying a home is often one of the last items addressed though it is required 100% of the time when a home is financed!

Did you know the home insurance protects the lender first?  and the homeowner second?  When buying home insurance you are protecting real property and that real property is collateral to the lender.  It makes sense, when you have time to think the mortgage hold is listed on the insurance policy.  Therefore choose a lender and then get an insurance quote early in the process.  Some homes and Some borrowers are not insurable?  Really?

There is an insurance credit score.  Insurance scores are actually generated by insurance companies. In order to research your past insurance claim filing history, an insurer has access to two property claim databases – the Automated Property Loss Underwriting System, or A-PLUS, and the Comprehensive Loss Underwriting Exchange, or CLUE.

If a house has had claims filed, it is important to know, during your home inspection study period!  So please take heed and talk home insurance early!  If you wait till closing, as most often prescribed – it may be too late!  You may not receive your loan.  You may not have the ability to purchase the home.  You may not even get your Earnest Money Deposit Back!  Does this sound important to you?

There are other insurances when purchasing a home like home warranty and title insurance which may include survey waivers or encroachment enhancement – things you should know!  Termite and radon and home inspections, oh my!

Bringing you information on the home buying and home selling information is our goal – I will bring you mini topics so you can do a quick read on ALL THINGS REAL ESTATE!

 

 

 

 

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