Buying Home Insurance for the First Time?
Start here!
A standard homeowners insurance policy insures your home's structure (house,) and your belongings in the event of a destructive event, such as a fire.
No. Standard homeowners insurance does not include flood coverage - unless explicitly endorsed on your policy.
Some Facts:
1. Federal disaster assistance is most typically an interest-bearing loan
2. Flood is involved in 90% of all natural disasters.
3. Nearly 25% of all flood claims come from “low risk areas.
Not all policies are the same! Learn how to properly compare each one by watching this quick video:
If you are financing your home, your lender will likely establish an escrow account and make insurance premium payments on your behalf. In other words, your principal, interest, taxes and insurance (PITI) will likley be part of your total monthly mortgage payment.
If you do not have a lender, most carriers will allow several payment options, such as 1 time payment (annual), 2- payments, quarterly or monthly.