Homeowner’s Insurance Basics
Wednesday, June 3, 2009
If you’re buying a home, you’ll probably be signing up for homeowner’s insurance as well. In fact, most lenders will require it.
Most insurance policies include both property and liability coverage. The property section covers damage to your possessions, home, & garage from fire and more. Personal property coverage will usually pay 50% of replacment value, although there may be a limit on items such as jewelry.
The liability section typically covers expenses from any judgements against you, medical care for anyone (other than family) who is injured on your property, and the legal fees that may be incurred as a result.
Most lenders require that you have insurance before you close escrow so their interest is covered.
If you have questions about the real estate industry, please call me. I will be happy to help any way I can.