5 tips for a first time home buyer – home owners insurance
When you buy your first home the mortgage company will require you to pay for a full years worth ofinsurance prior to closing. You will have to send proof from you insurance to your lender prior to getting a clear to closing and closing on your new home. 1) Start shopping for homeowners insurance after the purchase agreement is signed and the home inspection passes. Check with family and friends for references. Insurances costs vary widely. 2) Ask your realtor for a copy of the listing ticket and disclosures so you can answer the insurance agent’s questions 3) Make sure that your home insurance agent, and mortgage company all have each other’s contact information. 4) Sometimes some insurance companies require pictures. Your realtor will get the insurance agent inside. Make notes after you make an offer. Remember the higher the deductible the lower your monthly premium will be. 5) Take the opportunity to quote the home with your auto insurance. You may get a lower bundled rate. 6) As a realtor I do not recommend you to buy mortgage insurance from an insurance agent. It is usually cheaper to buy a term life policy than to buy mortgage insurance that will pay off the mortgage. Insurance is confusing and most of the time what is right for you might be different from your neighbor, friends or family. The best way to find out is to contact an agent, but don’t be afraid to bounce the issues off family or friends. I hope these simple tips about home owners insurance will help make your first time home buying process easier. If you are looking to buy a home in the Metro Detroit area give me a call on my cell (248) 310-6239.
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