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Insurance for your Home

 What is Homeowners Insurance?

Homeowners insurance, also called Hazard Insurance, protects the lender and the homeowner in the event of home damage or destruction. Claims can be made for damage that is sudden and unexpected, such as a tree that falls down on a house during a storm. Damage that occurs over a period of time, such as gradual cracking of a retaining wall, is not usually considered, by the insurance companies, to be claimable under the hazard insurance policy. Buyers are required by the lender to have a hazard insurance policy in place prior to going to settlement, so the buyer must arrange for the new policy and provide a pre-paid certificate of insurance to the settlement company. 

What is a CLUE report and Why is it Important?

As a buyer, your new insurance company will run a CLUE (Comprehensive Loss Underwriting Exchange) report on your new home, which details any insurance claims that have been made in the past few years by the seller (current owner). If the owner of the property has filed for numerous claims, even if they are small, or for claims relating to water damage, your new insurance may be costly or hard to get at all. Once you own your new property, I recommend that you consider that the purpose of hazard insurance is to protect you from catastrophic damage so that you will not damage your CLUE report with small claims (making it more difficult to sell your home, when the time comes). Therefore, you can save on your premiums by carrying a large deductible. That will mean that you will pay, out of pocket, for most of your smaller damages, but you are reserving your homowners insurance for greater damage claims.

Do I need Flood Insurance or other Riders?

Check with your insurance agent to determine what exceptions to coverage are in your policy. You will then be able to add coverage for items that are important to you. Floods are generally considered to be water that intrudes into the home from the ground, such as seepage from outside or rising groundwater levels that flood your lower level. Floods are not normally covered in standard hazard insurance policies, and must be insured with separate flood insurance. Water that damages your property that comes from other sources, such as burst pipes or roof damage from a storm, is usually covered in a standard policy and is not considered a flood.

Where do I get Hazard Insurance?

Most insurance companies write hazard insurance policies. Sometimes, you will find a better rate by calling the company that insures your automobiles and/or your life. That company may offer you a preferential rate for carrying all of your insurance policies. It is a good idea to shop around.

Long & Foster Insurance Agency, Inc., is an excellent source of information and can help you shop for the most advantageous policy and pricing. The agents are knowledgeable about the quality ratings of the various insurance companies and can advise you on the coverage that you need, looking for the best price. As a Long & Foster company, the agents are dedicated to good service for our clients.

I'm Buying a Coop...Do I need insurance?

If you are renting your home, buying a cooperative or condominium, you need an H-06 policy, which will insure your personal property and provide you with liability insurance in the event someone gets hurt in your home. These policies are not overly costly, but can give you peace of mind. The master insurance policy that is carried by your cooperative or condominium association will not necessarily rebuild your entire unit and will certainly not cover you for special improvements or your very special belongings.

The New Reality of Property Insurance - What You Should Know

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All first mortgage products are provided by Prosperity Home Mortgage. Prosperity Home Mortgage may not be available in your area. Licensed by the NJ Department of Banking and Insurance. 4440 Brookfield Corporate Dr., Chantilly, VA, (703) 222-1800. ©2012 Prosperity Home Mortgage. All Rights Reserved. NMLSR ID #70353.

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Listing data provided by Metropolitan Regional Information as of Saturday, October 21, 2017.

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