Buying a home is intimidating to most people simply because it’s a complex process we seldom do. So let’s boil it down to bite-sized chunks. It’s actually a straightforward sequence anyone can master to quickly reach their dream of home ownership.
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Your home itself should have enough coverage to rebuild it at current construction costs. That could be more or less than the amount you paid for it, and will likely be higher than the amount of your mortgage. Your mortgage lender will probably only require you to have insurance for the amount of the mortgage, so considering additional coverage is wise.
Flood insurance is not included in regular homeowner’s insurance because most people don’t live in places with high flood risks. It stands to reason that if your house is far from any bodies of water or places water rises into when floods occur, you should not be required to pay higher premiums to be covered in the unlikely (or impossible) event of a flood. It is for that reason that flood insurance is sold separately from regular homeowner’s policies.
Having a home inspection done before closing the deal on a new home is critical. Even though you may not be required to do so, getting a thorough home inspection will alert you to any problem areas in the house and its systems. Home inspectors are trained to find problems that may not be apparent to most people. Do NOT let anyone talk you out of it. If they try….RUN!
