Step 6: Arranging for Homeowner's Insurance
What happens a month after closing and a storm topples a tree into your home? You call your homeowner's insurance agent! You did get good coverage, didn't you?You need to arrange for your homeowner's insurance well in advance of the closing date. If fact, if you don't do it early, you might loose your contract rights to get acceptable homeowner's insurance.
Why is that important? Here's an example:
Suppose the home you are buying has had many claims against it. Then your insurance agent pulls the report on this home and finds out the claims history and tells you that it will cost you far more than you expected to get any coverage at all....and some items may be excluded. Or the insurance agent might even tell you that this company won't insure the home at all. Sounds like a bad dream, doesn't it? But it has happened. By arranging for your homeowner's insurance early, you avoid the possibility of paying very high insurance premiums on your home.
Be sure to compare rates and coverage from several different companies.
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