BUYING HOME INSURANCE BEFORE CLOSING- Types of insurance and what you need to know!

If something happened to your house tomorrow and your house is completely demolished do you have the funds to fix it probably not which is why homeowners insurance is so important and that's what we're gonna go over today hello everyone I'm Jen was full by Genji brokered by exp Realty your Delaware realtor so before we get started tonight.

I just want to mention that I am NOT at homeowners insurance agent I'm your trusted real estate agent so if there are any questions about homeowners insurance after this video make sure you reach out to your agent to discuss that with them okay so let's get it started so in the beginning I mentioned if your house were to be completely demolished.

Tomorrow would you have the funds to completely rebuild it more than likely you weren't not able to rebuild it with the funds that you have which is where homeowners insurance comes in so you are going to need to obtain homeowners insurance before closing now if you need a homeowners insurance agent I do know someone personally that I can refer you.

To she is absolutely amazing but if you have your own more than likely you're probably going to bundle it with your auto and get a multi-policy discount so why do you need who murders insurance there's three main reasons why you would need homeowners insurance one being if your house was completely destroyed you would have the funds to build that house.

Back up another reason would be to repair or replace any personal items in your house and personal property and the third would be for any liabilities so for example if someone comes over and they slip and fall and then they sue you and it does happen that would actually cover that there are many different policies but for today's purposes we're.

Going to go over two main policies is the ho2 and the H o 3h o stands for homeowners insurance made it really easy so the age of 2 is less comprehensive and it covers 16 major parts so let's go over those one being iron laning – smoke three theft for vandalism five windstorm inhale six damage caused by vehicles seven damage.

From aircraft eight damage from the weight of ice snow and sleet nine freezing of household systems ten riots eleven explosions twelve falling objects thirteen volcanic eruptions 14 overflow or discharge of water 15 damage from artificially generated electrical current and sixteen sudden tearing cracking or bulging of the home the age.

Of three is often known as the open peril policy which means that it covers all 16 perils that I just went over and most other perils unless they are noted by the insurer both policies also cover personal property you may need additional insurance for any natural disasters so what is not covered in the ho2 ho3 flooding earthquakes landslides.

Mold infestation wear and tear nuclear hazard and government actions are not covered you can buy flood and earthquake insurance and additional policies in some areas flood insurance may be required for financing in hurricane and tornado-prone areas it may be wise to purchase wind storm insurance now you do want to talk to your homeowners.

Insurance agent for anything specifically related to your home or any weather related questions you may have there are different works to a basic homeowners insurance policy some are standard and some need to be added on there are six broad categories one is dwelling protection if you have an attached garage that is also included.

Because it is attached to the dwelling to other structure protection three additional living expenses for example if you were to have a fire at your house and you would need to stay at a hotel or have temporary living this is what would cover the expense of the hotel or the temporary living for personal property in the home five.

Liability coverage once again if someone Falls and were to sue you six is medical payment expenses so if that person were to see you and they were going to go to the hospital that would cover their medical bills some optional coverage would be water backup which means if the pipe were to burst enhance Damali protection which means if.

The cost of construction to replace your home goes up that would be covered identity theft scheduled personal property endorsement this covers high-end items that exceed your standard limits for example jewelry or art that may be it in the home the best practice is to look at the big picture including limits and deductibles.

The best person to talk to would be your homeowners insurance agent make sure that you understand what your deductible is what your limits are and what is actually covered you will want to check back every year with your homeowners insurance agent to go over anything that may have changed over the course of the year and address it accordingly when.

Going over the homeowner's insurance policy it can be a little overwhelming make sure that you understand your deductibles and how they work now how high should your deductible pay your deductible should be a reasonable amount of money that you can afford to pay if something were to go wrong make sure to have an in-depth conversation with your.

Homeowners insurance agent to go over what you can realistically afford per month now I know this is not fun to think about you don't want to think about your brand-new house ever having anything wrong with it but things happen and you need to protect yourself and your future so what factors go into the cost of the homeowners insurance policy.

They are rebuilding costs the age of the home the distance between your home and the nearest water source fire protection rating for your city your claims history and the claims of your neighbors your selected coverages limits and deductibles recreational hazards and attractive nuisances which means either a pool or if you were on.

The corner of a heavily traveled road with a traffic light it's something that would poise a risk or harm to you or someone on your property if someone were to get in an accident and fly into your home or your yard and break something it would cover them and yourself now I know this is a lot and trust me I didn't know any of this when I went to buy my house.

I really wish someone would have made me a video but I'm hoping that this helps you give you any questions make sure you please reach out to your homeowners insurance agent and if you can't get that answer let me know and I will be sure to find someone that can get you that answer make sure you hit that subscribe button continue along in the.

First time homebuyer playlist and I will see you on in the next video

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