THURSDAY, JANUARY 19, 2023
If you’re in the process of buying a home, it may be time to think about getting a homeowners insurance policy. Homeowners insurance, also called home insurance, is required by most mortgage lenders to receive a loan. It can also help you pay for repairs or replacements if a covered loss damages your home.
We’re here to help you find the protection you deserve. Contact Carter Thompson Inc. in Douglas, Georgia, for a free home insurance quote today.
What Is Homeowners Insurance?
Home insurance is a package policy because it can help pay for property damage to your home and its surrounding structures. It can also provide personal liability coverage for you and your family if you’re accused of causing bodily injury or property damage to a third party.
When Do I Buy Homeowners Insurance?
Typically, your mortgage lender will ask to see proof of home insurance a minimum of three days before your closing date. To ensure you have sufficient time to shop around and find the right home insurance policy, it’s recommended that you begin looking for home insurance as soon as you sign the contract to purchase your home. Often, this will give you at least a month to find the best home insurance policy. 
How Much Does Homeowners Insurance Cost?
Every home is unique. Therefore, the cost to insure your home may vary. Here are some of the factors your insurance company may consider when deciding the cost of your premium payments:
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Type of home
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Year built
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Location
In some cases, additional home insurance coverages (e.g., flood insurance, high wind insurance) may be recommended. Ask your insurance company if you could benefit from additional coverage.
Do I Pay Homeowners Insurance in Advance?
Some mortgage lenders will require you to make your first homeowners insurance payment when you close on your home. Sometimes, your initial payment will cover your entire first year of coverage. If you have an escrow account, annual home insurance payments will typically be required. Without an escrow account you may be able to choose to pay your premiums monthly, quarterly or annually.
Finding the Right Coverage
The right home insurance coverage can provide peace of mind. Contact Carter Thompson to speak to a homeowners insurance agent today and to get a free quote.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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