The Need for Home Insurance in Orange County

deductible rates should be seriously contemplated before making a final decision.

One insurance item that tends to be a bit controversial between lenders and agents is dwelling coverage. In a catastrophic event, such as fire or flooding, if your home would need to be rebuilt, this coverage would only cover the cost of the home but not the land. There are some situations where the insured amount is less than the financed amount. Many lenders do not totally comprehend what dwelling coverage really encompasses. It is the home buyer’s responsibility to check with the lender to find out the dwelling coverage requirements before signing a binding contract that may include insufficient coverage.

Do research early on and stay in contact with both the insurance agent and your lender. This should guarantee a hassle-free closing. Home buying is not only the purchase of the perfect house, but finding insurance to match will help you be ready before escrow closing.

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Fern Baptiste –