Homeowners Insurance Process

Understanding the challenges in obtaining home insurance can be difficult. A good Insurance Agent will help you understand the various types of coverage available and determine the coverage that suits your needs, as well as which Inspections (e.g. 4 Point, Wind Mitigation) are required to maximize your discounts. Click here to learn more about Inspections.

If you are getting a Mortgage, before closing you must obtain homeowners insurance.  We recommend you start the process of getting quotes as soon as your contract is signed by all parties, so not to hold up obtaining your Mortgage and closing. You will need to provide your Insurance Agent with the address, square footage, and age of the property, as well as any additional information requested. Click here to learn more about the Mortgage process.

Factors that Affect Cost & Eligibility:

  • Location (county)
  • Age of house
  • Construction Type (Concrete Block, Wood Frame, etc.)
  • Age of Roof
  • Updates to the Electric, Plumbing, Heating & Roof
  • Distance to Ocean
  • Type of Occupancy (owner, tenant, seasonal, short term, etc.)

Factors that could affect your insurance premium:

  • Replacement vs. Actual Cash Value of Personal Belongings in the House
  • Replacement vs. Actual Cash Value of Dwelling Coverage
  • Deductible Amount
  • Security System, Deadbolts, and Smoke Alarms
  • Hurricane Preparedness
  • Multi-Policy Discounts (e.g. Bundle with Auto Insurance)

NOTE: flood damage is not covered by a standard homeowner policy. You may need to buy a separate policy to cover it, depending on the Mortgage company requirements and/or the risk of occurrence in your area.

Your insurance will not go in effect until your loan closes and is funded. Your insurance premium will most likely be included in your closing costs, so make sure you don’t pay for it up front without first verifying that it is not being paid at closing.

Insurance Tip for Your New Home:  When you move into your new home, conduct an inventory of your belongings. This will streamline the claims process if you need file a claim in the future. Take photos or a video of every room, keep receipts for valuable items, and keep a copy of the inventory (photos, video, list, receipts) in an easily accessible, safe place.