Homeowner’s insurance protects you in case of accidental damage to your home. Lenders typically also require you to have homeowner’s insurance as a condition of your loan. You can choose your homeowner’s insurance company.
What to do now
Shop for homeowner’s insurance
- Ask your advisors if they have a recommendation for a homeowner’s insurance company. You can also look for homeowner’s insurance online.
- Contact several companies to get quotes in writing. Compare the cost and coverage amounts. See how your premium would change if you increase the deductible.
- Consider the reputation of the company. If something happens to your home, you want to be well covered.
Share your homeowner’s insurance quotes with your loan officer
Show your loan officer one or more quotes you are considering, and ask if they meet the lender’s requirements for homeowner’s insurance coverage.
Choose a homeowner’s insurance company and policy
Send the final information to your loan officer.
Determine if you need flood insurance
What to know
If you’re buying a condo or co-op, homeowner’s insurance may be more complicated
When you’re buying into a multi-unit building, your condominium association’s or co-op board’s fees usually include master insurance for the common areas of the building, but you need your own insurance for your unit.