Closing on your new home

Shop for homeowner's insurance

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

Flooding causes $8 billion in damages in the United States in an average year. Homeowner’s insurance typically does not cover damage from floods. Learn more about flood insurance at FloodSmart.gov .


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.

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Visit our sources page to learn more about the facts and numbers we reference.

The process and forms described on this page reflect mortgage regulations that apply to most mortgages.