HOME OWNERS INSURANCE 6 7 SHOULD I CONSIDER ANY OPTIONAL OR EXTRA HOMEOWNERS INSURANCE COVERAGE? Flooding, hurricanes, and sink holes are often not covered, nor are your priceless paintings. There is optional homeowners insurance for these perils and items that are not covered with your insurance policy. HOW MUCH IS MY DEDUCTIBLE? CAN I SAVE MONEY BY CHOOSING A HIGHER DEDUCTIBLE? Your premium (payments) will be less if you have a higher deductible in most cases. You have to weigh the options of having lower payments and a higher deductible versus having a lower and perhaps more affordable deductible. DOES THE INSURANCE COMPANY OFFER 24 HOUR CLAIMS SERVICE? HOW DO I FILE A CLAIM AND 9WHAT ARE MY RESPONSIBILITIES WITH CLAIMS? Finding out this information in advance will be helpful for you if you ever have to make a claim. 10HOW MUCH LIABILITY COVERAGE DO I NEED IF SOMETHING HAPPENS ON OR AWAY FROM MY PROPERTY? Liability coverage will protect you against lawsuits for property damage and injury. Liability pays for judgments and the cost to defend you in court. If you are not sure how much coverage you need, ask your agent. The standard home policy will provide $100,000 in coverage. 8 ARE THERE ANY SAFETY FEATURES THAT I COULD INSTALL IN MY HOME THAT WOULD SAVE MONEY ON MY POLICY AND INCREASE MY PROTECTION (SMOKE DETECTORS, ALARM SYSTEM, ETC.)? Most often, the answer is yes. Your insurance agent will be able to help you with these types of upgrades that could save you a lot of money in premiums. Also be sure to ask your agent additional discounts regarding your 4-point inspection, wind mitigation report, etc. 11 HOW MUCH WOULD IT COST TO REBUILD MY HOME IN ITS CURRENT CONDITION AND LOCATION IF IT WERE A TOTAL LOSS? One of the primary purposes of buying home insurance is to insure your home against total loss. You have the option to choose your dwelling limit, which will be the total amount the insurance company will pay for materials and labor to rebuild your home. If you are not familiar with home building costs in your neighborhood, ask your agent to help you calculate the cost to rebuild per square foot. QUESTIONS THE HOME OWNER’S INSURANCE COMPANY MAY ASK YOU Will this be your primary residence? Occupations, employers, and for how long? Birthdays, marital status and social security numbers If you own a dog, what breed? Have you had any homeowners insurance claims on any home in the last 5 years? Do you plan on owning a trampoline? Any repos, bankruptcies, or foreclosures in the last 5 years? 29 TRUSTED REAL ESTATE EXPERTS Once you have made your selection on the company and policy of your choice, please let us and your lender know your insurance agent’s information - and we will handle the rest!
CLOSING ON YOUR NEW HOME As the closing day approaches and your loan is approved, the Closing Coordinator will provide you with a check list to help prepare you for closing. This checklist will include the following: Date and Time of your closing Location of your closing Helpful reminders Three days prior to closing, you will be provided with closing documents to review and the final dollar amount you need for closing. You will need to wire this directly to the title company. Unfortunately, we have seen a rise in online banking fraud. We encourage your to call your escrow officer prior to sending funds to verify transfer information. A final walk through of the home will also take place just prior to closing. The closing will take place at a title company. Your Buyer’s Agent will attend both the walk through at the closing with you. Plan on a two hour window for both. At closing, expect to sign your name a lot: You’ll be putting your John Hancock on a pile of legal documents. If all goes well (as it usually does), you will eventually leave your home closing with a stack of documents (which you should save) and the keys to your new home (finally!). And now we celebrate!! WEMERTGROUPREALTY.COM 30