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When is best to buy home insurance?

Answer

A home owner should purchase home insurance before closing on the purchase of the home. Documentation of the purchase of adequate insurance will need to be presented at the time of closing.

The key is to get the appropriate amount of coverage for your home. Many first time Homebuyers will be surprised at what home insurance doesn't cover. For instance, water damage from a sewer break usually is not included. Damage from a flood won't be included unless you purchase a seperate flood policy. Standard home policies will include basic dwelling coverage, other structure coverage, personal liability, personal property, loss of use coverage and medical coverage - all insurance you will need as a homeowner.

More Homeownership FAQs from Low Income Households

  • How can homeownership benefit me?
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  • How to buy a home with bad credit?
  • Are there HUD homeownership programs?
  • How does homeonwership affect your credit score?