If you’re buying a home for the first time, and you’re planning on getting a mortgage, your lender will require you to bring proof of homeowners insurance to your closing.  For purposes of protecting your lender’s interests in the property, you’ll need to include your lender’s name in the mortgagee’s clause.  It’s unlikely that you’ll be able to close on the home without your lender being protected.  You might even need to include six months of coverage for the next year as part of your closing costs.  At Cross Creek Insurance in Hope Hills NC, we’ll help you meet your homeowners insurance requirements.  At a minimum, you’ll want to insure:

• Your dwelling and any other structures on the property
• Your personal property inside of the home
• Your liability for any injuries or property damage on the land
• Medical payments coverage is somebody is injured on your property

On top standard coverage for your home, you might want additional coverage.  Think about flood coverage if you live in an area where flooding occurs.  You might even want special endorsements for certain personal property like artwork, jewelry, furs or electronics.  A standard policy will only pay for loss or damage to those items on a limited basis. 

You’ll also need to make a decision on whether you want your home and personal property insured for actual cash value or replacement cost.  Replacement cost is a bit more expensive, but as opposed to actual cash value, it doesn’t contemplate depreciation.  Replacement cost is the better choice for homeowners.

You’ll want to speak with one of our agents at Cross Creek Insurance in Hope Hills, NC in order to customize the best options for you.  Just give us a call or stop in for a cup of coffee.