The Purpose of Homeowners Insurance

When you purchase Sedona real estate there are many factors and parties involved in the transaction. If you are buying a home cash out meaning you have the actuall cash available to buy the property the whole proceedure can go much more quickly but if you need a loan like most homebuyers do, you will need other parties involved and thus longer time.

One of those parties is homeowners insurance. If you have ever had renters insurance, this is similar only you are protecting the entire home and property and anything on the property from theft, fire, or any other damage that your policy covers.

The best time to shop for this for your first time is after the home inspection is complete. Once you know your financing will go through, the inspection contingency is satisfied meaning the buyer and seller have agreed on whatever terms, then it is up to the buyer to buy homeowners insurance.

Feel free to shop around for the best rate and the most coverage. This is required because the home doesn't technically belong to you, it belongs to the bank until you pay it off. They require their investment to be protected in case something should happen. But this also protects your personal property while on the premises.

Say, your car that is parked on your property gets broken into, the loss of items in the car is covered under your homeowners policy. The car itself may be covered under both your home and auto insurance so be sure and check whenever there is a question.

Each policy is slightly different and you will have to answer questions about the property including safety features and how far it is located to the nearest fire hydrant. Because homes increase in value, you will want to be covered not only for what it's worth when you paid for it, but years down the line if something should happen. Be sure to check all of these items with your insurance agent.

Many times this cost can be built into your monthly mortgage payment for your convienence or you can pay it annually. If you are buying a second home or replacing your current home, you can simply add the new home onto the exising policy or shop for another but be sure to let your insurance know you are changing residences for your protection.

Give us a call today to get started looking at Sedona homes in the area!

Additional real estate resources: Bend Oregon Real Estate Quality homes & bank foreclosures in Bend Oregon. Area real estate MLS search.Cambridge Ontario Real Estate Services - HomeGroove connects the Cambridge Ontario public with real estate agents, looking at property type, neighbourhood, language, and other important qualities. We also help market homes using the latest online tools. Rick & Rita Rhilinger - Homes in the Inland Empire Real estate and homes sales in Chino Hills, Chino, Corona and surrounding communities of the Inland Empire and Orange county region of So California. Specializing in bank owned, REO and short sales.