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Step #5 Secure Homeowner's Insurance
Homeowner’s Insurance:
(Definition as stated in “The Essential Dictionary of Real Estate”, Lisa Holton 2004):
A type of insurance policy covering the risks of homeowners, including damage, theft, fire, personal liability, etc. Homeowner’s insurance – also called hazard insurance – should be equal to at least the replacement cost of the property. Replacement cost coverage ensures that a home will be fully rebuilt in case of a total loss. Most homebuyers purchase a homeowner’s insurance policy that includes personal liability insurance, in case someone is injured on their property; personal property coverage, for loss and damage to personal property due to theft or other events; and dwelling coverage, to protect the house against fire, theft, weather damage, and other hazards. If the home is located near water, a lender might require flood coverage. This insurance is generally expensive. Lenders often want the first year’s insurance premium to be paid at or before closing. Sometimes a lender may require this payment to be made monthly in a required escrow account.
Your NH real estate agent will be able to provide you with a couple of reputable insurance agents in your area. For a list of agents in the southern NH area, follow the link below.