Vol. 19 | The role of home owner’s insurance?

If I decide I don't want to rent a place, can they keep my deposit?

Your mortgage company is going to require that you insure your home for 100% the replacement cost and you’ll also need proof of insurance to close on home. Home owner’s insurance covers, structure of home, structures around the home, personal property, loss of use, and liability.

Cost is what your insurance agent will help you figure out. It’ll depend on size and age of the structure and what you intend to do with the property. Valuable items can increase the cost while security systems and auto/home bundles could lower it. I know come great insurance agents that I would be happy to connect you to!

For condos, your unit policy will need to coincide with the association's master policy so that you are fully covered.