These two types of insurance will protect you greatly when buying a home.
Having insurance means if something costly happens, you won’t have to pay the entire amount to fix the issue. These are the two most vital types of insurance you need to have when buying a home:
1. Title insurance. This secures your interest in the property. A title company is a third-party company that will take a look at the home and make sure there are no liens, back taxes, judgments, or anything else. Title insurance is crucial when you buy a home; they’ll ensure you’re getting a clear and clean title when you purchase.
2. Homeowners insurance. This ensures your property is protected both inside and out. There are different types of homeowners insurance, such as flood or earthquake coverage if your house is in an area susceptible to those phenomena. I often recommend that my clients get basement water backup coverage; the sump pump may go out, and then water will start filling the basement. In this situation, having extra insurance is invaluable.
If you have questions about insurance or anything concerning real estate, call or email me. I would be glad to help you.