Tips for Homebuyers | Homeowners Insurance

Tips for home buyers – homeowners
insurance is what we’re covering today. So let’s get started! Hi! Welcome back to
our channel my name is Michelle Babbino and I’m with
with Future Home Realty here in Tampa, Florida. Today we’re going to be going
over tips for home buyers specifically homeowners insurance but before we do
that I’d like to ask you to consider hitting that subscribe button down below
and hit that little notification bell that way you’re notified every time we
post a new video. Homeowners insurance so you just went under a contract on a
house and you’re obtaining a mortgage from a lender and the lender asks you
where’s your homeowners insurance, what do you do? Today we’re going to cover
steps to obtaining insurance, what does your insurance agent need to know,
insurance discounts, required inspections, flood zones, and replacement cost vs.
market value. Let’s start with steps to obtaining insurance. The first step
would be to contact an insurance agent as soon as you go under contract on your
house. 2nd would be to send all necessary inspections to your agent so
they can provide you with an accurate quote number. Three would be to finalize
and select a quote number. Four would be to send a copy to your lender. #5 will be your lender will request a proof of insurance; confirm that this is
completed in a timely manner. #6 is the lenders will require proof of
insurance well in advance to closing so don’t leave this to the last minute. What
does your insurance agent need to know #1 the occupancy of your home. Is
this going to be your primary residence, is this an investment property, a rental
property, a vacation property? #2 any prior claims that you’ve had on any
other properties. #3 if you are planning immediate renovations…. and the
dog, is like do you hear him, do you hear my dog? He’s drinking water right now
and that’s how loud he is. It’s really hard to film when you have a dog home so
that actually leads us to #6 if you have dogs disclose the number of
dogs and the breed of dog. He’s a boxer and he drinks like this all day long.
It’s like music to my ears. (row row row your boat playing) The agent will most likely ask for
additional information to make sure that they’re giving you a proper quote.
Insurance discounts. Everybody wants to save money right?! So what can you do to help you save money on your insurance. Well you could look for a newer home
which was built 2002 or newer, concrete block homes we’ll give you a discount
and hip roof. So you’ve got a gable roof and a hip roof a gable roof is going to
be like this where they just meet at one point and a hip roof will have four
points that meet together at the top; as you can see in this example. Required
inspections. Now some of the reports of these inspections may actually give you
a discount. When you schedule your home inspection after you go under contract,
that’s the first inspection that you’re gonna have done, you’ll want to make sure
that you ask for a 4 point inspection. The tip for this inspection is that many
carriers will require a four point inspection for homes that are thirty
years or older. So what are the four points? You have roof, electric, HVAC and plumbing all of these must be in working order with no deficiency or hazards
listed on the inspection. There are options if there are issues with the
four points, so make sure to ask your insurance agent. Flood zones. Now this is a huge one in the state of Florida but how do we determine what flood zone the
house is in? You can determine this by your tax record so I highly suggest
going to the property appraisers website for the county that you’re in and
checking on that specific home. It will be listed in there what flood zone it is
and this is what you’re going to look for if the flood zone is labeled with
anything that begins with an A or a V it is a high-risk flood zone and insurance
will be required by the lender. There’s also x500. Flood insurance is not
required by the lender there is a .2% chance of flooding in any
given year then the third flood zone would be the moderate to low risk and those would begin with a b, c, or an x and with these also there’s less than
.2% chance of flooding in any given year and flood insurance is
not required by the lender. What is replacement cost vs. market value. Your insurance coverage is based upon the actual cost it is to rebuild your
home, this is called the replacement cost The market value is based upon a couple
different factors you’ve got your comparable sales, your land value, and the
location. Replacement cost is solely based on the cost to rebuild your home
from the ground up. They cannot insure the value of the land. Replacement cost
and market value may be very similar sometimes and they may be drastically
different sometimes. I hope this information was extremely helpful to you
in learning the process to obtaining an insurance quote and what you need to
look for and what you need to provide to the insurance agent to make sure that
you’re getting the best quote that you can possibly get for your home. Now
insurance rates are going to vary drastically across the state and across the
US so make sure you contact a local agent who can help you in your area. I
have included a PDF down below. This information was provided by Florida Best
Quote, the agents name is Lindsey. You can contact her if you have any questions
about insurance.

13 thoughts on “Tips for Homebuyers | Homeowners Insurance

  1. I completely forgot to talk about Wind Mitigation but it is noted on the pdf download; link above in the description. Did you download your free pdf?

  2. I am cracking up. That is my dog who is always barking!!! Ours is an Airedale’s!!

  3. Great details! I always recommend clients contact a local insurance agent rather than fishing in the www.

  4. Great tips!!!!! So many things to do. It can be overwhelming. Good thing they have a good agent like you to walk them through it all! 🙂

  5. This always seems to get left till a week before closing. Good reminder!

  6. All great things to consider when choosing home owners insurance. Lol this was funny, loved the dog part.

  7. Great info Michelle! Super important info that is always under prioritized. Our big insurance focus is flood insurance as we're right on the coast.

  8. Very Informative! Love the Tampa area as well! My best friend of 30 years live there and we love it!

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