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I'm a first time buyer and I've applied for a mortgage and I have heard a lot of people speaking about homeowner's insurance. Can I get homeowner insurance? Is it mandatory to take out a homeowner's insurance?

jerry · Posted: Sat Jun 04, 2011 3:11 am Post subject:

Hi SD,

Once you become a homeowner, you will be able to get a homeowner's insurance. Most of the lenders will insist that you take out a homeowner's insurance. Moreover, it is always a good option to take out a homeowner's insurance if you're living in a disaster-prone area as it will save you in the times of crisis. However, it is a fact that your premiums may be higher.

Thanks,

Jerry

gmakerley · Posted: Sun Jun 05, 2011 7:17 pm Post subject:

SD, forget that "most lenders" will require it - ALL lenders require that you obtain homeowner's insurance. You need to insure your new home against fire, other types of damage, etc.

Contact a local insurance agent (do a little digging with a google search if you feel the need to find out about insurance itself). If you can't think of an agent to call, check with your lender's representative or realtor, who will probably be happy to give you a name to call.

Truthfully, I don't know what Jerry's talking about with premiums being higher in a disaster-prone area, unless you're in a flood hazard area (high chance of floods), or a tornado alley or on the San Andreas fault.

You need insurance - start shopping around for it.

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