Posts Tagged ‘County’

The Need for Home Insurance in Orange County

Article by Fern Baptiste









When considering the purchase of a new home in the Orange County area you usually have more thoughts on your mind than homeowners insurance. With all the price negotiations, home inspections, mortgage approval worries and signing contracts, home insurance is often forgotten about until the last minute. All too often frenzied home buyers will call a local insurance agency in search of insurance without actually doing any comparison shopping. In order to avoid this anxious call, the home buyer should contact home insurance Orange County and get quotes as soon as an offer is accepted. That way they can be guaranteed the home they are purchasing will be insurable and totally covered, satisfying the mortgage lender. There are several factors to consider when researching insurance quotes for your new home that should help guarantee the lowest rates for the best comprehensive coverage.

When starting your quest for home insurance Orange County, make sure you have all the information needed for receiving an accurate quote. Most insurance companies will ask the same questions because these are the basic guidelines for insurance underwriting to determine eligibility for the insured. Some of the questions asked will include; age of the home, age of electrical system and plumbing, roof type, how many square feet, have any claims been filed in the past seven years, the location of the home, and how close is the nearest fire hydrant and fire department. The answers to these questions will have a solid bearing on the insurance rate quoted. Being completely honest with your answers will speed the quote process since this information will be checked and if the insurance company finds differing information on the house, your actual rate may vary considerably from the original quote.

A deductible is the sum of money that will come out of your pocket before the insurance company pays anything in the event a claim is filed on your insurance. The higher deductible you are willing to accept, the lower your insurance premiums will be. This is an exceptionally important consideration if wanting to keep you insurance payments lower. It is imperative to check with the mortgage company to find out the maximum deductible that is acceptable before choosing a higher deductible. Deductibles can be as high as ,000. Insurance rates and deductible rates should be seriously contemplated before making a final decision.

One insurance item that tends to be a bit controversial between lenders and agents is dwelling coverage. In a catastrophic event, such as fire or flooding, if your home would need to be rebuilt, this coverage would only cover the cost of the home but not the land. There are some situations where the insured amount is less than the financed amount. Many lenders do not totally comprehend what dwelling coverage really encompasses. It is the home buyer’s responsibility to check with the lender to find out the dwelling coverage requirements before signing a binding contract that may include insufficient coverage.

Do research early on and stay in contact with both the insurance agent and your lender. This should guarantee a hassle-free closing. Home buying is not only the purchase of the perfect house, but finding insurance to match will help you be ready before escrow closing.



About the Author

Visit Home Insurance Orange County for more information or visit our blog at http://carinsuranceorangecounty.org/home-shopping-includes-search-for-home-insurance-orange-county/.










Free T-Mobile Phones on Sale | Thanks to CD Rates, Best New Business and Registry Software