Are you planning to purchase a new multi family home, or single-family home? Perhaps you’ve already started the process. At this point you may be familiar with the current state of the real estate market and which properties are available in your price range. You may also be familiar with the mortgage process, terms, and various options that are available to you. However, it’s just as important to be well informed about your homeowner’s insurance policy. Every lender will require that you take out a homeowner’s insurance policy and have it in place before you’re able to occupy your new home.

Even if you pay for your new home in cash it makes sense to have a homeowners insurance policy in place. So, who do you need to have homeowners insurance if you’re buying a home? If you’re like the vast majority of people, then your house is your biggest asset. You need to protect that asset and yourself. There are many things that you don’t think will ever happen to you, but they can and they do. That means you need adequate financial protection from those things. For example, do you think that your new home will be damaged by fire or even burn down to the ground?

Of course you don’t think that. However, it can happen and does happen to thousands of homeowners each and every year. The good news is that your homeowner’s insurance policy should cover the costs that are associated with repairing your property if it’s damaged by a fire or other natural disaster. By the way, your homeowner’s insurance policy should also cover the costs to replace or rebuild your property if the fire or other natural disaster completely destroys it. At this point you may be wondering how you’re going to replace all of your personal belongings that were lost or destroyed in the fire or other natural disaster.

Guess what? Your homeowner’s insurance policy should cover the repair and replacement costs for your personal belongings. That means you won’t need to pay out of pocket in order to replace your furniture, jewelry, clothes, shoes, and other personal items. On another note, do you know that you’re liable from a legal and financial perspective if a third party is injured while inside your home or outside in your front, back, or side yards? The good news is that your homeowner’s insurance policy also protects you from a legal and financial standpoint if a third party is injured at or on your property.

Your homeowner’s insurance policy can even cover their medical bills, pain and suffering, and time missed from work. That way you won’t need to go out of pocket if someone is hurt while visiting you, delivering something to you, or performing work at your home.

If you’re buying real estate in the Commonwealth of Massachusetts you need to ensure that you have the proper property owners insurance policy in place. Please consult with a professional insurance agent that can answer your questions about all insurance related topics. It is important to fully understand exactly what you are buying when it comes to insurance policies. If you have any questions, please call (508) 831-0133 to contact an associate at Zawada Insurance. We are happy to walk you through the details of your insurance policies and explain your coverage options.

We look forward to helping you with all of your personal and or business related insurance needs now and in the future.