Oct 15, 2009 2:02 pm US/Pacific
Buying Homeowner's Insurance
(CBS13)
Question: I have found a home to purchase recently, my agent asked me: "What Homeowner Insurance am I going to use?"
We just stated getting accepted on our bids. What do I do? I don't know
how much I'm suppose to get or anything about this. Can you help
explain all this to me? Do we put money down?
Thank you,
Dawn C.
Answer: Buying homeowners insurance is similar to buying other insurance, where some of the following questions will come up:
1.) How much of a deductible do you want?
2.) How much do you want to insure the contents of your home for?
3.) What percentage of the value of the home do you want to insure? Full replacement cost, 90% of replacement cost, etc.
You can choose to have the cost of this insurance be included in your monthly house payment, or you can pay it directly to the insurance company.
I would suggest asking your real estate agent for some insurance agent referrals. You can also go online, and Google CA homeowners insurance which will result in a number of companies that will be happy to explain the different policies that they provide and the costs associated with them.
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David Schauer ,CFA, MSFA, CFP®
Financial Advisor
Hanson McClain Advisors
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