Buying a House

Just got pre-approved for a home loan?  Congratulations! That’s a huge step in life – and it takes you so much closer to living the American Dream!

Finding and buying a new home is as exciting as it is stressful: The purchase of a home is a huge undertaking that requires a good deal of forethought and research.  But once the fun part of finding your dream home begins, you’ll find yourself spending evenings and weekends driving about town with your real-estate broker, and wandering through what might become your home. And at night, you dream about paint colors and furniture arrangements…

When you find it, you know it.  And then everything happens quite fast:  Your broker might help you sign the paperwork, you put in an offer, and then you wait, chewing nails, to hear back whether it was accepted.  “Hurry-up and Wait” is probably a good way to describe it.

Insurance may not be your first thought when you start thinking about buying a house.  But don’t let it be your last!  Call your team at Alpine Insurance early-on to avoid unpleasant surprises and save money.  We can help you make this process as smooth and stress-free as possible.  Simply follow this short checklist of house-buying tips that you should be aware of, from an insurance point of view:

• Choose your own insurance
• How far is the nearest fire station?
• Part of a condominium association? Check your association’s Master policy.

Choose your own insurance

Your offer was accepted and now the real paperwork begins.  Who would have thought that would be so many documents to produce, papers to sign, and questions to answer?  When your broker assures you that she can take care of the rest, it’s easy to agree. 

It’s a couple of months after you’re moved in that you have the peace of mind to take a closer look at the papers…and discover that your homeowner’s insurance rates are high.  Very high! To say the least.

Just like property taxes have become commonly rolled into an escrow account and made part of a mortgage payment, so have homeowner’s insurance payments.  Every lender requires that you have homeowner’s insurance in place.  But that doesn’t mean that your mortgage company has to determine your insurance!
We can help you find the right protection at the best rate for your new home. All you have to do is get us involved early. Follow this short checklist, and with your permission, we can process everything so much faster when the closing date comes.  Keep in mind that deadlines are always tight in the mortgage business.

How far is the nearest fire station?

You’ve always dreamed about a house in the woods.  Kind of out there, away from all the hustle and bustle.  And you found it, the perfect home, on a perfect 5-acre lot, not too far away…but far enough.

However, as you receive your homeowner’s insurance statement, you swallow hard.  The house isn’t that big…actually, it’s about the same square footage as your previous house in the suburbs.  So why did the rate increase?

The distance of the nearest fire station has an impact on your homeowner’s insurance rates.  The further away the nearest fire station is located, the higher the rate.  This makes sense, in a way:  If, heaven forbid, you ever had a fire, every second counts.  With no fire department nearby, the risk for a major or total loss of your home is much higher.  And insurance companies charge for higher risk.

Just a piece of information to be aware of as you search for your dream home.  For detailed rate quotes and more information about potential insurance rates for a house you’re looking at, just give us a call.  We are here for you!

Part of a Condominium Association?  Check your association’s Master policy.

Living in a condominium association can have its pros and its cons.  But fact is that more and more communities these days are bound together by a condominium Association.  For each condo owner, that usually means an annual fee.

What does the condominium association have to do with your insurance?  Quite a bit, actually:  From an insurance standpoint, if anybody got insured on the association’s joint property, such as, for example, a walkway or a playground, the association would be held liable.  That’s why each condominium association has a Master policy in place.  The question is:  What does the Master policy cover?

Some Master policies don’t provide high enough protection, so if a loss occurs that exceeds the policy limits, each condo owner in the association will share an equal part in the liability.  In that case, you may be required to pay a share of hundreds or even thousands of dollars.

If you don’t have the right protection on your condominium insurance, that money would need to come out of your pocket.  Luckily, your condominium insurance can be adjusted to provide you with adequate protection.
We can help you with that (and we can also help in checking your association’s Master policy).  Give us a call.