Step 24: Set Up Homeowner's Insurance
During the underwriting process, one of the things that the mortgage underwriter will require that you do is set up Homeowners insurance. Better to set it up sooner rather than later. Buying a home is an extremely big purchase so you will want to make sure that it is properly insured.
If we can offer any words of advice about homeowners insurance, that would be to shop around. It may benefit you to start by contacting the company that insures your car. Often times they will offer you a discount since you already have another type of insurance with them. After that, shop around a little bit more to see if another company can give you a better rate.
Make sure your homeowner’s insurance policy takes effect the day before you close on your new home. This way if something significant (fire, flood, etc.) was to happen to your new home while you are at closing, you’ll be covered. Also, it is important that you have proper documentation from your homeowner’s insurance company to provide to your underwriter. They will require proof of insurance anyway before approving you for your loan.
Connect with the Pierce County Real Estate Team
- Step 01 - Hire a REALTOR
- Step 02 - Home Buyer's Checklist
- Step 03 - Get Preapproved for a Mortgage
- Step 04 - Prepare for Earnest Money Deposit
- Step 05 - Get Down Payment Ready
- Step 06 - Finding Your Dream Home
- Step 07 - Schedule a Time for Showings
- Step 08 - Make an Offer
- Step 09 - Review Seller's Disclosure
- Step 10 - I Have an Offer Accepted, Now What?
- Step 11 - Schedule the Home Inspection
- Step 12 - What is the Inspection Contingency Period?
- Step 13 - Schedule the Side Sewer Inspection
- Step 14 - Schedule the Septic Inspection
- Step 15 - Tips for Attending the Home Inspection
- Step 16 - Read the Inspection Report
- Step 17 - Review Supplementary Documents
- Step 18 - Don't Spend Extra Money
- Step 19 - Give Notice to Your Landlord
- Step 20 - Schedule the Closing Date on Your Calendar
- Step 21 - The Appraisal
- Step 22 - Hire Movers and Start Packing
- Step 23 - Hook Up Your Utilities
- Step 24 - Set Up Homeowner's Insurance
- Step 25 - Do You Want a Home Warranty?
- Step 26 - Secure Your New Home
- Step 27 - What is Clear to Close?
- Step 28 - Attend the Walk Through
- Step 29 - Wire Your Down Payment
- Step 30 - Attend Closing
- Step 31 - Wrapping Things Up