Am I Required to Get Homeowners Insurance?
“When I buy a home in Southern California, am I required to get homeowners insurance for my property?”
The answer to this question is no. If you’re buying a home with cash, there is no homeowners insurance requirement because it’s your choice to get it.
Although some cash buyers may decline homeowner’s insurance, the reality is that it’s a smart decision to get homeowners insurance because this policy will protect you financially from life’s unforeseen problems when they arise.
What If You Have A Mortgage Loan?
Are you planning on buying a home with a mortgage loan? The bulk of mortgage lenders will require you to get homeowners insurance regardless if you’re buying a condo or detached home because a mortgage loan protects their financing.
Included with Mortgage Payments
The good news for mortgage holders is that a homeowner’s insurance premium is typically included with the mortgage payment so the homeowner doesn’t have to pay their mortgage and the homeowners insurance both in two separate payments.
Homeowners Insurance Makes Sense
Regardless of your financing; getting homeowners insurance makes sense especially in Southern California because this policy will protect you financially from acts of God like a flood, fire, or any other disaster that could cost you money. It’s good to have an extra layer of financial protection with a homeowner’s insurance policy.
Where Do You Get A Homeowners Insurance Policy?
Are you interested in starting a homeowner’s insurance policy? Contact the Fred Sed Group today. We work with a network of lenders in Southern California and can get you an excellent homeowners insurance policy at a great rate.