Protecting your biggest asset - Home warranty, Hazard insurance and more.
You usually will not drive a car without insurance, it should be the same with your house. As homeowner, you should not be without insurance, the idea behind various forms of real estate insurance is to protect your interest in the event of catastrophe. If something goes wrong, insurance can be very beneficial. For that reason, when you try to get mortgage for buying your property the lenders will not loan you unless you obtain home owner insurance and title insurance for the property. You should have the same standard as the lender in protecting your asset. When you borrow money to buy your home the lender also has ownership interest on the property so they will make sure their asset is insured and protected and they will stipulate in the deed of trust that you maintain insurance on the property until their loan is pay off.
There are various forms of insurance associated with homeownership, including these major types:
Title Insurance: Purchased with a one-time fee at closing, title insurance protects owners in the event the title to the property is found to have cloud in it. Coverage includes “lenders” policies, which protect buyers up to the mortgage value of the property, and “owners” coverage, which protects owners up to the purchase price. In other words, owner’s coverage protects both the mortgage amount and the value of the down payment. We as your realtor will help to negotiate it so the seller pays for “owners” coverage which is major cost of coverage. Read more about why title insurance? View the Basic Preumium Rates set by department of insurance.
Here are list of some the major title insurance companies in Austin Texas. We have help our clients over the years to use service of these title companies. We know many of thier closing officers and people. We will be able to guide you when you get offer on your home or make offer on property to select one. All of these title companies have a great websites with tons of useful information for buyers and sellers.
First American Title
Texas American Title
Homeowners insurance: Following insurance companies provides fire, theft and liability coverage. Homeowners policies are required by lenders and often cover a surprising number of items, including in some cases such property as wedding rings, furniture and home office equipment. We always ask our clients to talk with their agent who helped them with their car insurance first to get quote, usually companies give discount if they are carrying your car and home insurance. These companies are active in Texas and have many agents. We have worked with many of their offices and agent if you need recommendation contract us for list.
Flood insurance: Generally required in high-risk, flood-prone areas, this insurance is issued by the federal government and provides as much as $250,000 in coverage for a single-family home, plus $100,000 for contents. As your realtor we will help you to obtain survey of the property and determine the if the property is in flood zone and if you need flood insurance coverage. This insurance is provided by federal government the agency is called FEMA which provides the map of flood areas also you can get flood information about the property on FEMA site
New homes/construction/builder homes – You as buyer want assurance that if something goes wrong after completion, the builder will be there to make repairs, for that reason you want the builder of your home to provide insurance thought third party, in case the builder refuses to do the work or goes out of business. Generally, Home warranties bought from third parties by home builders are designed to provide several forms of protection: workmanship for the first year, mechanical problems such as plumbing and wiring for the first two years, and structural defects for up to 10 years. We can help you when buy homes from a builder, we will make sure your interest is protected contact us. We have helped many our clients in buyer builder homes or build their custom home.
Home warranties for existing homes - are typically one-year service agreements purchased by sellers. We make sure when helping to make offer to ask the seller to pay for the one year home warranty. In the event of a covered defect or breakdown, the warranty firm will step in and make the repair or cover its cost. Insurance policies and warranties have limitations and individual programs have different levels of coverage, deductibles and costs. For details, we as your realtor will help in selecting the right plan for you. Below are the list of major a Home Warranty Companies for resale homes. We have worked with most of these home warranties and be able to guide you when times comes to select the plan suites you.
20-10 Home Buyers Warranty
American Home Guardian
Best Home Warranty Company
Fidelity National Home Warranty
First American Home Buyers Protection Corp.
Home Warranty of America
Landmark Home Warranty
Old Republic Home Warranty
We are always here to consult and help you throughout the buying process, we will put over thirty (30) years of real estate experience to help you in every step. If you need list of our trusted insurance vendors let us know, we are here to help contact us.
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