Engle Realty: Louisiana Real Estate
Residential & Commercial Real Estate Sales and Rentals
What types of insurance are there when buying house? When should you get insurance on a house? Do you have to have insurance on your house?
As America saw with Louisiana's Hurricane Katrina, insurance for a property is necessary. There are different kinds of insurance that you will need. Here are the two most common:
Homeowner's Insurance: This will cover you home from fire and other things like that. If you are getting a loan, then they will require that you get this type of insurance. If you pay for the house in full with cash, then it is up to you to insure the house or not.
Flood Insurance (If Applicable): Not all houses are in flood zones, but if your house is, then you'll need to have flood insurance on it for you to get a loan. Even if flood insurance is not required by the bank, it still is a good idea to have it. Your Engle Realty real estate agent can help you find a house that is located outside of the flood zone.
Additionally there are two other major insurance polcies:
Condo Insurance / Wall-to-Wall Coverage / Contents Policy: When purchasing condos, the condo complex's Homeowner's Association (HOA) collects a fee each month from each condo owner. Part of this fee usually includes a portion that will go to a joint policy that covers the buildings' exterior, such as the roof, walls, etc. The condo insurance policy (wall-to-wall / contents) covers the interior of the condo. This is "from the sheetrock in" and covers flooring, furnishings, etc.
Renter's Insurance: Similar to the condo insurance, this is a vital insurance for those who rent apartments as the landlords insurance only covers the building. Renter's who have a renter's policy, which may be only $150 a year, may reimburse them in the unfortunate event of having items stolen inside their car or home.
Your Engle Realty real estate agent can give you several local and dependable Louisiana insurance agents who can provide these insurances.
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