Is home insurance required to buy a home?

You're often required to show proof of homeowners insurance to your lender before they'll relinquish the keys to your property and fund your home loan. Until your home is paid in full, your lender holds a lien on your property, so it's in their best interest to make sure that the property is insured while you're paying down your mortgage.

If you're purchasing your new home with cash or an unsecured line of credit (credit card or personal loan), you may not be required to show proof of home insurance before closing. Home insurance isn't mandated in any state, but you should still consider buying homeowners insurance to protect the equity in your home. Learn more about what home insurance covers and how homeowners insurance works.

How to shop for home insurance

During the mortgage approval process, your loan specialist will let you know when to buy homeowners insurance. However, you can start shopping for a policy as soon as you've solidified your new address. Shopping for homeowners insurance early gives you more time to select the right policy and look into ways you can save.

While your lender may provide a referral, it's a good practice to compare homeowners insurance quotes and pricing, homeowners insurance coverages, and consumer reviews before making a final choice.
You can often save money by bundling homeowners and auto insurance with the same insurer. Learn more about switching your homeowners insurance.

What to look for in a home insurance policy

1. Check the limits on your personal property and liability coverage
2. Your belongings, such as clothing, furniture, electronics, and jewelry, are insured under Coverage C (personal property coverage) on your home insurance policy. Make sure the limit is enough to cover everything you own. Keep in mind that certain items may fall under a specific category with a "sublimit" set by your insurance company. And if you have any expensive items, such as art or collectibles or jewelry and engagement rings, you may need to add an insurance rider to fully cover them.
3. Coverage E (personal liability coverage) protects you if you're liable for an incident that injures someone. Be sure to select a liability limit that properly covers what you have in assets. Most home insurance policies max out at a $500,000 liability limit. If you need additional coverage, you can purchase umbrella insurance, which provides extra liability coverage for home insurance policies.
4. Be aware of exclusionsDepending on where you are shopping for home insurance, there will be a list of things that won't be covered on a standard policy. These could include earthquakes, landslides, mudflows, and flooding. If you're at risk for a peril that isn't covered on your policy, ask your home insurance agent or company if there's an option to purchase protection for excluded incidents.
5. Understand your deductibles
6. When buying home insurance for the first time, it's important to pay attention to your homeowners insurance deductible for property damage. Your deductible is the portion of the claim you're responsible for, so make sure the deductible amount is within your budget.
   Unlike car insurance, your home insurance deductible won't always be a set dollar amount. It could be a percentage of your policy's dwelling coverage. Your policy may even include a split deductible. That means you have a set dollar amount for most claims, but a percentage may apply for wind damage or other covered perils.

​

   How to save on car insurance for teens

   Good student: B average or better? Your young driver may earn about a 10%††Read the associated disclosure for this claim. discount in most states for good grades.

• Multi-car: If your teenager has their own vehicle, we'll chip in another discount just for having more than one vehicle on your policy.
• Teen driver: If your child driver is 18 years old or younger and you have been consistently insured for at least 12 months, we'll add a discount.
• Snapshot®: Our Snapshot® program rewards good drivers based on how they drive.†Read the associated disclosure for this claim. Plus, our mobile app can reveal if your teen was driving distracted. Learn more about distracted driving.

You can save on car insurance in other ways too. For example, you could:

• Lower your coverage: Removing coverages you no longer need is an easy way to save.
• Increase your deductible: Increasing your comprehensive and collision deductible will increase your out-of-pocket expenses for a claim, but it will reduce your rate.

Do I have to add my teenage driver to my insurance?

A teenage driver must have car insurance in almost every state, so they can either be added to your policy or insured with a separate policy. Buying a standalone policy for a teenager can be expensive due to their lack of driving experience and a higher likelihood of accidents, so it's usually more affordable to add a young driver to your existing policy.
By adding your teen to your policy, they could benefit from the savings and rate you've earned as a longtime driver with (in most states) an established credit history. Here are a few more reasons why it's usually best to add a young adult driver to your car insurance policy:

1. Control
   Since you already own the policy, you can easily add and update coverages to make sure your teen driver has the right protection.
   
   
2. Flexibility
   If your household has multiple vehicles, your teenager will be insured to drive all of them.
   
   
3. Convenience
   You'll only have to manage one policy.
   
   

How much does it cost to add a teenage driver to my insurance?

It's generally cheaper to add a teen driver to an existing insurance policy rather than buy a separate policy for them. That's because putting a teen driver on their own policy means they don't benefit from the comparatively lower rate you've earned as a more experienced driver.

Car insurance for teens

​Getting car insurance for a young driver can be pricey due to their lack of driving experience, so a separate policy may not be the best option. In most cases, it's more affordable to add your licensed or permitted teenage driver to your existing auto insurance policy. Your policy's coverages and limits will extend to your teen driver, and some insurers, including Progressive, offer discounts to help offset the cost of insuring a new driver.

How much is car insurance for teens?

A separate car insurance policy for teen drivers can be expensive because they have a greater tendency to drive distracted, speed, tailgate, and not wear a seatbelt. The average cost of teen car insurance, however, will vary based on the exact age of the driver, their ZIP code, driving history, and vehicle type. You can find cheap car insurance that covers the essentials and fits your budget. Discover the factors that impact car insurance rates.

EXAMPLE:A car insurance policy for a 16-year-old driver who just received their license will likely be more expensive than a policy for an 18-year-old with more driving experience. As teens get older, their rates can go down due to the added driving experience, especially if they have a clean driving record over time.

How to save on car insurance for teens
You can lower the cost of car insurance with discounts for students and teen drivers.

Read the associated disclosure for this claim. At Progressive, we offer a variety of discounts for teens including:

• Good student: B average or better? Your young driver may earn about a 10%††Read the associated disclosure for this claim. discount in most states for good grades.
• Multi-car: If your teenager has their own vehicle, we'll chip in another discount just for having more than one vehicle on your policy.
• Teen driver: If your child driver is 18 years old or younger and you have been consistently insured for at least 12 months, we'll add a discount.
• Snapshot®: Our Snapshot® program rewards good drivers based on how they drive.†Read the associated disclosure for this claim. Plus, our mobile app can reveal if your teen was driving distracted. Learn more about distracted driving.

You can save on car insurance in other ways too. For example, you could:

• Lower your coverage: Removing coverages you no longer need is an easy way to save.
• Increase your deductible: Increasing your comprehensive and collision deductible will increase your out-of-pocket expenses for a claim, but it will reduce your rate.

Learn more ways to lower your car insurance rate.

Do I have to add my teenage driver to my insurance?

A teenage driver must have car insurance in almost every state, so they can either be added to your policy or insured with a separate policy. Buying a standalone policy for a teenager can be expensive due to their lack of driving experience and a higher likelihood of accidents, so it's usually more affordable to add a young driver to your existing policy.
By adding your teen to your policy, they could benefit from the savings and rate you've earned as a longtime driver with (in most states) an established credit history. Here are a few more reasons why it's usually best to add a young adult driver to your car insurance policy:

1. Control
   Since you already own the policy, you can easily add and update coverages to make sure your teen driver has the right protection.
   
   
2. Flexibility
   If your household has multiple vehicles, your teenager will be insured to drive all of them.
   
   
3. Convenience
   You'll only have to manage one policy.
   
   

How much does it cost to add a teenage driver to my insurance?

It's generally cheaper to add a teen driver to an existing insurance policy rather than buy a separate policy for them. That's because putting a teen driver on their own policy means they don't benefit from the comparatively lower rate you've earned as a more experienced driver.

​Neptune Flood Insurance was created by merging technology, math algorithms, and insurance expertise into an innovative flood insurance product.

​The result was affordable coverage for thousands of Americans – delivered in an effortless, intuitive and on-demand platform. It’s backed by some of the largest insurance markets in the world.

Universal Insurance Holdings, Inc. ("UIH" or the "Company") was organized as Universal Heights, Inc. in 1990. The Company changed its name to Universal Insurance Holdings, Inc. on January 12, 2001. In April 1997, the Company organized a subsidiary, Universal Property & Casualty Insurance Company ("UPCIC"), as part of its strategy to take advantage of growth opportunities in the Florida homeowners’ insurance marketplace. UPCIC was formed to participate in the transfer of homeowners' insurance policies from the Florida Residential Property and Casualty Joint Underwriting Association ("JUA"). The Company has since evolved into a vertically integrated insurance holding company, which through its various subsidiaries, covers substantially all aspects of insurance underwriting, distribution, claims processing and exposure management.
​
Universal Insurance Holdings, Inc. (UIH), with its wholly-owned subsidiaries, is a vertically integrated insurance holding company performing all aspects of insurance underwriting, distribution and claims. Universal Property & Casualty Insurance Company (UPCIC), a wholly owned subsidiary of the Company, is one of the three leading writers of homeowners insurance in Florida and is now fully licensed and has commenced its operations in Alabama, Delaware, Florida, Georgia, Hawaii, Indiana, Maryland, Massachusetts, Michigan, Minnesota, North Carolina, Pennsylvania, and South Carolina. American Platinum Property and Casualty Insurance Company (APPCIC), also a wholly owned subsidiary, currently writes homeowners multi-peril insurance on Florida homes valued in excess of $1 million, which are limits and coverages currently not targeted through its affiliate UPCIC.

UIH’s insurance company subsidiaries have established strong relationships with a network of over 8,000 independent agents by emphasizing personal interaction, offering superior services and maintaining an exclusive focus on homeowners insurance. The Company’s insurance company underwriters work closely with independent agents to market and underwrite business. With competitively priced products, convenient installment billing plans and proactive claims management, both UPCIC and APPCIC provide their customers with superior service.
​
At December 31, 2015, UIH's insurance company subsidiaries serviced approximately 624 thousand homeowners and dwelling fire insurance policies.

​Management Structure
Sean P. Downes
Chairman and Chief Executive OfficerSean P. Downes has been Chairman of the Board of Directors and Chief Executive Officer of the Company since 2013 and a director of the Company since 2005. Mr. Downes also served as President of the Company from 2013 until March 2016. Prior to serving in these roles, he served as Senior Vice President and Chief Operating Officer of the Company since 2005 and Chief Operating Officer and a director of UPCIC, a wholly-owned subsidiary of the Company, since 2003. Mr. Downes was Chief Operating Officer of Universal Adjusting Corporation from 1999 to 2003. During that time, Mr. Downes created the Company's claims operation. Before joining the Company in 1999, Mr. Downes was Vice President of Downes and Associates, a multi-line insurance claims adjustment corporation.

Jon W. Springer
President and Chief Risk OfficerJon W. Springer has been President and Chief Risk Officer of the Company since March 2016 and a director of the Company since 2013. Mr. Springer has held several senior leadership positions with increasing responsibility at the Company, and has been instrumental in the development of the Company’s reinsurance programs and operations. Prior to assuming the positions of President and Chief Risk Officer, Mr. Springer served as Executive Vice President and Chief Operating Officer of the Company since 2013. Previously, Mr. Springer was Executive Vice President of Blue Atlantic Reinsurance Corporation, a wholly-owned subsidiary of the Company, from 2008 to 2013, and Executive Vice President of Universal Risk Advisors, Inc., a wholly-owned subsidiary of the Company, from 2006 to 2008. Before joining Universal Risk Advisors, Inc., Mr. Springer was an Executive Vice President of Willis Re, Inc. and was responsible for managing property and casualty operations in its Minneapolis office.

Stephen J. Donaghy
Chief Operating OfficerStephen J. Donaghy has been Chief Operating Officer of the Company since March 2016. Mr. Donaghy has held key senior leadership roles in the areas of operations, marketing, sales and corporate strategy throughout his career. Prior to assuming the position of Chief Operating Officer, Mr. Donaghy served as the Company’s Chief Marketing Officer, a position he held starting in January 2015. Mr. Donaghy previously served as the Company’s Chief Administrative Officer from 2013 to June 2015, Chief Information Officer from 2009 to 2013 and Executive Vice President from 2006 to 2009. Before joining the Company, Mr. Donaghy held various executive positions at JM Family Enterprises, a top 100 Forbes private company in the United States; including Vice President of Strategic Initiatives, Vice President of Sales and Marketing and Senior Information Officer.

Frank Wilcox
Chief Financial Officer and Principal Accounting OfficerFrank C. Wilcox became Chief Financial Officer and Principal Accounting Officer of the Company and its wholly-owned insurance subsidiaries in 2013. Prior to this role, he served as the Company's Vice President - Finance since 2011. Before joining the Company, Mr. Wilcox was Director, Consolidation and SEC Reporting at Burger King Corporation from 2006 to 2011. From 2000 to 2006, he served as Senior Vice President, Controller at BankUnited. Earlier in his career he served in various capacities within the financial services industry, which included a role as an auditor at a large public accounting firm. Mr. Wilcox has been licensed as a certified public accountant in New York since 1996.

Kimberly D. Cooper
Chief Information OfficerKimberly D. Cooper became the Chief Administrative Officer of the Company in June 2015 and the Chief Information Officer of the Company in February 2015. Prior to assuming these roles, Ms. Cooper spent eight years in the Company’s IT department, serving as both IT Manager and then IT Audit Director. She managed new application deployment and performed ongoing security and risk awareness training to improve operational efficiencies and ensure ongoing compliance with regulatory requirements. Before joining the Company, Ms. Cooper supervised audit and assurance engagements for Fortune 500 clients in the financial services industry, both domestically and internationally, as part of the systems and process assurance practice at PricewaterhouseCoopers (PwC). She has been licensed as a Certified Information Security Auditor (CISA) and Certified in Risk and Information Security Controls (CRISC) since December of 2007. Ms. Cooper holds a Bachelor of Science degree from University of California, Berkeley.

ACTUAL CASH VALUE 
An amount equivalent to the fair market value of the stolen or damaged property immediately preceding the loss. For real property, this amount can be based on a determination of the fair market value of the property before and after the loss. For vehicles, this amount can be determined by local area private party sales and dealer quotations for comparable vehicles.
AGENT
A licensed person or organization authorized to sell insurance by or on behalf of an insurance company.
AUTOMOBILE INSURANCE
Coverage on the risks associated with driving or owning an automobile. It can include collision, liability, comprehensive, medical, and uninsured motorist coverages.
BINDER
A temporary or preliminary agreement, which provides coverage until a policy, can be written or delivered.
BROKER
A licensed person or organization paid by you to look for insurance on your behalf.
CANCELLATION
The termination of insurance coverage during the policy period. Flat cancellation is the cancellation of a policy as of its effective date, without any premium charge.
CLAIM
Notice to an insurer that under the terms of a policy, a loss may be covered.
CLAIMANT
The first or third party. That is any person who asserts right of recovery.
CO-INSURANCE
Provision in an insurance policy, usually optional, under which the policyholder, for a reduced rate, agrees to maintain insurance equal to a specified percentage of the value of the property covered. Policyholders who fail to maintain the minimum amount of coverage specified, assume a proportionate share of the loss.
DECLINE
The company refuses to accept the request for insurance coverage.
DEDUCTIBLE
The amount of the loss which the insured is responsible to pay before benefits from the insurance company are payable. You may choose a higher deductible to lower your premium.
DEPRECIATION
A decrease in value due to age, wear and tear, etc.
ENDORSEMENT
Amendment to the policy used to add or delete coverage. Also referred to as a "rider."
EXCLUSION
Certain causes and conditions, listed in the policy, which are not covered.
EXPIRATION DATE
The date on which the policy ends.
FACE AMOUNT
The dollar amount to be paid to the beneficiary when the insured dies. It does not include other amounts that may be paid from insurance purchased with dividends or any policy riders.
FIRE INSURANCE
Coverage for loss of or damage to a building and/or contents due to fire.
GRACE PERIOD
A period (usually 31 days) after the premium due date, during which an overdue premium may be paid without penalty. The policy remains in force throughout this period.
GUARANTEED INSURABILITY 
An option that permits the policyholder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.
HEALTH INSURANCE
A policy that will pay specified sums for medical expenses or treatments. Health policies can offer many options and vary in their approaches to coverage.
HOMEOWNER INSURANCE
An elective combination of coverages for the risks of owning a home. Can include losses due to fire, burglary, vandalism, earthquake, and other perils.
INCONTESTABLE CLAUSE
A policy provision in which the company agrees not to contest the validity of the contract after it has been in force for a certain period of time, usually two years.
INSURED
The policyholder - the person(s) protected in case of a loss or claim.
INSURER
The insurance company.
LIFE INSURANCE
A policy that will pay a specified sum to beneficiaries upon the death of the insured.
LIMIT
Maximum amount a policy will pay either overall or under a particular coverage.
LOAN VALUE
The amount that can be borrowed at a specified rate of interest from the issuing company by the policyholder, using the value of the policy as collateral. In the event the policyholder dies with the debt partially or fully unpaid, then the amount borrowed plus any interest is deducted from the amount payable.
MATERIAL MISREPRESENTATION
The policyholder / applicant makes a false statement of any material (important) fact on his/her application. For instance, the policyholder provides false information regarding the location where the vehicle is garaged.
MISQUOTE
An incorrect estimate of the insurance premium.
PERIL
The cause of a possible loss. For example, fire, theft, or hail.
POLICY
The written contract of insurance.
POLICY LIMIT
The maximum amount a policy will pay, either overall or under a particular coverage.
PREMIUM
The amount of money an insurance company charges for insurance coverage.
PREMIUM FINANCING
A policyholder contracts with a lender to pay the insurance premium on his/her behalf. The policyholder agrees to repay the lender for the cost of the premium, plus interest and fees.
PRO-RATA CANCELLATION
When the policy is terminated midterm by the insurance company, the earned premium is calculated only for the period coverage was provided. For example: an annual policy with premium of $1,000 is cancelled after 40 days of coverage at the company's election. The earned premium would be calculated as follows: 40/365 days X $1,000 = $110.
QUOTE
An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant.
REINSTATEMENT
The restoring of a lapsed policy to full force and effect. The reinstatement may be effective after the cancellation date, creating a lapse of coverage. Some companies require evidence of insurability and payment of past due premiums plus interest.
REPLACEMENT VALUE
The cost to repair or replace an insured item. Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it. If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one once the repairs or purchases have been made.
RIDER
Usually known as an endorsement, a rider is an amendment to the policy used to add or delete coverage.
SHORT-RATE CANCELLATION
When the policy is terminated prior to the expiration date at the policyholder's request. Earned premium charged would be more than the pro-rata earned premium. Generally, the return premium would be approximately 90 percent of the pro-rata return premium. However, the company may also establish its own short-rate schedule.
SOLICITOR
A licensed employee of a fire and casualty agent or broker who may act for the agent or broker in some circumstances.
SURCHARGE
An extra charge applied by the insurer. For automobile insurance, a surcharge is usually for accidents or moving violations.
SURRENDER
To terminate or cancel a life insurance policy before the maturity date. In the case of a cash value policy, the policyholder may exercise one of the nonforfeiture options at the time of surrender.
UNDERWRITING
The process of selecting applicants for insurance and classifying them according to their degrees of insurability so that the appropriate premium rates may be charged. The process includes rejection of unacceptable risks.
WAITING PERIOD
A period of time set forth in a policy that must pass before some or all coverages begin.

Living on Cape Cod can be limiting in the choices regarding home insurance carriers.  Most Cape Codders are familiar with the Massachusetts Property Insurance Underwriters Association or the "not so Fair Plan".  A great alternative now available on Cape Cod is Universal Property & Casualty Insurance Company which can be accessed through your local agent. UPCIC is proven to have comparative deductibles and premiums.  Contact a local Cape Cod agent to provide you with a free quote to see if UPCIC can save you money on premium and/or provide better coverage for your home.  

UPCIC Financial Strength 
Has aligned itself with some of the best and most respected service providers in the industry. This functional structure affords UPCIC the opportunity to take advantage of a unique combination of financial strength, underwriting skills, analytical expertise and administrative capability.

Mission
The mission of Universal Property & Casualty Insurance Company and the Red Elephant is to deliver exceptional 
service and value to you, our customer. We offer smart solutions, financial security and peace of mind. The wisdom 
of the Red Elephant guarantees that we never forget our most important job,serving our customers. The Red Elephant and Universal Property & Casualty are always ready to stand by your side.

Claims
Underwriters are always available. Universal Property & Casualty is committed to processing all claims quickly and efficiently with every effort made to furnish the client with immediate service.

Customer Service
Universal Property & Casualty Insurance Company is dedicated to providing unsurpassed service to its agents and our customers. When you call Universal Property & Casualty, you will not talk to a voice mail system. A well-trained representative is ready to help.

We pride ourselves on personal attention, servicing each customer's claim as if s(he) were a member of our own family. Our goal is to give our customers the quickest turnaround time possible on all claims.

https://universalproperty.com/

Flood Map Update Schedule                   Reflecting data as of 02/06/2014


Enter your Zip Code to see all of the communities in your county that have maps scheduled to be updated. Even if your community is not listed, changes may still be in progress.


To view preliminary maps issued since May 1, 2013, visit FEMA's Preliminary Flood Map Search Tool.