 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
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Steps to take if you have a flooded house Once it’s safe to return, you can start surveying the damage and drying out your home. You’ll also want to file insurance claims and find contractors to help you with repairing your flooded home. 1. Make sure it’s safe to return If flood waters infiltrated your home during a storm or hurricane, cleaning it right away should be your overriding concern. But you might need to wait until it’s safe to return before you can start. Damage from a major storm like a hurricane can be dangerous, so wait until local officials give you the all-clear before you head home. 2. Cut off power, gas, and water Turn off home utilities such as gas, water, and electricity before entering your home. HUD recommends assessing your home’s structural integrity before entering. Get a professional inspection if you’re not sure it’s safe. If the waterline is above the electrical outlets, call an electrician to ensure everything is safe before proceeding. 3. Document everything Start by documenting the flood damage with photos and video for when you file an insurance claim. Contact your insurance company or companies to start your claim immediately. 4. Reach out for help After a flood, most homeowners can tackle the initial stages of clearing out water-soaked furniture, appliances, and carpet and removing drywall. But for those who aren’t able, volunteer organizations, religious groups, neighbors, friends, and contractors can help. Groups like Team Rubicon, a nonprofit organization that recruits, trains, and deploys military veterans for disaster response, are often on the scene after disasters. Tips for repairing your flooded home Flood recovery can be a long process. You’ll need to find equipment, secure your home, and clear damaged items. Some tips for what to do after a flood once you’re ready to start the clean-up process include: Buy personal protective equipment Rubber boots, gloves, and clothes are essential for keeping you healthy while you work in your wet home. Flood water contains hazardous chemicals and raw sewage, the residue of which gets left behind after the water recedes. Moreover, lead-based paint particles can get stirred up, especially if your home was built before 1978. Mold spores and dust in the air can also be a danger. Wearing an N95 mask or a half-face P100 respirator can help prevent you from inhaling harmful particles. Remove everything Don’t wait for an insurance adjuster to show up before you start working on getting your house dry because mold can multiply and cause even more problems. Take everything that the water touched out of your house. Set any solid wood furniture, family photos, or other potential salvageable items out to dry. Rip out the carpet and carpet pads. Some hardwood floors and solid wood trim might be salvageable, but for the most part, you’ll have to strip your home down to its concrete slab and wall studs. Demolishing drywall damaged by water is easy enough for the average homeowner. To be safe, you can cut the drywall about a foot above the waterline. Most of the time, the water will wick up the drywall a couple of inches above the waterline but not to the ceiling. Water may wick higher than that in the studs, but solid wood two-by-fours should dry out after a few days. Once you have removed the drywall portion, cut the insulation and remove that. Don’t yank down the insulation, as that will leave a gap near the top of the wall. Once you submit an insurance claim, an insurance adjuster will survey the damage. But if it's a large disaster, the adjuster might take a while to visit your site. It’s a good idea to keep a small section of wet drywall to have evidence of the waterline for inspection. Don’t forget hidden spaces Be sure to check drawers and other areas of your home for standing water. The base of your kitchen cabinets behind the toe kick may trap some standing water. If you have a kitchen island, it may also have water trapped in the base. You can drill holes in the base of the toe kick to release any trapped water and get air circulating. If you have built your cabinets out of solid plywood, they would likely survive fine after drying out. You’ll want to cut out the backs to remove the drywall and insulation behind them but leave the structure of the cabinets intact. You may need to replace more modern cabinets made from pressboard or particleboard. You may be able to save interior doors. Take the doors off their hinge pins and stack them outside, lying flat with space between them for airflow. If they stand upright, they are likely to warp. Put a fan on them to facilitate the drying process. Clean and disinfect Get a broom and a vacuum and clean everything out thoroughly. You can even hose down the solid surfaces — studs, and slab — with clean water to help wash away growing bacteria. But don’t power wash or get the remaining drywall wet. Once everything is relatively dry, you must use something to kill the bacteria. A bleach solution of half a cup of bleach in 1 gallon of water applied with a pump spray can also help kill mold and bacteria. Bleach will corrode metal, so avoid spraying electrical outlets and cabinet hardware. Ventilate and dry Once everything is cleared and cleaned, use fans to dry your home. Keep the windows and doors open as much as possible, too. It can take between two and four weeks for your home to completely dry before it’s ready for rebuilding after a flood. Hire credentialed contractors Once you are ready to start rebuilding, with the help of a professional, be cautious of scams or contractors looking to move too quickly. HUD urges homeowners to check credentials and hire only licensed and insured contractors. Take your time to check references. Talk to or visit your potential contractor’s previous satisfied customers. And be cautious about paying a big deposit before work has begun. Be prepared for future emergencies FEMA has resources on how to protect your property from flood damage. You might also want to prepare a home emergency kit, create a home inventory, and evaluate your flood insurance needs to ensure adequate coverage if your home floods again. Learn more about how flood insurance works and how to get coverage.  When it comes to home repairs and renovations, it can be difficult to know what you can accomplish on your own — and which projects are best handled by a trained professional.
Costs, safety, time and the finished product are all things you should plan around. Consider the pros and cons of doing it yourself versus hiring a professional for a project. You may be able to do smaller things on your own, but some jobs are better left to an expert. What’s the time commitment? Thanks to online tutorials, you have access to near-infinite home repair knowledge. But how much time do you actually have to put that information into action? Before starting a DIY project, make sure you can complete the work within your target timeframe. For example, if you need to get a nursery ready before a new baby is born, can you expect to meet that deadline? Are you okay with spending so much of your spare time on it? How much will you save? Since you’re not paying someone else for their labor, you should be able to save a ton of money on your home project, right? The answer isn’t always that simple. For example, do you already have the tools and materials you need? You can always get a few quotes to compare the expense of hiring a professional. And keep in mind that you may have to hire a pro if there are issues, meaning extra spending on top of the money you’ve already invested into it. Is safety an issue? A good rule of thumb is that any project requiring a permit might be too big or too risky to DIY. This includes electricity, plumbing, digging and structural changes. It’s not worth the chance that a mistake could hurt you or make your home unsafe. Can you accept “good enough” instead of perfect? Let’s face it: Sometimes a finished DIY project doesn’t look as good as if a contractor did it. If you want a renovation to come out perfectly (or if you want to sell your home quickly), consider hiring a professional. Have questions about your home insurance and how your coverage can be affected by renovations? Reach out for assistance.  We recommend coverage amounts for your personal situation and break down everything we offer with clear-cut explanations so you know exactly what you’re getting. When purchasing property, doing your due diligence is more than a turn of phrase. The period when a house is under contract is an essential part of the homebuying process and requires careful attention to detail. By answering some simple questions about your home, we’ll get you the protection that you deserve, all through our secure network. We recommend coverage amounts for your personal situation and break down everything we offer with clear-cut explanations so you know exactly what you’re getting. The Basics The due diligence process is the buyer's opportunity to review all facets of a potential home sale. From home inspection findings to homeowner insurance costs, it's when you'll take the time to understand exactly what you're potentially buying. Here are a few due diligence do's and don'ts to consider: Do find out how long it lasts. Two weeks is fairly standard for the average due diligence process. However, shorter periods may be negotiated to gain a competitive edge in a seller's market. Don't make assumptions about when it begins. In some cases, due diligence is conducted before a property goes under contract. In others, it begins after the contract is signed. Do consult an insurance agent. Floodplain and fire-prone areas may require additional coverage. Make sure you know the estimated costs and what a new homeowners insurance policy will cover. Don't skim the home inspection. Make sure you're familiar with every line of the report. You may want to get quotes from contractors or negotiate repair costs into your offer. Do your research. Review neighborhood characteristics and check the area's crime rates. Look at zoning laws to ensure they align with your long-term goals. Don't forget to review the HOA. If you're joining a homeowners association, it's not enough to simply read your HOA documents. Make sure the community is in good physical condition and the association is financially sound. Being thorough in the due diligence phase will help you uncover potential issues and make the right choices for you and your family.
Simply having a roof over your head isn’t enough. As a homeowner you also need to take good care of this important part of the house, which means understanding what your homeowners policy includes (and what it doesn’t) in the event of damage or decay.
Is your roof properly insured, or are you carrying more risk than you realize? Roof Insurance Basics Generally speaking, if an unavoidable event like vandalism damages your roof, your homeowners insurance should cover it. However, if it’s determined the damage was caused by something within your control, like neglected maintenance, that’s where things get tricky. Factors that influence your coverage include:
Address minor issues before they result in major damage by conducting a roof inspection twice a year. Carefully check the state of your shingles and examine gutters, flashing and ventilation. Look for leaks and water damage inside and out, especially after big storms. The Bottom Line Don’t make the costly mistake of assuming any and all roof damage will be covered by your homeowners insurance. Avoid problems by double-checking your policy for specifics about your coverage and reach out if you have questions. This just in... there is a new Home Insurance Program available to Massachusetts residents that was just approved by the Massachusetts Commissioner of Insurance. This is an A Rated Company by AM Best and specializing in Home Insurance near the ocean. They have chosen the Arthur D. Calfee Insurance Agency, with their corporate office located in Falmouth, on Cape Cod, in Massachusetts, to be their Home Insurance Representative Agent. Find out if you qualify for this new Home Insurance Program by calling 508-444-0509 or get a Quick Online Home Insurance Quote at www.CalfeeInsurance.com Actual cash value or replacement cost?
When it comes to insuring your most valuable possessions, you have important choices to make. In the event of a loss involving your home or car, do you know how you'd like to be reimbursed? Does your current policy reflect these preferences? Carefully evaluate these two types of coverage to ensure you're well-informed. Actual Cash Value If you elect for an actual cash value insurance policy, you'll likely be compensated for the fair market value of the item at the time it was lost or damaged. Pro: These policies often have less expensive monthly premiums, so you could insure expensive items for less. Con: The payout is not based on what you paid for the item. This means you could be out the difference if something has depreciated in value since you purchased it. For example, if you had a wreck and wanted to replace the car you bought five years ago, you'll probably be accepting payment for what a vehicle of that make and model would fetch now, minus your deductible and wear and tear. Replacement Cost Many agents recommend replacement cost insurance, especially for homeowners. This sets you up to be reimbursed for the full amount it would take to rebuild your home and replace everything in it. Pro: You can replace older items for what they would cost to purchase new. Con: This option tends to be more expensive. Also, you must replace all items claimed to recoup the payout and you can't use the money for other things. Keep in mind that multiple factorscome into play when determining how an insurance claim will be paid out, but by learning about your options you can set yourself up for success. Please reach out with any questions you have.  Best Home Owner Insurance – What Is The Best? The best homeowner insurance is the insurance that best meets your needs. The insurance shopper that takes the time to understand the basic elements of home insurance will have much more confidence and sense of satisfaction when making an insurance purchase. The homeowner policy has been around for a long time and so most of us have a general concept on how the policy works. The more you know about the market value of your home and the approximate cost to rebuild it the better off you will be when shopping for the homeowner policy. This kind of knowledge is the foundation for determining what kind of policy to purchase. The age of your home has a direct bearing on the market value. The older homes built in the 1900’s have much lower market values today because most of them have depreciated. The market value for an older Victorian style home may be $50,000 but the actual cost to rebuild that home may be $200,000. The older homes that depreciate in market value are insured with actual cash value policies. They are often called market value policies. These policies will reimburse you for the market value of your home when there is a total loss. The market value policy is the best homeowner policy for the older home that has depreciated. The replacement cost policy is better designed for newer homes or homes under construction. The replacement cost of a home and the market value are almost the same. Replacement cost is applied to the dwelling and most often to the contents of the dwelling. Replacement cost will repair or replace any loss with like kind and quality of materials without depreciation. The best homeowner insurance for you will be determined by the age and market value of your home. The discounts for older and newer homes are the same. The protective device discount for deadbolt locks, smoke detectors, and fire extinguisher apply to both types of policies. Fire and burglar alarm systems are additional discounts that could be applied to both older and newer homes. Check our recommended insurers for more details. |
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Arthur D. Calfee Insurance Agency, Inc. is proudly serving primary home, vacation home, auto, collector car, business, general liability, property, professional liability, contractor's liability, worker's comp, key man, whole life, term life, group or personal disability, & long-term care insurance policies to patrons in the following Cape Cod, Massachusetts towns, communities and villages: Barnstable, Bourne, Brewster, Buzzards Bay, Centerville, Chatham, Cotuit, Craigville, Dennis, Eastham, Falmouth, Hatchville, Harwich, Hyannis, Hyannisport, Marstons Mills, Mashpee, Orleans, Osterville, Provincetown, Sandwich, Truro, Wellfleet, Woods Hole, Yarmouth, and Yarmouthport.
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Arthur D. Calfee Insurance Agency, Inc. is a friendly local insurance agency proudly offering Massachusetts, Cape Cod and the Islands. A-Excellent AM Best rating, A+ Excellent by the BBB
Using innovative thinking, cutting-edge tools and expert resources at national and local levels, we deliver the best possible outcome on every policy we manage. Need Home Insurance? Easy, Fast, & Secure Home Insurance. Get Free Quotes 100% Online Now! Available 24/7. Affordable Rates. Cover Your Biggest Investments. Get a homeowners insurance quote, find coverage options. We'll help you understand and customize the right home insurance coverage for you.
Home is where your heart is—along with a healthy chunk of your net worth. Get started today with a free homeowner's quote.
Compare home insurance quotes today and save on protection for your biggest investment. Build a Custom Policy & Make the Switch! Our local underwriting professionals focus exclusively on finding the best home insurance, homeowner's insurance, hazard insurance, investment property insurance, flood insurance, flood zone information, vacation home insurance, second home insurance, auto insurance, collector car insurance, business insurance, general liability insurance, property insurance, professional liability insurance, contractor's liability insurance, worker's comp insurance, key man insurance, whole life insurance, term life insurance, group or personal disability, & long-term care insurance policies to patrons in the following Cape Cod, Massachusetts towns, communities and villages: Barnstable, Bourne, Pocasset, Brewster, Buzzards Bay, Centerville, Chatham, Cotuit, Craigville, Dennis, East Dennis, Eastham, Falmouth, East Falmouth, Hatchville, West Falmouth, North Falmouth, Woods Hole, Harwich, Hyannis, Hyannisport, Martha's Vineyard, Nantucket, Marstons Mills, Mashpee, Orleans, Osterville, Provincetown, Sandwich, Sagamore, Sagamore Beach, Truro, Wellfleet, Yarmouth, and Yarmouthport. Real-Time Pricing. Insurance coverage: Wind Damage, Fire Loss, Water Damage. Protect your home and belongings. Low Rates For Your Best Options to Save Money On Great Coverage! Get a quote today. Home insurance helps protect your house and your family.
Using innovative thinking, cutting-edge tools and expert resources at national and local levels, we deliver the best possible outcome on every policy we manage. Need Home Insurance? Easy, Fast, & Secure Home Insurance. Get Free Quotes 100% Online Now! Available 24/7. Affordable Rates. Cover Your Biggest Investments. Get a homeowners insurance quote, find coverage options. We'll help you understand and customize the right home insurance coverage for you.
Home is where your heart is—along with a healthy chunk of your net worth. Get started today with a free homeowner's quote.
Compare home insurance quotes today and save on protection for your biggest investment. Build a Custom Policy & Make the Switch! Our local underwriting professionals focus exclusively on finding the best home insurance, homeowner's insurance, hazard insurance, investment property insurance, flood insurance, flood zone information, vacation home insurance, second home insurance, auto insurance, collector car insurance, business insurance, general liability insurance, property insurance, professional liability insurance, contractor's liability insurance, worker's comp insurance, key man insurance, whole life insurance, term life insurance, group or personal disability, & long-term care insurance policies to patrons in the following Cape Cod, Massachusetts towns, communities and villages: Barnstable, Bourne, Pocasset, Brewster, Buzzards Bay, Centerville, Chatham, Cotuit, Craigville, Dennis, East Dennis, Eastham, Falmouth, East Falmouth, Hatchville, West Falmouth, North Falmouth, Woods Hole, Harwich, Hyannis, Hyannisport, Martha's Vineyard, Nantucket, Marstons Mills, Mashpee, Orleans, Osterville, Provincetown, Sandwich, Sagamore, Sagamore Beach, Truro, Wellfleet, Yarmouth, and Yarmouthport. Real-Time Pricing. Insurance coverage: Wind Damage, Fire Loss, Water Damage. Protect your home and belongings. Low Rates For Your Best Options to Save Money On Great Coverage! Get a quote today. Home insurance helps protect your house and your family.
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