lifesituation
Life situation
Buying a house
Your lender needs proof of insurance before closing. Getting it right takes about a week, so start when the offer is accepted, not the day before.
Whatchanges
What changes
- You now own a structure that has to be rebuilt at today’s construction cost, not the price you paid.
- Your liability exposure grows: guests, contractors, a dog, a pool.
- A lender is named on the policy and receives the claim check with you.
What to do, in order
- Send the listing and inspection report to an advisor; the rebuild estimate is built from them.
- Decide on water backup, extended replacement cost, and ordinance-or-law coverage before closing, not after.
- Ask whether the property is in a flood zone; a flood policy has a 30-day wait.
- Bundle auto with the new home policy — the discount is usually the largest one available.
- Give the closing agent the policy declarations page at least three days before closing.
Coverage
Coverage to check
Get home optionsStart with home. Then the rest.
Home
Replacement cost vs. market value
Market value is what a buyer would pay for your house and the land under it. Replacement cost is what it would take to rebuild the house alone, today, with today's…
HomeWhat actually happens when your house burns down
You call the carrier the same day, an adjuster is assigned, and the policy starts paying in three streams: money to live somewhere else, money for what was inside, and…
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Other life situations
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Nextstep
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