Fiscal Fundamentals for Water Front Home Ownership, Part 2: InsuranceMarch 19, 2012
Financially speaking, there are a few steps that all prospective homeowners should take to ensure the smoothness of their path from home search to successful closing. For those choosing a waterfront property, these steps are especially crucial to a stress-free transaction. With the help of a certified, skilled REALTOR®, these steps will be easily undertaken and bring you closer to your goal of a life by the water! Last time we talked to you about early loan qualification. Today we will discuss the matter of insurance and the implication it may have on the buyer in the case of purchasing a water front home.
A sensible approach to buying a home will include investigating the home insurance trends of the desired area in order to understand any hidden costs associated with a property. For any purchase of real estate, it is absolutely vital for the prospective homeowner to have a firm, realistic understanding of what they’re getting themselves into. In many cases, homeowners of waterfront property may be legally required to purchase additional insurance policies, such as general hazard policies, storm insurance, flood policies or wind policies. Additionally, homeowners of waterfront properties may encounter more difficulty in securing adequate standard insurance for their homes, as their needs may be more complicated, costly and specific due to the hazards, liabilities and average maintenance of a waterfront home.