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Should You Get Homeowner's Insurance?

by Relocate 12/01/2019

You may know that when you buy a home, you should purchase homeowner’s insurance. You may have never wondered if the coverage is required. Usually, insurance will be taken out of escrow and a part of our monthly mortgage payment. You may pay a yearly premium separate from your mortgage payment. Home insurance is a nuisance so if you could find a way around it should you forego it?   


You can legally buy a home without a home insurance policy, but if the house is financed with a lender, the mortgage company usually requires that you have insurance on the property. A lender can also request that your home carry additional policies such as earthquake or flood insurance. There are minimums you must meet based on the value of your home and the lender you do business with. These standards exist so that you as the homeowner will have enough coverage to replace the property should it be a total loss in some type of natural disaster or fire.  


The amount of coverage you need depends on how big the mortgage is that you have taken out. There are certain supplemental coverages that may not be required yet are sensible to carry. These extra coverages include:


Personal liability coverage

Personal property coverage


The good news is that as a homeowner you have a choice. You can shop around and see which insurance companies will give you the best coverage for the lowest price. 


The bottom line is that you shouldn’t risk going without home insurance. Even if your loan company allows you to cancel your home insurance after a certain point, the risk is really not worth saving money. Without coverage or permission to cancel coverage, there is a chance your mortgage company could put your loan into default. 


High deductible, basic insurance policies are better than nothing. If you’re going to pay a premium for home insurance, you should look into getting the coverage that makes the most sense for you and your family. You don’t need over the top coverage amounts, but you should aim for comprehensive protection for your property. The key is to balance the cost of your insurance with the value of the property. If your house burned down, you’d want to know that you could replace your property without worry. If you didn’t have insurance, you could really face some issues. You may not want to pay for home insurance, but you genuinely need it. Make sure you understand your coverages.                

About the Author
Author

Relocate

 About Florida Relocation Pros 

Jacqueline Causey Schroeder

Licensed since 2001, I am a third-generation Realtor covering the Greater Tampa Bay region. Whether working with first-time home buyers, investors that wish to capitalize on Tampa’s continued expansion, or a Seller listing their home, I enjoy all aspects of the residential real estate business.  That being said, my first love has always been working with families relocating to the Tampa Bay Area.   

As a Tampa native I enjoy showing off the beauty of the area to people who will soon be calling it home.  I take great pride in helping families identify what’s important to them in a home selection and then introducing them to the communities and opportunities that meet their needs.    

I believe I possess the many traits that define an excellent real estate professional – integrity, dependability, in-depth local markets knowledge, marketing savvy, effective negotiation skills and a high-quality professional network.  Most of all, my philosophy is to put the client first by remaining accessible, being a good listener and communicator, and responding quickly to my clients’ needs.     

I am not a salesperson.  I am a consultant who will partner with you through the process of buying or selling a home, providing all the information so that you can make the right decision for you and your family.  If you are looking to relocate to Tampa Bay and its surrounding communities, please don’t hesitate to reach out to me today. I look forward to working with you.   

Lara Manrique

 I have been committed to delivering results in real estate sales since 2009. I was born and raised in Tampa, and I earned an MBA - Marketing from the University of Tampa. My extensive knowledge in business, along with my unique background in specialty sales and marketing, have proven invaluable when negotiating outcomes for my clients.  My personal interest in all things real estate make me an ideal choice when choosing an agent to buy or sell properties.  I am also skilled in online marketing techniques, and have developed a large network of local strategic partners. My professionalism and quick turnaround time is highly regarded among my clients, making me highly recommended. 

Our Story

In 2002, Jacqueline joined Jan at RE/MAX as a licensed assistant and within 3 weeks had been promoted to a buyer's agent on Jan's team. By 2003, Jacqueline and Jan were partners and they continued to grow their business by bringing Jan's husband, Jerry Dammer into the group. Here we are, 17 years later and still going strong! 

If it's experience that you're looking for, then look no further! With over 50 years of combined experience, we've got you covered.

Designations include: 

GRI (Graduate of the Realtor Institute)   

ABR (Accredited Buyer Representative)   

CRS (Certified Residential Specialist) 

MRP (Military Relocation Professional)  

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