When planning to purchase a new house, there are a few insurance-related things to keep in mind. For homeowners insurance, you should consider how much it will cost to rebuild the house, as well as the cost of replacing your belongings in the event they are damaged or destroyed. Also, it is important for your agent to talk you through the home's features so you can make the most informed decision about coverage.
Flood insurance is also a very important consideration – especially when buying a home near the coast. If disaster strikes, flood insurance policyholder claims are paid even if a disaster is not federally declared. With flood insurance, you'll be reimbursed for all your covered losses. And unlike Federal aid, it never has to be repaid. There are many changes flood insurance policies have undergone and will undergo due to the Biggert-Waters Flood Insurance Reform Act of 2012. However, on March 4 of this year, the House passed a bill that prevents skyrocketing rate increases and outlines an affordability goal. If you have any questions about new flood insurance policies, call us at 910-454-0707.