Homeowners Insurance

Home Owners Policy (a.k.a Hazard insurance)

You will need a home owners insurance policy prior to closing. This is something you should arrange and you should provide the information to your lender and to the company providing Title and Settlement Services. Start by calling whomever does your Auto Policy. You will most likely get discounts on your policy by having them provide both services.

Flood Insurance

Not all FEMA Flood Zones are near water.  But if  the home is near water, it is an obvious indicator that  you probably should explore the FEMA Flood maps to determine if you might fall within one of the Flood Zones. There are several categories of Flood Zone and depending on location, it can drastically impact your monthly mortgage and escrow payments. The FEMA Flood Zone Maps are not always correct (and your insurance carrier uses these maps) so if a home does fall into one of the zones, you can consult a qualified surveyor to find out if it can be removed from the zone by a letter of map amendment , due to proximity or elevation.