When Home Insurance is Required to Have

Buying a home is an important step in life. When you are looking to purchase a home, it is essential to find the home that is going to be suitable for you for many years to come. However, you also need to make sure that you are diligent about your purchase. For those that are in the Miami, FL area, this means having a quality home insurance policy in place. While it is always recommended, there are several situations in which having home insurance is also a requirement.

Part of an Association

When you were looking to purchase a home that is located in a community with an association, you almost always are required to carry home insurance. These communities are most concerned with whether or not you have liability insurance in place. The association will likely require that you provide annual proof of insurance and not having it could be a violation.

A Mortgage is in Place

If you are like the vast majority of home buyers, you likely have a mortgage in place. Mortgage lenders are always concerned with whether or not a borrower has home insurance. Because of this, you likely will have to have your payment escrowed on an annual basis. This will ensure that you comply with the lender’s requirements while also making sure that your home is adequately covered by home insurance. 

When you are looking for insurance for your Miami, FL home, reaching out to B & G Insurance could be a great option. When you meet with the team at B & G Insurance, we will discuss some of the options available for you to choose from with a home insurance policy. This will help to ensure that you are appropriately educated on the topics and are able to select the right coverage for your home. Reach out to our offices for more information.