Homeowners Insurance for First Time Buyers
Unless you pay cash for your house, you mortgage lender will require proof of homeowners insurance before you can close.
First time owners will need to four types of insurance:
Dwelling coverage, also known as Coverage A, is the part of homeowners insurance that covers rebuild and repair costs for you home if it is damaged or destroyed by a covered peril.
Homeowners insurance other structures coverage also known as Coverage B protects other structures on your property which are not attached to the main or primary dwelling. These structures may include one or all of the following: pool house, storage shed, barns, fences, detached garages, and guest houses.
Personal property coverage or Coverage C covers your home’s contents and personal property you or other family members own.
Loss of use coverage or Coverage D is homeowners insurance which covers living expenses if you and your family are displaced from your home.
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