Property Insurance

Property (or home) Insurance is an important requirement when you are obtaining a mortgage for your new home. There are numerous factors to consider when selecting an appropriate policy that fits your needs, so we’ll cover the essential basics here to help you make an informed decision.

Premium is the amount the policy will cost you. Policies are paid on an annual basis.

Deductibles are the amount you will pay as a policy holder when you file a claim, before the insurance company covers the remainder of the loss. For example, if you file a $15,000 claim and your policy has a $1,000 deductible, the insurance company will only cover a maximum of $14,000- for that claim.

Property Coverage will show you the total amount your policy will cover based on each of the components of the policy

  • Coverage A: Dwelling (the house itself)

  • Coverage B: Other structures (detached garages, sheds and fences)

  • Coverage C: Personal property (the contents of the home)

  • Coverage D: Loss of use, or additional living expenses (ALE) (if you can no longer live in the home, this covers the cost of your temporary housing)

  • Liability Coverage: Personal liability and medical payments

Water Sewer Back Up is a widely recommended coverage that protects you if water from a drain, a sewer or a gutter backs up, or a pump fails, forcing water into your home.

Wind/Storm coverage is also often separate and is important to discuss with your agent.

Flood insurance is most often times a separate policy and is not included in most home insurance quotes. Floods are becoming increasingly common and many home owners are choosing to cover their homes even if they are not located in a high risk Flood Zone, determined by FEMA ( you can check for your property’s flood determination here: FEMA FLOOD ZONE.

 

We’re happy to get quotes on your behalf, just complete the below!

Some of our trusted insurance partners:

It’s important to note, you can choose any insurance agent/carrier you wish as long as they have an adequate A.M. Best Ratings and the policy you choose has sufficient coverage. We’ll work with you and your agent to ensure both thresholds are met!

Maritime Mortgage has no affiliates and we accept no kickbacks. Meaning we don’t get paid when we refer you to someone. We just want you to have excellent service from start to finish on your home buying journey!