馃攳
Tips for Homebuyers | Homeowners Insurance - YouTube
Channel: Tampa Real Estate with Michelle Babbino
[0]
Tips for home buyers - homeowners
insurance is what we're covering today.
[4]
So let's get started! Hi! Welcome back to
our channel my name is Michelle Babbino and
[14]
I'm with TeamBabbino.com
with Future Home Realty here in Tampa,
[18]
Florida. Today we're going to be going
over tips for home buyers specifically
[22]
homeowners insurance but before we do
that I'd like to ask you to consider
[26]
hitting that subscribe button down below
and hit that little notification bell
[31]
that way you're notified every time we
post a new video. Homeowners insurance so
[36]
you just went under a contract on a
house and you're obtaining a mortgage
[40]
from a lender and the lender asks you
where's your homeowners insurance, what
[45]
do you do? Today we're going to cover
steps to obtaining insurance, what does
[51]
your insurance agent need to know,
insurance discounts, required inspections,
[57]
flood zones, and replacement cost vs.
market value. Let's start with steps to
[65]
obtaining insurance. The first step
would be to contact an insurance agent
[69]
as soon as you go under contract on your
house. 2nd would be to send all
[73]
necessary inspections to your agent so
they can provide you with an accurate
[77]
quote number. Three would be to finalize
and select a quote number. Four would be
[83]
to send a copy to your lender. #5 will be your lender will request a
[89]
proof of insurance; confirm that this is
completed in a timely manner. #6
[95]
is the lenders will require proof of
insurance well in advance to closing so
[101]
don't leave this to the last minute. What
does your insurance agent need to know
[106]
#1 the occupancy of your home. Is
this going to be your primary residence,
[110]
is this an investment property, a rental
property, a vacation property? #2
[115]
any prior claims that you've had on any
other properties. #3 if you are
[120]
planning immediate renovations.... and the
dog, is like do you hear him, do you hear
[127]
my dog? He's drinking water right now
and that's how loud he is. It's really
[136]
hard to film when you have a dog home so
that actually leads us to #6 if
[140]
you have dogs disclose the number of
dogs and the breed of dog. He's a boxer
[146]
and he drinks like this all day long.
It's like music to my ears. (row row row your boat playing)
[154]
The agent will most likely ask for
additional information to make sure that
[159]
they're giving you a proper quote.
Insurance discounts. Everybody wants to
[163]
save money right?! So what can you do to help you save money on your insurance.
[167]
Well you could look for a newer home
which was built 2002 or newer, concrete
[174]
block homes we'll give you a discount
and hip roof. So you've got a gable roof
[179]
and a hip roof a gable roof is going to
be like this where they just meet at one
[184]
point and a hip roof will have four
points that meet together at the top; as
[188]
you can see in this example. Required
inspections. Now some of the reports of
[194]
these inspections may actually give you
a discount. When you schedule your home
[198]
inspection after you go under contract,
that's the first inspection that you're
[202]
gonna have done, you'll want to make sure
that you ask for a 4 point inspection.
[205]
The tip for this inspection is that many
carriers will require a four point
[210]
inspection for homes that are thirty
years or older. So what are the four
[215]
points? You have roof, electric, HVAC and plumbing all of these must be in working
[220]
order with no deficiency or hazards
listed on the inspection. There are
[225]
options if there are issues with the
four points, so make sure to ask your
[229]
insurance agent. Flood zones. Now this is a huge one in the state of Florida but
[235]
how do we determine what flood zone the
house is in? You can determine this by
[239]
your tax record so I highly suggest
going to the property appraisers website
[242]
for the county that you're in and
checking on that specific home. It will
[247]
be listed in there what flood zone it is
and this is what you're going to look
[251]
for if the flood zone is labeled with
anything that begins with an A or a V it
[256]
is a high-risk flood zone and insurance
will be required by the lender.
[260]
There's also x500. Flood insurance is not
required by the lender there is a .2%
[267]
chance of flooding in any
given year then the third flood zone
[271]
would be the moderate to low risk and those would begin with a b, c, or an
[276]
x and with these also there's less than
.2% chance of flooding in
[281]
any given year and flood insurance is
not required by the lender. What is
[286]
replacement cost vs. market value. Your insurance coverage is based upon
[291]
the actual cost it is to rebuild your
home, this is called the replacement cost
[296]
The market value is based upon a couple
different factors you've got your
[299]
comparable sales, your land value, and the
location. Replacement cost is solely
[304]
based on the cost to rebuild your home
from the ground up. They cannot insure
[310]
the value of the land. Replacement cost
and market value may be very similar
[315]
sometimes and they may be drastically
different sometimes. I hope this
[320]
information was extremely helpful to you
in learning the process to obtaining an
[325]
insurance quote and what you need to
look for and what you need to provide to
[328]
the insurance agent to make sure that
you're getting the best quote that you
[333]
can possibly get for your home. Now
insurance rates are going to vary
[337]
drastically across the state and across the
US so make sure you contact a local
[343]
agent who can help you in your area. I
have included a PDF down below. This
[349]
information was provided by Florida Best
Quote, the agents name is Lindsey. You can
[355]
contact her if you have any questions
about insurance.
Most Recent Videos:
You can go back to the homepage right here: Homepage