7. Insurance and Inspection


Choosing Home Insurance

The financial institution providing your mortgage will demand that the home you are purchasing is insured, so you must obtain homeowners insurance before closing and provide proof of the policy. Allow plenty of lead time before closing to find homeowners insurance. Costs and coverage can vary, so obtain at least three quotes from different companies. When evaluating the policies to find the right one for you, consider questions such as:

  • What is covered?  What is not covered?
  • How much will the insurance cost?
  • Are discounts available for such things as smoke detectors and fire alarms, burglar alarms, non-smoking owners, combined auto and home policies, higher deductibles?
  • What is the deductible?
  • Is the home in a flood zone where separate flood insurance is required?

Note: Some personal items such as expensive jewelry or valuable collectibles may not be covered in standard homeowner’s policies. When getting your quotes, include an inventory of your possessions to see if riders are required to cover these items.

To determine eligibility and premiums, insurers are increasingly investigating an applicant’s claims history. Past claims made on the property to be insured are also a factor in determining coverage and premiums. Some insurers also examine the applicant’s credit report.

Choosing a Home Inspector

REBAC recommends that you have the home you want to purchase professionally inspected-even if it’s new construction-to identify potential expenses that might not be immediately detectable during your viewings of the home. (Imagine finding out that you need a new roof or furnace the day after you move into your home.)

Schedule an inspection with a qualified home inspector within the time specified in the inspection contingency of the purchase contract. Your buyer’s representative should be able to assist you in identifying a number of inspectors to choose from.

Below you will find contact information for the approved Home Inspector and Home Insurance Provider of Chicago Home Partner. These individuals have proven themselves as true “partners” in the lending process and will advise you to the best of their ability.

Inspector


Robb Packer – Metrospect LTD.

(Click Here to Read Robb’s Profile)

Insurance


Barbara Janusek – State Farm Insurance

(Click Here to Read Barbara’s Profile)