Insurance checklist for new homeowners

Your lender needs proof of homeowners insurance before your loan can close. If you wait until the last week, you may have fewer choices or end up rushing through coverage decisions. Starting once your offer is accepted gives you time to compare quotes and ask questions.

• Request homeowners quotes, or condo quotes if you're buying a condo
• Ask the seller or your agent about the roof's age, past claims and major systems, since they can affect your price
• Check whether the home is in a flood zone, and ask about flood coverage even if it isn't required
• Ask about wind or hail deductibles if they apply in your area
• Ask whether bundling home and auto could lower your premium

• Choose your policy and set the start date to your closing date
• Send proof of insurance to your loan consultant
• Confirm how the first year's premium will be paid. On a purchase, it's often paid at or before closing
• Confirm your lender is listed on the policy as required
• Decide on flood coverage if your lender requires it or you want it

Title insurance protects against problems with the home's ownership history, like an old lien or a recording error. It's handled through closing, not your homeowners agent. Lenders usually require a lender's title policy, and an owner's policy protects you. CapCenter's ZERO Closing Costs offer covers lender's and owner's title insurance when they're required and provided by an approved agent (restrictions apply).

• Make a home inventory with photos or video of each room
• Update the garaging address on your auto policy
• Update any umbrella policy to reflect the new home
• Save digital copies of your policies and your agent's contact details
• Note your renewal date

Review your coverage once a year. If you've remodeled, added a pool, bought valuable items or started working from home, your coverage may need to change. Compare your dwelling coverage with today's rebuild costs, not the price you paid for the home. An agent can help you compare options.