Home Insurance for Home Buyers

By: Woop Blog Group
Tuesday, October 25, 2022

The Dream Home Buying Experience

Have you ever fantasized about finding your dream home and throwing down a burlap sack full of cash at the realtor’s feet proclaiming, “I’ll take it!” I mean- I certainly have. But the reality is that most people can’t do that. If you want to own a home, you’re going to need a mortgage. My introduction to the word Mortgage came as a teenager, on the cusp of the great recession. Mortgages were suddenly on everyone’s mind as more and more people couldn’t afford to pay them. So, although there may be a few people out there with the funds to fulfill my burlap sack fantasy, most of us need to get a mortgage to own a home. And if you have a mortgage, you’re going to need Home Insurance.

First of all - What is a Mortgage?

A mortgage is a combination of a loan + collateral. Let’s say you want to buy a $300,000 home, but you only have $50,000 to spend. You’d need to apply for a mortgage for the remaining amount of $250,000, which you can pay off over the next 15 to 30 years (with interest of course).  

Generally, the rule of thumb when buying a home is you should always put down at least 20% of the cost of the home to avoid having to buy mortgage insurance – another cost which may be more than you bargained for over time. Once you are approved for your mortgage and put your 20% down, you cannot “close” or take ownership of your home until you have proof of Home Insurance.  

Home Insurance

If you’re unsure of where to start, what coverages you need, or how much you should be paying, you are not alone! For most people, insurance is an afterthought when buying a new home; but if you aren’t proactive about getting your home insured, you may find yourself in the unenviable situation of having to scramble to get insurance at the last minute.  

To ensure you are not overpaying or under covered, it is important to have help. That’s where we come in.

How We can Help

Instead of repetitively applying with multiple insurance companies, only to be bombarded with unsolicited sales calls, visit our webapp where you will be able to fill out our user-friendly application and receive quotes from only the most competitive insurance carriers.

Have questions or need a helping hand? You can easily schedule time to speak with one of our agents when it’s convenient for you.

For most people, insurance is an afterthought. By letting us do all the heavy lifting, you’ll be able to rest easy knowing that a real-life insurance professional has shopped your insurance with multiple carriers to get you a great rate. Once you receive quotes, you’ll be able to compare different coverage options, and choose based on you and your family’s personal needs.  

Whether you’re a first-time home buyer or a seasoned veteran, having us on your team will give you one less thing to worry about. A lot of time and effort goes in to purchasing a home; our goal is to make sure the opposite is true for purchasing homeowner’s insurance!