Start with the address
Insurance costs vary by property, location, roof condition, coverage and insurer. An estimate for a different house may not be a useful budget for your future home. Get quotes early in your search.
Flood coverage is a separate conversation
Standard homeowners insurance generally does not cover flood damage. Your lender may require flood coverage based on the property and loan. Even outside a high-risk zone, ask a licensed insurance agent about your exposure.
Read the deductibles
Wind or hurricane deductibles can differ from your standard deductible and may be based on a percentage of insured value. Ask what you would actually pay out of pocket after a covered event.
Build a complete monthly budget
Add principal and interest, taxes, homeowners insurance, any flood insurance, mortgage insurance and HOA dues. Set aside money for repairs too. The sticker price is only the starting point.
Educational information only. Guidelines and availability may change. All loans subject to eligibility, underwriting and property approval.
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