Memorial Day Holiday Schedule
Our office will be closed Friday, May 22, 2015 through Monday, May 25, 2015 for Memorial Day. Orders placed after 11:00 AM CST on Thursday, May 21, 2015 will not be processed until Tuesday, May 26, 2015. Thank you to all veterans and active members of the military who serve and protect our country.
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Custom House Plans
Insight on Insurance
When building a new home, it is important to protect yourself and your new home. Often, various types of insurance are beneficial or even necessary while building and after your home is completed.
Title Searches and Title Insurance
You have found the ideal lot on which you plan to build your dream home. Before you buy the lot, you may need to conduct a title search. Some states require title searches before property can be purchased. If your state requires one, your attorney or the lender's attorney will most likely call for the title search to make sure the property you plan to buy is actually owned by the person selling it to you. Old records will be reviewed to ensure no hidden liens or forgeries have been made against the property.
Along with the title search, you may want to pay for a title insurance policy. If you want to protect your total investment in your new home, you should buy a title insurance policy. By taking advantage of the title search that has just been conducted, the insurance will not cost you very much and it is worth having. In the case of a claim in the future, the title insurance company will defend you in court and pay for any losses.
Home Owner's Insurance
Most, if not all, lenders will require you to get homeowner's insurance in addition to title insurance. This protects you against losses from fires and weather related disasters. (Note: Depending on where your are building, some insurance companies will require you to purchase separate flood, earthquake or hurricane insurance.) Typically, an independent insurance salesperson can provide a policy that will best suit your needs. Once you have a homeowner's insurance policy, it is a good idea to keep an itemized list of all of your property and label it room by room. Any valuable items such as antiques, rare paintings or jewelry should be appraised and the appraisal report kept with your other valuable papers. If you should have a loss, you will be better prepared for the adjuster.
Take some time to consider a mortgage redemption life insurance policy. This type of policy ensures the outstanding principal of the loan will be paid in full should the barrower die. This is the least expensive insurance policy for you to purchase when building a new home. It is typically a decreasing term insurance. Decreases occur at the same rate as your mortgage balance. The bank, as well as life insurance companies can offer this type of insurance.
When the time comes for you to purchase these various types of insurance, remember, policies vary greatly between banks and insurance companies, so take the time to shop around just as you did for your home plan. You will be making insurance payments for an extended period of time, so be sure they fit in your budget.
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