Question by rachel: We are looking at buyin a house what insurances will we need and around how much should we budget for this?
We are first time buyers ans are looking to buy a house and we were wondering what are the insurances we need to take out and how much should we be looking at budgeting for this a month any help would be brill thanks x
Best answer:
Answer by sassy2
Homeowner’s Insurance. Covers fire and liability. Premium depends on price. Mine cost 1500 for the year. If your home is in a flood zone add 1000 to that.
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home owners for sure and that is based on coverage of the loan also if in a flood plain then you will need insurance for that as well so just get some quotes on coverage from several sources and try bundling other insurance with the cost like auto and life if you have those as the more you have with an agent the cheaper the cost. Also insurance is based on credit scores as well. The higher the better as people with high scores tend to have fewer claims historically