Tiffiny Alexander
Tiffiny Alexander, RE/MAX Gold
Email: [email protected]

Should You Get Homeowner's Insurance?

by Tiffiny Alexander 02/11/2019

You may know that when you buy a home, you should purchase homeowner’s insurance. You may have never wondered if the coverage is required. Usually, insurance will be taken out of escrow and a part of our monthly mortgage payment. You may pay a yearly premium separate from your mortgage payment. Home insurance is a nuisance so if you could find a way around it should you forego it?   


You can legally buy a home without a home insurance policy, but if the house is financed with a lender, the mortgage company usually requires that you have insurance on the property. A lender can also request that your home carry additional policies such as earthquake or flood insurance. There are minimums you must meet based on the value of your home and the lender you do business with. These standards exist so that you as the homeowner will have enough coverage to replace the property should it be a total loss in some type of natural disaster or fire.  


The amount of coverage you need depends on how big the mortgage is that you have taken out. There are certain supplemental coverages that may not be required yet are sensible to carry. These extra coverages include:


Personal liability coverage

Personal property coverage


The good news is that as a homeowner you have a choice. You can shop around and see which insurance companies will give you the best coverage for the lowest price. 


The bottom line is that you shouldn’t risk going without home insurance. Even if your loan company allows you to cancel your home insurance after a certain point, the risk is really not worth saving money. Without coverage or permission to cancel coverage, there is a chance your mortgage company could put your loan into default. 


High deductible, basic insurance policies are better than nothing. If you’re going to pay a premium for home insurance, you should look into getting the coverage that makes the most sense for you and your family. You don’t need over the top coverage amounts, but you should aim for comprehensive protection for your property. The key is to balance the cost of your insurance with the value of the property. If your house burned down, you’d want to know that you could replace your property without worry. If you didn’t have insurance, you could really face some issues. You may not want to pay for home insurance, but you genuinely need it. Make sure you understand your coverages.                

About the Author
Author

Tiffiny Alexander

 

Tiffiny Alexander is an award-winning broker in both California and Arizona. She’s a wine country native, bringing more than two decades of market knowledge and industry experience to those she serves. The hallmark of her business acumen is marked by her blue-collar-work-ethic roots coupled with a cornerstone concept of always being able to put her name to her work. Tiffiny has handled an array of residential, land, and commercial real estate requisites. She is an International Certified Luxury Home Marketing Specialist, leveraging a global reach of industry relationships to better serve her clients. She enjoys the opportunity to work and play in both The Valley of the Moon (her Northern California headquarters), as well as The Valley of the Sun (her Scottsdale and Phoenix Arizona office). She’s mastered the art of connecting her clients with the American Dream of building wealth through real estate; be that primary residence, destination get-away, or cash flow investment opportunities. 

 

Tiffiny is passionate about the outdoors, art, and the architecture found in abundance throughout the Sonoran Desert as well as the wine country of Northern California. Where can she be found when not immersed in all things real estate?  Hiking or running the local trails, teaching art in the Rincon Valley School District and introducing new local artists to the community at Fulton Crossing Gallery in Santa Rosa, California. Tiffiny grew up on a ranch in Northern California well stocked with farm animals, fresh eggs, and produce, She’s a farm-to-table foodie, whether its fine dining or family-style. And while she enjoys the luxuries of a five-star resort, she’s just as happy backpacking some of the amazing places thoughtfully preserved for the nature-lover in her. 

 

Tiffiny is the founder of Cannabis Land Brokers, the flagship real estate group dedicated to helping cultivators and distributors buy, sell, and lease cannabis zoned real estate. She is committed to legal, responsible, and sustainable business practices for the industry. She works locally and nationally to connect and inform owners and growers through her work with The National Cannabis Industry Association.  

 

"Everything comes from the land. All of our stories start with some small patch of it. The soil feeds us. The earth grounds us. Vistas inspire us. Our truest sense of progress points back to our stewardship of the land.” - Tiffiny Alexander