New Construction Homes Novi - 3 Types of Insurance You Need

Your new construction homes Novi is an investment and it is important to protect each and every asset you own. Most of the time, there are various insurance plans which are helpful, and even necessary, when building your home. As an investor, you want to secure your funding you will use to purchase your home in advance.

Insuring new construction homes Novi MI can be done in any of these plans:

1.      Title Insurance. While scouring on different neighborhoods, you may have found the ideal place where you want to build your dream house. Now, before you buy that lot, make sure you do a title search. For legality’s sake, make sure that the purchase of this property is done correctly. You may be required to hire an attorney to make sure that the property that you are about to buy is actually owned by the person selling it. Hidden liens and forgeries will be researched even in old records. 

To prevent any problems, you can apply for title insurance. This protects the totality of your investment. Title Insurance does not cost much and will be beneficial for your new construction homes Novi.

2.      Homeowner’s Insurance. Lenders may require you to get this kind of policy, as an addition to your title insurance. Your homeowner insurance will protect you against property losses in case fires and weather-associated disasters occur. It is best to itemize all your property and all the valuable items should be appraised.

3.      Life Insurance. Now, this is may sound the least helpful of the lot, but this will definitely protect all of your assets. This type of plan secures the outstanding principal of the loan will be paid in all its totality at the death of the borrower, and the right life insurance protection will allow your dependents to keep that house in Novi MI that you are going to purchase, even after you are no longer able to provide for them.

When thinking to purchase any of these insurance types, keep in mind that policies are different between banks and other insurance companies. Ask your realtor to enlighten you about this topic and see if you need any of these. More information about this topic and more at: