MENUMENU
  • About Us
  • Business Insurance
        • General Liability Insurance
        • Workers' Compensation Insurance
        • Commercial Property Insurance
        • Errors & Omissions Insurance
        • Cyber Liability Insurance
        • Hired and Non-Owned Auto Liability For Small Business
        • Directors & Officers Insurance For Small Business
        • Key Person Insurance For Small Businesses
        • License Bonds For Small Businesses
        • Fidelity And Surety Bonds For Small Businesses
        • Employment Practices Liability Insurance For Small Businesses
        • Excess Liability (Umbrella) Insurance For Small Business
        • Professional Liability Insurance For Small Business
        • Media Liability Insurance For Small Businesses
        • Commercial Auto Insurance
        • VIEW ALL
  • Employee Benefits
        • Group Health Insurance
        • Group Dental Insurance
        • Group Vision Insurance
        • Group Life Insurance
        • Group Short-Term Disability
        • Group Long-Term Disability
        • VIEW ALL
  • Who We Insure
  • Resources
  • Blog
Get A Quote
Log In
Get A Quote
Log In
888-242-4675
MENUMENU
  • About Us
  • Business Insurance
        • General Liability Insurance
        • Workers' Compensation Insurance
        • Commercial Property Insurance
        • Errors & Omissions Insurance
        • Cyber Liability Insurance
        • Hired and Non-Owned Auto Liability For Small Business
        • Directors & Officers Insurance For Small Business
        • Key Person Insurance For Small Businesses
        • License Bonds For Small Businesses
        • Fidelity And Surety Bonds For Small Businesses
        • Employment Practices Liability Insurance For Small Businesses
        • Excess Liability (Umbrella) Insurance For Small Business
        • Professional Liability Insurance For Small Business
        • Media Liability Insurance For Small Businesses
        • Commercial Auto Insurance
        • VIEW ALL
  • Employee Benefits
        • Group Health Insurance
        • Group Dental Insurance
        • Group Vision Insurance
        • Group Life Insurance
        • Group Short-Term Disability
        • Group Long-Term Disability
        • VIEW ALL
  • Who We Insure
  • Resources
  • Blog
  • InsureYourCompany.com
  • Blog
  • Homeowners Insurance
  • What Happens When You Buy a House? (VIDEO)

What Happens When You Buy a House? (VIDEO)

Emily Sperry July 13, 2017

What Happens When You Buy A House?
Homeowners Insurance Personal Lines

‘What Happens When…’ is a video series in which we’ll talk about the most common insurance scenarios and how to get the most out of your coverage! Watch the whole series and more videos about insurance on YouTube!

Picture this: You’ve just bought your dream home. The whole process was a breeze. The sellers were willing to compromise on everything, and you got it for a steal.

So, you move in, and on your first night, you hear scratching in the walls. It sounds like…chewing—because it is. It’s thousands of termites chewing through your brand new house from the inside out, and suddenly, you have much bigger problems than how many boxes you have to unpack and where to put that ugly lamp that your mother-in-law bought you.

So what happens when you buy a house? Or what can happen during the home-buying process?

Well, unless you’re buying the house in cash, you have to have insurance on the home before you can close on it. And even if you can afford to pay for the house like that, you should still have insurance in place as soon as the property is legally yours. Otherwise, you’ve paid in full for something that, if an accident were to occur, you’d be paying thousands of dollars out of pocket to fix instead of one reasonable premium per year.

What Happens First?

When you buy a house, the insurance company will first inspect it. They want to make sure they’re not insuring a property that has anything hazardous that could cause a claim. If the property already has something wrong with it, they want to know so you can’t submit a claim later to try to get them to fix it for you.

Which brings me to my next point…

What About the Long Term?

You may not be aware of this, but even after a supposedly successful home inspection that yielded only some minor, easily fixable problems, your new property might have more issues that you’re not aware of. And whether you knew about them or not before closing on the new house, pre-existing issues are not covered under a homeowner’s policy. The insurance company does not sign on for any damage, neglect, or problems left behind by the previous owner, and it can leave you footing the bill.

Our advice to you? Since you can’t guarantee that every problem or concern will be addressed simply by a home inspection or the insurance company coming out to look out the house, be prepared to research the area to find out if it’s prone to any pest problems, infestations, flooding, or other things that could affect your home.

Also, ask your own questions to have peace of mind and full disclosure. It’s not that you don’t want the house, as every pre-owned home comes with its own quirks. It’s just that you’d rather be proactive than reactive, especially when these kinds of situations can lead to significant out-of-pocket costs if left too long.

What Happens Next?

Just keep in mind that what happens when you buy a house can be a lot more than you bargained for. So if you’re looking for a more extensive list of things to look out for or you want a consultation on a potential new purchase, give us a call today! We’ll help prepare you for all those scary “what happens when” scenarios!

Get a quote for home, life, and auto insurance today!

Need business insurance?

Get a free business insurance quote today!

Subscribe To Our Blog

  • Stay up to date with the latest insurance news and business advice from InsureYourCompany.com!

Business Insurance

  • General Liability Insurance
  • Workers’ Compensation Insurance
  • Errors & Omissions Insurance
  • Excess Liability Insurance

Employee Benefits

  • Group Health Insurance
  • Group Dental Insurance
  • Group Vision Insurance
  • Group Life Insurance

Business Insurance

  • General Liability Insurance
  • Workers’ Compensation Insurance
  • Errors & Omissions Insurance
  • Excess Liability Insurance

Employee Benefits

  • Group Health Insurance
  • Group Dental Insurance
  • Group Vision Insurance
  • Group Life Insurance

Small Business Resources

  • Business Insurance Blog
  • Get a Free Insurance Quote
  • Schedule an Assessment
  • Insurance for Businesses 101

InsureYourCompany.com

225 Gordon’s Corner Road, Suite 1H
Manalapan, New Jersey 07726
888-242-4675
Privacy Policy | HIPAA Policy
Created by potrace 1.15, written by Peter Selinger 2001-2017

Copyright © 2021 - InsureYourCompany.com, powered by Technology Insurance Associates LLC

Custom website design and development powered by the New Possibilities Group.

888-242-4675
Get a free quote