Schwarz Insurance Blog

Let’s face it: being a first-time homebuyer can be a truly stressful experience. Even once you’ve found the home of your dreams – maybe a lakefront condominium in Madison, or a quiet cabin up North – and are ready to close on it, there are still a few hoops to jump through.

The biggest of these may be insuring your new home. We know, we know: the word insurance alone might make you shiver. But stay alert, because this is an important part of the homebuying process: virtually all mortgage lenders (including those in Wisconsin) require insurance coverage to protect their investment. That’s because if, say, a tree falls on your house and causes a great deal of damage, they’re the ones who will suffer the monetary loss.

And besides protecting your lender, you’ll of course be protecting yourself! A homeowner’s policy provides a great deal of benefits, covering costs to things like damage to the interior or exterior of your house; loss or damage to your personal belongings; personal liability for damage or injuries caused by you or your family (for example, if your pet injures a neighbor); and hotel or house rental should your home need to be repaired.

But what if you’re buying a condo? Insurance will work a little differently for you. Since you don’t own the entire building, you and the other unit owners share responsibility for the common complex areas (hallways, the pool, etc.). That means that you’re only in charge of insuring the areas within your unit. The type of police will vary by the association that you’ve purchased your condo from.
We’re sure that you have quite a few questions regarding insuring your first home or condo, and we’d love to answer them! Just call 1.800.552.8942.