Providing high quality real estate services in the City of Charlottesville and the surrounding counties of Albemarle, Fluvanna, Greene, Louisa, Nelson, Madison & Orange.
When purchasing a property and obtaining a mortgage, your lender will require you to carry homeowner's insurance. This policy protects the lender's interest in the property, should loss or damage to the property occur. Your insurance company will provide proof of fire and extended coverage by presenting an insurance binder to the lender at the time the loan is closed. The lender is named on the policy along with the homeowner, so if damage occurs, the checks will be made out jointly to you and the lender.
A standard homeowners policy protects against fire, lightning, wind, storms, hail, explosions, riots, aircraft wrecks, vehicle crashes, smoke, vandalism, theft, breaking glass, falling objects, weight of snow or sleet, collapsing buildings, freezing of plumbing fixtures, electrical damage and water damage from plumbing, heating or air conditioning systems, according to the Insurance Information Institute, a Washington, D.C.-based nonprofit group for the insurance industry. Such policies are "all-risk" policies, which cover everything except earthquakes, floods, war and nuclear accidents.
A basic policy can be expanded to include additional coverage, such as for floods and earthquakes and even workers' compensation for servants or contractors.
It is recommended that you obtain insurance equal to the full replacement value of the home. For personal items, you can increase your coverage beyond the depreciated value of items such as televisions or furniture by purchasing a "replacement-cost endorsement" on personal property.
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