Yes, In fact you are required to get your own home insurance when you buy a home. You can not inherit the previous owners insurance policy.
The previous owners insurance is null and void the moment they sell the home.
Renters Insurance doe snot cover "Real Property". If you have purchased a home then you need a Homeowners Insurance Policy.
I would think they are essential when purchasing a used home. In the case of a new home, see if it is already under a builder's warranty. If not, you may want to buy extra protection.
No, but if you have a home warranty policy that policy may cover it.
No, Your home insurance policy will not cover normal and expected damages that result from our choice of pet.
Homeowners insurance is NOT transferable. It will not follow the Homeowner to a new property nor will it cover the home for the new owner. If the homeowner sells or vacates the home or transfers ownership by other means the policy is null and void at the moment the property changes hands whether or not the Insurance company has been notified. A new owner must qualify for their own insurance policy based on their own merits.
If your homeowners Insurance Policy has "Replacement Valuation", It will pay the cost to rebuild your home. If you bought an ACV policy, then it will only pay you the current value of your home.
The Commerce Insurance Group offers automobile, homeowners, personal umbrella, earthquake and flood and business insurance. These insurances can be purchased by anyone in Massachusetts or New Hampshire.
No. In the united States, Homeowners Insurance polices are Null and Void at the moment your home is rented unless you have had the policy endorsed for rental property coverage. This is often referred to as "Landlords Insurance" and requires a different policy form known a "Dwelling Policy". Most Insurers will simply cancel the old Homeowners policy and issue a new "Dwelling Policy" form to cover you as this is the appropriate policy form. Your landlord's insurance policy, or "Dwelling Policy" will cover your rented home. It is certainly possible to have property and liability insurance on a rented property but not on a traditional homeowners Insurance policy form.
If you are required to carry homeowners insurance by, say, the bank through which you have your loan, you can switch to another provider for insurance at any time (there are a few forms you would need to fill out, but your new agent would be able to help you with that). You wouldn't be able to switch to another kind of insurance, though. The new policy would need to be a homeowners policy.
If a broken pipe caused water to go in the furance and it no longer works is an example. Your homeowners insurance will not pay for wear and tear.