When It Is Necessary To Insure Real Estate?

They say”after death the doctor” and it is nice when in difficult situation you have an acceptable insurance policy which will help to cope with current situation. Therefore, don’t forget that it is necessary to apply to the insurance company at loss occurrence!

Let’s consider when, at what stage and what it is necessary to insure.

At a stage of preparation for purchase of real estate don’t forget, about existence of title insurance. Title insurance will protect from loss of real estate rights ownership. In if circumstances of availability at someone the rights to appeal of the transaction of purchase/sale revealed you will be able to return your funds. It is desirable to make title insurance for 10 years.

Purchasing the real estate on shared construction it is necessary to insure share participation risks. Such insurance will cost approximately 1,65% of your share cost.

If you do designer repair in your apartment or house think of insurance of construction repair work. Such insurance will protect you from the revealed mistakes at a design stage. The interest rate of such insurance amounts about 0,26% of repair price.

The real estate of the secondary market should be insured against incidents of municipal orientation and fire.

Any apartment in municipal services should be insured against flooding and other damages connected with use of general systems of the house.

In case of mortgage loan don’t spare money for insurance policy against depreciation of real estate. It will help you to compensate the difference between not paid credit and amount of mortgage property.

And of course, any real estate should be insured according to the program of property insurance: water, fire, thefts were always threats of serious loss. It is worth thinking of such insurance right after real estate purchase or at any time when you make up the mind to such step. However, don’t wait for the moment when it will be late!

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