Kate Hogan -Amherst, MA real estate, Hadley, MA real estate, Northampton, MA real estate
Kate Hogan - Amherst MA Realtor


You may know that when you buy a home, you should purchase homeowner’s insurance. You may have never wondered if the coverage is required. Usually, insurance will be taken out of escrow and a part of our monthly mortgage payment. You may pay a yearly premium separate from your mortgage payment. Home insurance is a nuisance so if you could find a way around it should you forego it?   


You can legally buy a home without a home insurance policy, but if the house is financed with a lender, the mortgage company usually requires that you have insurance on the property. A lender can also request that your home carry additional policies such as earthquake or flood insurance. There are minimums you must meet based on the value of your home and the lender you do business with. These standards exist so that you as the homeowner will have enough coverage to replace the property should it be a total loss in some type of natural disaster or fire.  


The amount of coverage you need depends on how big the mortgage is that you have taken out. There are certain supplemental coverages that may not be required yet are sensible to carry. These extra coverages include:


Personal liability coverage

Personal property coverage


The good news is that as a homeowner you have a choice. You can shop around and see which insurance companies will give you the best coverage for the lowest price. 


The bottom line is that you shouldn’t risk going without home insurance. Even if your loan company allows you to cancel your home insurance after a certain point, the risk is really not worth saving money. Without coverage or permission to cancel coverage, there is a chance your mortgage company could put your loan into default. 


High deductible, basic insurance policies are better than nothing. If you’re going to pay a premium for home insurance, you should look into getting the coverage that makes the most sense for you and your family. You don’t need over the top coverage amounts, but you should aim for comprehensive protection for your property. The key is to balance the cost of your insurance with the value of the property. If your house burned down, you’d want to know that you could replace your property without worry. If you didn’t have insurance, you could really face some issues. You may not want to pay for home insurance, but you genuinely need it. Make sure you understand your coverages.                



175 N Main St, Deerfield, MA 01373

Single-Family

$280,000
Price

8
Rooms
4
Beds
2
Baths
Great location! Close to town, schools, area amenities, Mt Sugarloaf, and Rt 91. This 4 bedroom, 2 bath farmhouse located on beautiful North Main St in Deerfield has been well cared by one family for years with endless possibilities. Horses? A mini farm? Both would work here. Spacious 2.8 acre lot, attached carport garage, large attached barn, garden and farming options, and screened front porch for those relaxing days. Inside you will find a formal front entry with a large living room, 2 full baths, dining room, eat in kitchen, sun room, breezeway, side entry and back entry. Two sets of stairs take you to the second story where there are 4 bedrooms. Versatile space. Sunlit rooms. Enjoy a nice stroll on a warm summer night. This gem of a property has so much to offer. Come see it today!
Open House
Saturday
July 13 at 2:00 PM to 3:00 PM
Cannot make the Open Houses?
Location: 175 N Main St, Deerfield, MA 01373    Get Directions

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81 E Hadley Rd, Amherst, MA 01002

Single-Family

$275,000
Price

7
Rooms
4
Beds
1/1
Full/Half Baths
Charming, well cared for home close to schools, town, and all area amenities. This inviting 4 bedroom Cape sits on a half acre lot perfect for gardening, relaxing, and entertaining. One car attached garage. Inside you will find inviting living room with wood floors and newer windows, spacious eat in kitchen, full bath, and two first floor bedrooms. Attached 1 car garage. Upstairs is a half bath and two bedrooms. Perfect starter home. Convenient location!
Open House
Saturday
July 13 at 11:00 AM to 1:00 PM
Cannot make the Open Houses?
Location: 81 E Hadley Rd, Amherst, MA 01002    Get Directions

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When you budget to buy a home, you sit down, do the math, and try to estimate what all of your monthly costs will be. There are so many monthly costs that come with being a homeowner that can make the whole process complicated. Sure, you have taken the standard costs into account like home insurance, property taxes, and even utilities. But there are a few out-of-the-box costs that you’ll need to consider for your house hunt.


Flood Or Other Natural Disaster Insurance


Natural disasters are costly and devastating. Many homeowners who live in areas that are affected by natural disasters like floods and earthquakes often opt for additional coverage for their homes. Premiums for earthquake and flood insurance often end up being very high. As a natural disaster strikes, these premiums can go up even more. If you live in one of the high-risk areas for natural disasters, you’ll want to check with your insurance agent ahead of time to plan for the additional costs that these special kinds of insurance will incur.


Water Costs During A Drought


There are many areas across the US that suffer drought conditions from time to time. Your water bill can skyrocket during these times. It’s best to continue conserving water and watch your bill closely in order to try and save some costs. There’s not a whole lot you can do otherwise to control your bill. You’ll need to stay prepared with some extra cash on hand in case of these emergencies and know that costs can rise due to different environmental conditions.  


Tax Hikes And Special Assessments 


As a homeowner, you’ll need to prepare for different kinds of assessments and tax increases. If your condominium complex needs significant repairs then you’ll probably end up paying an assessment to help offset the costs. This is what comes with belonging to a homeowner’s association. 


You can’t prevent that the town is building a brand new school that requires a tax increase, nor can you prevent roof damage on one of the buildings in your complex. Financially, this is a hidden cost of homeownership that you should be prepared for. 


Unexpected Maintenance Costs And Home Furnishings


Once you move into a home, you’ll need to prepare for the unexpected. The dishwasher may need to be replaced. The roof may need repair. The walls may need some paint. 


When you buy a home you may also need a bunch of things to furnish the home. These could include dishes, pots and pans, sofas, beds, and more. You don’t want to leave your new home completely empty! You also don’t want to be without vital appliances like an oven or a sink for too long if they are outdated or in disrepair. This is why it’s a good idea to have extra money on hand to deal with any of these costs.


The best rule of thumb to follow when buying a home is to always be prepared with a but of extra cash on hand to avoid major issues down the road.           




175 N Main St, Deerfield, MA 01373

Single-Family

$280,000
Price

8
Rooms
4
Beds
2
Baths
Great location! Close to town, schools, area amenities, Mt Sugarloaf, and Rt 91. This 4 bedroom, 2 bath farmhouse located on beautiful North Main St in Deerfield has been well cared by one family for years with endless possibilities. Horses? A mini farm? Both would work here. Spacious 2.8 acre lot, attached carport garage, large attached barn, garden and farming options, and screened front porch for those relaxing days. Inside you will find a formal front entry with a large living room, 2 full baths, dining room, eat in kitchen, sun room, breezeway, side entry and back entry. Two sets of stairs take you to the second story where there are 4 bedrooms. Versatile space. Sunlit rooms. Enjoy a nice stroll on a warm summer night. This gem of a property has so much to offer. Come see it today!
Open House
No scheduled Open Houses

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