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Buying Your First Home: Equity, Insurance And Taxes - Palisades Hudson Financial Group

Comments Off on Buying Your First Home: Equity, Insurance And Taxes Editor’s Note: This is the second of two articles adapted from “Buying A Home,” Chapter 8 of The High Achiever’s Guide to Wealth . Pick up your own copy here to read more on this topic and many others. Click here to read part one of this series. Once all the closing papers are signed on your new home, you are apt to feel relieved and excited. Congratulations: You’re now a homeowner. Buying your first home, however, does not have a one-time effect on your finances. Homeownership will touch many areas of your financial life, including savings, insurance and taxes. While even a two-article series cannot fully cover the financial impacts of owning a home, this second part will introduce you to some of the major considerations you should bear in mind after you have made it past move-in day.

Nashville flood: Most standard insurance policies don t cover floods

As we just saw in Nashville, flooding can occur just about any place, any time, Friedlander said. NFIP limits coverage for residential properties to $250,000 for damage to the structure and $100,000 for contents of the home. Landlords are responsible for damage to the physical structure of rental units, but any flood insurance held by a landlord doesn t protect renters belongings. Standard renter s insurance policies do not cover flood damage to personal possessions, though separate flood coverage for renters is available for purchase.  Renter s NFIP policies cover only the contents of the covered home up to $100,000. For those whose homes were damaged that do not have flood insurance, FEMA may help. 

Best homeowners insurance in Florida of 2021

Best homeowners insurance in Florida of 2021 Bankrate 3/17/2021 Mariah Posey © John Coletti/Getty Images A home on the Florida coast with Spanish moss hanging off the tree branches. The Sunshine State may be a gorgeous place to live, but its residents also face several hazards each year. As a coastal state, Florida is susceptible to natural disasters, such as hurricanes and sinkholes, which drives premiums sky high. As recently as October 2020, Tropical Storm Eta caused more than 14 inches of rain in South Florida. Although Florida writes more flood insurance policies than any other state, flood coverage is usually not included with the average Florida homeowners insurance policy.

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