Cameron Real Estate Group
While VA loans come with numerous benefits, they share many of the same requirements as conventional loans. For veterans seeking a VA loan to purchase a home, it's often required to purchase a homeowners insurance policy. Here is the basic info about homeowners insurance requirements:
Just like most conventional mortgages, loans offered through the VA require the buyer to have a homeowners insurance policy. The minimum policy amount can vary depending on where you live and the amount of the loan. However, the policy needs to cover common hazards to your property such as fire, smoke, vandalism, hail and other weather events. If you live in an officially-designated flood zone, you may also need to purchase a separate flood insurance policy.
While the VA doesn't offer homeowners insurance to veterans directly, there are some military-specific policies and discounts available through other providers. You can also opt for a policy through the United Services Automobile Association (USAA) which specializes in providing coverage for military personnel and their families.
If you have another insurance policy through a provider, it's worth inquiring about military or veteran discounts they may offer. Most insurance providers have competitive discounts for clients who purchase multiple policies, so your current provider is an excellent place to begin your search.
There is a wide range of qualifications for homeowners insurance discounts available to veterans, but there are specifics to consider. Some criteria that can affect your eligibility include current deployment, non-deployed active duty, Reserves or National Guard enlistment and status, length of service and the type of discharge you received. You may also qualify for a policy or discount as the spouse or direct family member of a military serviceperson.
Mike Proulx prides himself on a willingness to go above and beyond for his clients. Everyone's needs are different, and he works hard to find the right solution. Cheerful and upbeat by nature, he's always upfront, honest and will never advise something that is not in his client's best interest. His specialty is residential real estate - buying homes directly with a smooth and easy transaction, even if they require extensive repairs or a quick sale. He can handle everything from land sales to luxury homes and multi-unit investment properties.
