Ignite FB Tracking PixelHomeowners insurance requirements for veterans: What you should know - Sharon Bennett
Re/Max Boone Realty
Sharon Bennett, Re/Max Boone RealtyPhone: (573) 219-0171
Email: [email protected]

Homeowners insurance requirements for veterans: What you should know

by Sharon Bennett 06/27/2022

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:

Is homeowners insurance required for a VA loan?

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.

Military-specific policies and discounts

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.

Eligibility

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.

About the Author
Author

Sharon Bennett

The Sharon Bennett Group is ready to serve your real estate needs whether you're buying a home, selling a property, looking for land, or maybe you want to buy and sell investment properties.  Whatever your real estate needs are, we are here to assist!  We primarily service Columbia, Ashland, Hallsville, Hartsburg, Harrisburg, Centralia and the surrounding areas of Boone County including Jefferson City, Holt Summit and Boonville!

Buying/Selling a home is a huge step in your life.  With over 25 years of combined real estate experience, The Sharon Bennett Group will do their best to make the process smooth and stress free.  Your needs will always come first.  Your calls/emails/texts will always get a response.  We will guide you through every step of the process and make sure you keep your eyes on the prize.