Cactus Mountain Properties, LLC

What veterans should know about homeowners insurance requirements

by Mark Pekarik 01/10/2022

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

Mark Pekarik

Since 2006 Helping Home Buyers and Sellers in Greater Phoenix, AZ

I have a deep passion for real estate and the buying and selling process in the greater Phoenix, Tempe, Chandler, Gilbert and Scottsdale areas . I understand that the buying or selling process can be a stressful time for someone but it is my goal to make your home buying or selling experience as stress-free as possible. I will work diligently to get you the best deal possible using my negotiation skills and market insight while providing you with superior customer service. Your satisfaction is always priority and I will always be there to provide honest answers and opinions to your concerns as I look to exceed your expectations to a successful closing.