Nashville's Metro Council approved $6 million in Barnes Fund grants to support 39 affordable homes for sale. If you are a buyer in an income-qualified or down-payment-assistance program, there are insurance details that can affect your closing timeline and your monthly budget.
Lenders Require Proof of Coverage Early
Nearly every mortgage, and most assistance programs, require a homeowners policy to be bound before closing. Get quotes as soon as you are under contract. Waiting until the final week is the number one cause of delays.
Budget for Insurance Inside Your Payment
Affordable purchase prices do not always mean low premiums. Roof age, home age, wiring, and plumbing type drive cost. A newly built home often earns better pricing than an older one. Ask for quotes on a home before you fall in love with it, so insurance is part of your affordability math.
Deed Restrictions and Program Rules
Some subsidized homes carry resale or occupancy restrictions, and some programs have a lien or second mortgage. Make sure your policy lists the right mortgagee, and ask your program administrator whether they need to be named as an additional interest.
Right-Size Your Deductible
A higher deductible lowers your premium, but only if you can afford it when a claim happens. First-time buyers with a thin emergency fund should choose carefully.
Do Not Skip Personal Property and Liability
Coverage on the structure is only part of a policy. Make sure your belongings and your liability are covered too.
Ways to Save
- Bundle home and auto
- Ask about new-home, claims-free, and protective device discounts
- Compare quotes from several carriers, which an independent agency can do for you at once
Talk to Local Experts
Insurance is one piece of the puzzle. For real estate help, visit Kings of Real Estate. For mortgage questions, AnnieMac Home Mortgage is at (865) 518-6408. For a no-pressure insurance review, call All Seasons Insurance Group at (865) 263-1400 or visit asigtn.com.
