What types of insurance do I need for real estate transactions?

When engaging in real estate transactions in California, insurance is an important consideration. Depending on the nature of the transaction, different types of insurance may be needed to protect both buyers and sellers. For residential real estate transactions, the minimum insurance requirement is homeowner’s insurance. This insurance covers the dwelling, any attached structures, and personal property. It also provides liability protection in the event of an injury or property damage. In addition to homeowner’s insurance, both buyers and sellers in real estate transactions may need title insurance. Title insurance provides coverage in the event there is title dispute or some other unforeseen issue related to the real estate transaction. Commercial real estate transactions involve additional insurance considerations. As such, higher levels of liability insurance may be needed, as well as insurance to cover the value of the building and any improvements or fixtures. Overall, the types of insurance needed for real estate transactions in California largely depend on the nature of the transaction. It is important for both buyers and sellers to purchase sufficient insurance and to consult with a real estate lawyer if there are any questions or concerns.

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