The Priority Group
Amy Serra Albright, The Priority GroupPhone: (248) 882-5515
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Homeowners insurance requirements for veterans: Key info to know

by Amy Serra Albright 11/13/2023

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

Amy Serra Albright

As a top producing agent, I specialize in Oakland and S. Genesee County areas.  I work with all types of Buyers and Sellers, including first time, move up, relocation, second homes, luxury homes & investors.  I am a company top producer with Real Estate being my full time job.  Through out my over 20 years in the business, I have been actively involved in my local Board of Realtors serving as a committee chairman, a member of the Board of Directors and as past president of my local board of Realtors. I love my job and love all things real estate. My goal is to provide you with an experience above and beyond your expectations so you will want to refer me to your friends and family.  I constantly strive to build a strong working relationship with my clients.  My goal is to be “Your Realtor for Life”. Let me make you and your Real Estate needs my number 1 Priority!