The purchase of a new home is one of the most important investments you will make over the course of your life. As such a significant milestone, you should do everything in your power to protect your new purchase. A homeowner's insurance policy can help with this goal. If you have concerns about buying your first policy, here are some tips to get you started.
Reassess Your Belongings' Value
If you're moving from an apartment to a house, it's likely that you have purchased a number of new items to fill the extra space in your new home. Make sure you factor in the value of these items when buying a policy. Homeowners insurance is designed to protect the structure of your home, as well as the contents inside.
However, if you don't have enough protection to cover the full cost of your belongings, in the event of a total loss, you could be forced to spend out of pocket to cover the cost of replacing or repairing your personal items.
Look for Discounts
Look around your home to see what discounts you might be able to take advantage of. For example, if the new house has a security system already installed inside, make sure you make the insurance company aware of this. In some instances, the insurer will give you a discount since the security system may lower your risk for a break-in.
A home with storm shutters or storm resistant doors in an area prone to hurricanes and other powerful storms may also be able to score an insurance discount.
The home buying process isn't a step that you make over time. Generally, once you've found the home you want to purchase, it could be weeks or months before you move in. Use this time to start the insurance buying process early. One costly mistake some people make when shopping for new insurance is waiting until the last minute, giving them too little time to shop around.
While insurance companies generally offer the same services, they don't always provide these surfaces at the same cost. Make sure you give yourself plenty of time to shop around for the best bargain.
When it comes to protecting your home, it all starts with you. Follow these tips to help ensure your new home is properly insured and don't hesitate to ask an agent any questions you might have.Share