Buying a new home is one of life’s most significant investments and milestones. You work hard and save up for years, so that you can make your dream a reality. Then the day finally comes, and you want to be sure you are protecting your investment the best way you can.
When you secure a mortgage, one of the items required is proof of homeowners insurance. That is why this is an important step in the homebuying process.
You want to be sure your new agency has your best interests in mind. You want them to be protecting you fully, not just competing to give you a cheap price.
Here are 7 tips when you are shopping for new homeowners’ insurance:
Look for an agency that cares about people
While it could be easy to just go online and sign up for whatever insurance agency you saw advertised on TV, that is not how you want to do this. First, ask your realtor or mortgage broker if they have a recommendation in the local area. When you talk to the new agency, ask all your questions, and see how you are responded to. No matter how silly your questions may seem, they should be answered with professionalism and care. Your agent should be looking out for you, not just their commission.
Liability coverage
Homeowners insurance is not just about protecting your physical property. It also provides liability coverage in case someone is injured on your property or if you accidentally damage someone else’s property. This coverage can help pay for medical bills, legal expenses, and any settlements or judgments that may arise from such incidents.
Peace of mind
Knowing that you have homeowners’ insurance in place can provide a sense of security and peace of mind. You won’t need to lose sleep worrying about potential disasters or accidents that could devastate your home and finances.
Personal property coverage
In addition to protecting the structure of your home, homeowners’ insurance covers your personal belongings. This means that if your possessions are damaged or stolen, your insurance can help you replace them. Make sure to keep an updated inventory of your personal property to ensure you receive fair compensation in case of loss.
Natural Disasters
Depending on where your new home is located, it may be susceptible to various natural disasters such as hurricanes, tornadoes, or flooding. Homeowners insurance policies can be tailored to include coverage for these specific risks, providing you with the necessary protection should these events occur.
Additional Living Expenses
In the event that your home becomes uninhabitable due to a covered event, homeowners’ insurance can cover the additional living expenses you may incur while staying in temporary accommodations, such as a hotel or rental property. This ensures that you and your family maintain a reasonable standard of living during the rebuilding or repair process.
Customizable Policies
Homeowners insurance policies are not one-size-fits-all. You can work with an insurance agent to customize your coverage to suit your specific needs. This flexibility allows you to tailor your policy to match your home’s value, location, and the risks you face.
When buying a new home, homeowners’ insurance is an essential investment. Consider it an indispensable part of your homeownership journey, one that provides security and support during both sunny days and stormy nights.
Here at John Scott Insurance Agency, we care about your coverage. We want to be sure you are protected and that your beautiful new home is what you are excited about, not worried about. If you need anything, please reach out. We are always here to support you.