Buying a home is a big purchase many people prepare for over the course of years. You go to the bank, get pre-approved for a loan, meet with the realtor, find your dream home, and make an offer. All those steps are normal things you consider when you think about home-buying. One area you may not have put as much thought into is your home insurance. But that doesn’t mean this step isn’t equally, if not more, important for new homeowners. After all, you’re investing all this money into a new home, you need to be sure it is protected.
Homeowners insurance is a policy that covers your property in case of loss or damage. Coverage options usually include interior and exterior areas of your home. So, if earthquakes hit or your basement floods, you’ll have liability coverage to make sure your personal property and belongings can be reimbursed. As a homeowner, you never plan for the worst to happen, but it is always a possibility. So getting a good insurance policy is a must. As you are looking into what home insurance you should choose, here are a few tips for insuring your home.
1. Find the right company and price for you.
Not every insurance company is the same. In fact, most are very different and offer different deals and discounts for you to take advantage of. The big thing you’ll have to decide on is what price you’d like to pay. It can be tricky trying to lower your premium while also maintaining quality coverage. The best course of action for most homeowners is to do a home insurance compare to see how much coverage you can get with each insurance company and for what price. Pay attention to the small print to see what exclusions or coverage limits you may encounter. The best comparison calculators have data from all kinds of insurance companies so you know what you’re getting into with your liability coverage.
Beyond price, you also want to be sure your insurance company is trustworthy. Oftentimes when you’re signing up for a homeowners policy, you look for endorsements or reviews that praise that company. These can be helpful to give you peace of mind that you’re in good hands. For example, John Foresi, Venterra Realty, just received a Freddie Mac designation, which speaks volumes about the integrity of his company, that manages apartment communities in many major US cities. You can assume that the apartment homes managed by Venterra will be a great place to live, even if you don’t know much about real estate. Certifications and awards such as this one help the best companies stand out and give you a peek into the care you’ll receive as a policyholder.
2. Know all the facts.
Buying homeowners insurance isn’t a spontaneous or throw-away task. It takes diligent research to understand every aspect of your policy. A huge tip is to just do your research. Know about the prices to insure homes in your area, understand how your appliances and systems will affect the price, calculate the value of your personal belongings and the protection they’ll need. Having these details nailed down will help you understand what additional coverage you’ll need, but also keep you aware if you are being scammed. Become an expert in insurance matters so you can guarantee you get the best rate from the insurance agent who is working on your file.
3. Constantly update your policy.
Your home insurance policy is not a document you sign and then never look at again. As time goes on, you’ll need to make adjustments and updates to your policy. Things like paying off your mortgage, implementing a security system, or renovating your property will cause a change in how much coverage you need. The best homeowners insurance companies will work with you to create the best rate and liability coverage for you as your life changes and grows.