You’ve just bought your very first house and you couldn’t be happier. Your dream has finally become a reality. What if something unexpected happens that destroys that dream? Are you prepared with a home insurance policy?
Disasters can happen at any time without warning. Fire, theft, and extreme weather conditions occur when you least expect it and can cause you to lose everything you worked so hard to attain. You can’t predict when bad things will happen but you can be prepared with the right kind of coverage.
Which Home Insurance Do You Need?
As soon as you make settlement on your new house, you should purchase insurance. You want a policy that covers the value of your home as well as the property within your home. Chances are that if something happened, you would not be able to afford to replace your home and everything in it. Alternately, if someone becomes injured while on your property, you could be sued and lose everything, including your home.
When shopping for a policy, you will want to get the appropriate amount of coverage for your unique situation. Typically, most home insurance policies will cover the structure of your home and any additional physical structures on your property like garages and sheds as well as property within the home like furniture, electronics, appliances and clothing. They will also cover “loss of use” in the event your home becomes temporarily uninhabitable due to policy-covered damage. Lastly, basic policies usually protect you from expenses incurred should anyone sue you for injuries suffered while in or around your home.
What to Keep in Mind While Choosing Home Insurance
Before you decide on a policy, make sure you know the value of your home and what it would cost to rebuild it should it suffer any severe damage. You will also need to assess the value of all of your belongings. It helps to document what you own by taking pictures and gathering as many receipts as possible so you can prove ownership to your insurance company should you ever need to file a claim. Choose a deductible that you can afford if the worst were to happen.
Make sure you get a list of every disaster your new policy will cover in writing. All too often, people learn that their policies don’t cover certain disasters like flooding when it’s already too late. This can be a very costly mistake. Make sure to ask your insurance agent what additional coverage is available and decide if it’s worth adding to your policy.
Find out if your insurance company offers any discounts for specialized home protection equipment. Many companies will offer reduced premiums if you have smoke detectors throughout your house or subscription-based home monitoring systems. Additionally, purchasing other policies like car insurance through the same company can often save you money.
How to Find Home Insurance Quotes
After buying a new home, you may not feel like spending a lot on home insurance right away. Do yourself a favor and purchase home insurance as soon as possible. Use our form above to collect dozens of home insurance quotes compare them and afterwards speak with your local insurance agent to find out if they’re willing to make an even cheaper quote to get the best policy for you. Don’t lose your dreams to a disaster!