Buying your first home is an overwhelming, confusing experience, with a seemingly never-ending list of details to take care of. Buying a home insurance policy might seem like a minor issue, but the coverage you choose plays a vital role in protecting your financial future. Keeping some tips in mind will ensure you find the best coverage plan.
First Time Homeowner? 4 Tips for Insurance Shopping
1. Get Coverage Before Closing
Most lenders require you to buy a home insurance policy before closing to protect their interest in the property. However, even if they don’t, you should still get coverage that goes into effect the moment you take ownership of the house. Otherwise, you could be vulnerable to fires, floods, and other perils that threaten your most valuable asset.
2. Choose Full Replacement Value Coverage
Home insurance policies are based on either the market value of the property or the full replacement cost. In most areas, the cost of rebuilding the house after a total loss is much higher than the sale price, so choosing a replacement value policy is usually the better choice.
3. Talk to an Independent Agency
Independent insurance agents work with a wide range of carriers, so they can shop around to find the best policy for you. They’ll also ensure you have all the coverage you need, along with every discount you deserve. You’ll have the luxury of being able to cross-reference coverage options.
4. Ask About Amendments
The standard home insurance policy covers a wide range of situations, but some common threats are excluded. Before choosing a policy, ask your agent whether you need flood insurance or extended limits on personal property possession to cover especially valuable items.
If you’re buying a home, the professionals at Stautberg Financial Group will provide the peace of mind you need and the protection your house deserves. They’ve been serving the Cincinnati, OH, community since 1975, offering tailored policies designed around your need. Visit their website to learn more about their home insurance services, get more tips on Facebook, or call (513) 821-6300 to request a quote.