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Buying a home is a feat worth celebrating, especially if it’s the first property you’ve ever owned. However, remember that owning real estate comes with certain obligations that renting doesn’t. For example, upon purchasing a house, you’ll be responsible for carrying an active homeowners insurance policy. If securing adequate coverage feels like a daunting task, use the following tips.

How to Buy Homeowners Insurance

1. Start the Process Early

If you’re like most Americans and obtain a mortgage to purchase your first home, the lender will require an active policy before closing. Call an agent and start shopping around as soon as your offer is accepted. This prevents any unnecessary delays in the transaction and keeps you from having to scramble to secure coverage at the last minute.

2. Consider Existing Providers

homeowners insuranceAll major insurers offer discounts for bundling policies. In other words, if you have an existing auto or life insurance policy, it may be cost-effective to use the same provider for your homeowners insurance. However, it’s still wise to shop around because other insurers may offer more affordable coverage — even without a bundling discount.

3. Be Practical About Coverage Limits

While it may be tempting to purchase the absolute minimum coverage the lender requires, doing so could end up costing you in the long run. In the event of a disaster, for example, the minimum coverage may not be enough to rebuild or replace the belongings your family lost. After evaluating the situation, a knowledgeable insurance agent can help you determine how much coverage you need to ensure total security.

 

If you’re buying a home, contact Hamilton-Martin Insurance Agency when you’re ready to purchase a policy for the property. This independent agency in Louisville, KY, has been serving clients throughout Jefferson County for nearly two decades. When you turn to them for help finding homeowners insurance, you’ll have access to a real person from day one instead of an automated operator. And, since they work with nearly a dozen companies, they can offer you a broad range of choices regarding coverage. To discuss your needs and budget with a member of their team, call (502) 957-6500. Explore their services online.

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