When you’re buying a house for the first time, homeowners insurance may seem like just another expense. However, it protects your new home and everything else you own from a wide range of perils. While you might be tempted to buy a policy based on price alone, there are a few important factors to consider.

A Quick Guide to Buying Insurance for Your First Home

1. Market Price vs. Reconstruction Costs

All homeowners insurance policies are based on either the market value of the home or how much it would cost to rebuild. Fair market value policies are usually less expensive, but they may not cover all of your losses if your new home is destroyed completely. Construction costs are often higher than market retail prices, so buying a policy based on replacement value is usually the better choice.

2. Personal Property Protection

Homeowners insurance also protects your belongings, including everything from your silverware to your jewelry collection. While the policy limits for personal property are usually generous, each category might be subject to different restrictions.

For instance, if a policy includes $60,000 of personal property protection, only $2,000 might be allocated toward artwork. If you have especially valuable belongings, your agent may recommend customizing your coverage or buying an additional policy.

3. Testimonials

If a tree falls on your house or a thief breaks in, you’ll want to know that your insurance company will be ready to honor your claim as quickly as possible. Before trusting an insurer to protect your most valuable asset, read some reviews to see what their customer service is like. Reading testimonials can provide some insight into how your insurer has helped others before you.

If you’re buying a home anywhere in the Lincoln, NE, area, trust the agents at Omega Insurance Group LLC to help you get the protection you need. Their team has over 50 years of combined experience with some of the best homeowners insurance providers in the industry. Visit their website for more information on their home insurance options, get news and updates on Facebook, or call (402) 465-1167 to request a free quote today.