Buying a new home is often one of the most exciting and stressful times of our lives. We’ve worked hard to provide for our families, and are making one of the biggest decisions we’ll ever make. Don’t let the experience overwhelm you. Follow these easy steps to help you through the process:
1) Feel Comfortable with the Loan Process. – Most Mortgage Specialists that I work with are very professional and educational in their approach. If you are working with an individual or a company that seems pushy or isn’t working with you; it is probably in your best interest to seek advice from another Mortgage Professional.
2) Do Your Research – Did you know that some prior insurance claims could make your insurance more expensive? In some extreme cases (multiple water, theft, or fire losses, for example), the your new home could be all but uninsurable! If you have a home that you are interested in, your Realtor should be able to pull a CLUE Report, which will show the entire claims history on the home. Contact your insurance carrier with any questions or concerns.
3) Negotiate a Home Warranty Plan – Most sellers or home builders will include a home warranty policy that will cover your appliances and major home systems for a year. Your standard homeowners insurance policy will not cover an appliance breakdown unless it is the result of a covered event (lightning strike, etc.).
4) Insure Your Home to it’s Replacement Value – Coverage is the most important part of your homeowners insurance policy. It’s easy to want to shop on price alone, but “saving” a bit of money each year can often cost you thousands in the event of an insurance claim.
5) Remember: All Insurance is not Created Equal – Partner with a professional that will help educate you on your coverage, and always insure your home so it will be replaced if the unthinkable should happen!!!
6) Enjoy Your New Home – You’ve worked hard through this entire process. Once you are moved in, and comfortable with your insurance coverage; have your friends and family over and enjoy yourselves!
Contact your hometown insurance experts today to see how easy understanding your homeowners coverage can be.