You’ve been dreaming, scrolling, and searching for your perfect home. And now, you’ve found it. It’s time to make the move. Before picking up boxes or packing items away, it’s important to think about protecting your new investment. That’s why we’ve gathered eight insurance tips for first-time home buyers.
- Get a home inspection. Before you sign any dotted lines, it’s important to get a home inspection. An inspector will look at the plumbing, heating, cooling, windows, foundation, roof, siding, and electrical systems. It will typically cost you between $250 and $500 – well worth the peace of mind knowing the basic components of your home are safe and in good working condition.
- Invest in home insurance. Buying your first house can be a costly process, and buying adequate home insurance ensures your investment is protected. While you don’t necessarily need home insurance by law, most mortgage lenders require you to have it. What’s more, in the event of a total loss, you need insurance to rebuild your home and protect yourself from financial stress.
- Consider any add-ons. Standard home insurance will cover many perils like windstorm and fire, but there could be more to think about. Ask your agent if there’s any other coverage you should consider. For example, if you own a home-based business or live in an area where flooding occurs, you may want additional coverages.
- Reevaluate your life insurance. With a new home comes a new bill to pay each month. If you’re married or have a family, you may want to increase your life insurance to cover your mortgage if something ever happened to you.
- Take inventory. Appliances. Electronics. Clothing. Jewelry. Having a record of your belongings and their values will be handy if your home is ever damaged or robbed. And if you can keep the receipts in a safe place, you might have an even easier time getting your items replaced.
- Take pictures. It’s proactive and precautionary to have photos of every room in your house, and it could make a huge difference. If something happened to your home, you’d be able to show what was inside and what it looked like.
- Make sure any other coverage moves with you. If you move, make sure to update existing insurance, like auto or umbrella, to reflect your new address.
- Review your insurance every year. Life changes, and so should your insurance. You may have large purchases, renovations, or other home changes that increase your home’s value. Ensure your investments are properly protected by adjusting your coverage.
Our tips for home insurance are here to help you from the day you walk through the door of your new home. Ready to get comprehensive home coverage? Talk to one of our local, independent agent today.