6 Home insurance tips for the first-time homebuyer
Are you a first-time homebuyer?
You saved up for a long time and put in the work to be able to buy your first home. Now it’s time for you to protect this investment. It’s time for you to figure out what you’re going to do about home insurance. You know that you need it. You just don’t know why you need it, or the actual significance of protecting your new asset.
Here are some home insurance tips for the first-time homebuyer.
Bundle your different policies
Do you have car insurance? What about life insurance? Contact your insurance provider to find out what kind of deal you can get if you bundle your insurance plans. You can land yourself a decent discount.
Explore your options
Don’t just go with the policy that your bank offers. Explore every option because you want the best plan for your budget and your home. You should never settle when it comes to any kind of insurance.
Get the right coverage based on your home and location
Your location will impact how much you spend on insurance. Your location and your home should also directly impact the type of coverage that you go for.
You’re going to perform some research here because you want the proper protection. What’s the history of the area? Are natural disasters known to occur? How about crime rate? You want to ensure that you have adequate coverage because insurance is about preparing for the absolute worst-case scenario. You don’t want to be stuck if you get flooded because you didn’t pay for the right plan.
Consider your personal belongings
Are you protecting your prized possessions and personal belongings? You may want to upgrade your insurance so that you cover your belongings. You likely have many valuables in your home that you don’t want to be stuck covering in the event of a robbery.
Don’t forget about your liability
As a homeowner you’re legally liable for your visitors and anything that happens to them. You’re going to want to ensure that you have enough insurance coverage to protect yourself here. You don’t want to be on the hook financially if you get sued by a visitor who fell down your stairs.
Make sure you’re comfortable with the deductible
You can lower your insurance premiums by increasing your deductible for how much you spend out-of-pocket for insurance claims. The problem with this is that you’re spending more of your money in the event that you make a claim. Not everyone’s comfortable with this. Only you know what your financial situation is and what your budget can afford.
Good luck with your new place. Home insurance should help you sleep easier at night, knowing that your most expensive asset is protected.