7 HANDY INSURANCE TIPS FOR NEW HOME OWNERS

by: Remie Longbrake | published: May 7, 2019

You dream, scroll, and search your perfect home. And now, you finally got your new home. Time to take action right? Before taking boxes or packing up things, it is important that you think about protecting your new investment. And that’s why we’ve compiled seven insurance tips for home buyers.

1. Get a home inspection

Before signing any dotted lines, it is important to get a home inspection done. The inspector will check plumbing, heating, cooling, windows, foundation, the roof, and electric. It will usually cost around $300 to $ 600, depending on the area and thoroughness. Although, it’s an extra expense, it is worth the peace of mind to know that the basic workings of your home are safe and in good working order. And if they are not, then you know and can prepare financially to repair these items.

2. Get home insurance

Buying your first home can be an expensive process, and buying adequate home insurance ensures your investment is secure. Although you do not really need home insurance legally, most mortgage lenders want you to have one. In addition, in the event of a complete loss, you need insurance to rebuild your home and protect yourself from financial stress.

3. Consider any additions

Regular home insurance will cover a lot of risks such as storms and fires, but there may be other things to consider. Ask your agent if there are any other considerations to consider. For example, if you own a home business or live in an area where floods occur, you may want additional coverage.

4. Take inventory

Electrical items. Electricity. Clothes. Jewelry. Having a record of your assets and their assets will be helpful if your home is like being damaged or looted. And if you can keep receipts in a safe place, you may have more time to change your things.

5. Take photos

It’s quick and recognizable to have pictures of all the rooms in your house, and it can make a big difference. If something happens in your home, you will be able to show what it was inside and what it looked like.

6. Make sure any other cover goes with you

When moving, be sure to update your existing insurance policy, such as a car or umbrella, to indicate your new address. The new address will affect the premiums to these other policies.

7. Review your insurance every year

Life is changing, and so will your insurance policy. Major purchases, renovations, or other home upgrades that increases the value of your home will impact your rate, especially the roof. Make sure your investment is properly protected by adjusting your coverage as needed.

With these handy home insurance tips you’ll be better positioned to know how to prepare and settle into your new home.