What You Need to Know Before You Buy
So, you’re buying your first home. Congratulations! This is a huge milestone, and you’re probably feeling a mix of excitement and stress. From picking out the perfect paint colors to figuring out where to put the couch, there’s a lot to think about. But before you start decorating, there’s one important thing you need to check off your list: home insurance.
If you’re scratching your head thinking, “Where do I even begin,” then don’t worry. You’re not alone. Many first-time buyers aren’t sure where to begin with home insurance. That’s why we’re here to break it down for you! Here’s everything you need to know about home insurance.
What Does Home Insurance Actually Cover?
Think of home insurance as your protection against those worst-case-scenarios — like if your roof springs a leak, a fire breaks out, or your belongings are stolen. Here’s a quick rundown of what a typical policy covers:
- Dwelling Coverage: This protects the actual structure of your home—walls, roof, floors, etc. If a covered disaster like a fire or storm damages your house, your insurance helps pay for repairs.
- Personal Property: All the stuff inside your house—furniture, electronics, clothing—falls under personal property coverage. If your things are stolen or damaged, your insurance helps replace them.
- Liability Protection: If someone gets hurt on your property (say your neighbor trips on a loose step), liability coverage can help pay for their medical expenses and protect you if they sue.
- Additional Living Expenses: If your home is unlivable due to a covered disaster, this coverage helps pay for temporary housing and other costs while repairs are being made.
Why Do You Need Home Insurance?
Besides giving you peace of mind, most mortgage lenders actually require you to have home insurance before they’ll approve your loan. So, it’s not just a good idea; it’s a must. Plus, having the right coverage means you won’t be left footing a hefty bill if something unexpected happens. Trust us, you don’t want to be stuck paying for a new roof out of pocket!
Tips for Choosing the Right Home Insurance
Now that you know why home insurance is so important, here are a few tips to help you choose the right policy:
- Shop Around: Don’t just settle for the first quote you get. Compare policies from different companies to find the best coverage at the best price.
- Know What You Need: Consider the value of your home and belongings, as well as the risks in your area (like flooding or earthquakes), to determine how much coverage you need.
- Understand Your Policy: Make sure you know what’s covered—and what’s not. Ask questions if anything isn’t clear, so there are no surprises later.
- Bundle Your Insurance: Many companies offer discounts if you bundle your home insurance with other policies, like auto insurance. It’s a great way to save some cash!
- Review Your Policy Annually: Your insurance needs can change over time, so it’s a good idea to review your policy every year to make sure you’re still adequately covered.
Ready to Protect Your New Home?
Buying a home is one of the biggest investments you’ll ever make, so it’s worth taking the time to protect it with the right insurance. Whether you’re just starting your home search or you’ve already picked up the keys, Avalue Insurance is here to help you find the perfect policy for your new home.
Give us a call today at 303-773-3332, or request a call-back right here online! We’re all about making home insurance easy so you can get back to what really matters: enjoying your new home!
