After purchasing your new home, you feel both excited and tired from all the troubles you have gone through. Now that you have your new home, you begin to think of protecting your new acquisition. There is where home insurance comes into play. Here are some useful tips when buying home insurance for the first time:
- The cheapest coverage is not always the best choice
Always look for the best value for the money. Get different quotes from different insurance companies. Check the benefits and do a comparison. Do they cover theft, fluid, storm, and accidental damage?
- Know the home insurance benefits
Make sure you insure your content and specify the valuable items. You may opt to extend your coverage for your other important belongings like jewelry, tablet, painting, or laptop.
Ask if your policy comes with home rescue service that you can use in case of roof damage, broken locks, and boiler breakdowns. These can be added in your policy as optional extra.
- Know what is not included
In every home insurance policy, it usually includes some exclusions that you need to know and understand. Make sure you abide what is written in your contract. In case you want to adjust your policy, inform your insurer so they can make some changes in your contract.
Keep in mind that if you leave your house for more than 30 days, your home insurance becomes invalid. If you need to leave your house for a long time, ask some relatives or neighbors to check on your house from time to time.
- There will be excesses
When buying home insurance, there are some risks involved in the coverage. Your policy includes excesses, in which you will pay for the amount of your first claim. For example, there is power outage and the contents of your refrigerator are ruined.
The cost of replacing them can get really expensive. Ask your insurance provider about the excess in your policy.
- Determine your rebuild cost
As you and your insurance carrier are working on your home insurance contract, include the amount it takes to rebuild your home including its contents.
This is typically determined during the valuation before the approval of your loan. The mortgage broker and the bank are the ones who conduct the valuation.
With some help from your insurance agent, you can get the best home insurance policy. You are able to protect your home from various risks.
At Filer Insurance, Inc., we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (305) 270-2100. Get your free quote today by CLICKING HERE.