About to Get Your First Homeowner’s Insurance Policy? These are the Things You Should Know
So, you’ve finally made the leap and bought your first home. You’ve put in the work, did the research, and can now enjoy the fruits of your labor.
Well, not yet really. There’s one more thing you need to get done before settling in.
It’s now time for you to get a homeowner’s insurance policy to protect your recently acquired asset. And just like what you did when you bought your home, you need to do the necessary research to find the best policy for your needs.
The first thing you should know is that the cost of a homeowner’s insurance policy would vary based on several factors from the location of your house to its value.
Data from the National Association of Insurance Commissioners show that homeowner’s insurance costs $1,211 a year on average. This number can go up or down depending on where you are in the country.
For example, residents of South Dakota, Missouri, and Ohio were found to pay the lowest premiums.
Get to Know Your Home
Homeowners are also expected to have lots of information about their property on hand. Expect for insurance companies to ask you about specific details from your home’s electric system to its heating system.
You can get hold of all these data from your home’s listing and home inspection report. Be sure to have these documents on hand while you’re shopping for an insurance policy.
Find Out What’s Covered
Aside from the cost of a policy, you should also take note of what is or isn’t covered by it.
For starters, you’d want a homeowner’s insurance policy to cover the rebuilding costs of your home. You find out what your rebuilding costs would be by hiring a surveyor to assess your home and give you an estimate.
And if your home is located in a place where flooding or earthquakes often occur, it’s recommended that you avail of a policy that covers the potential damages caused by these natural disasters.
One way you can save money on your homeowner’s insurance is by getting quotes from multiple insurance providers. While each one of them would base their numbers on the same information you provide, different insurance companies would give you different quotes.
You can also save a lot by bundling your other insurance policies together. Get multiple quotes and see which company would give you the lowest price for your combined insurance policies.
More inFinancial Advisor
New Survey Reveals Worrying State of People’s Finances Amid Ongoing Pandemic and Recession
The coronavirus pandemic definitely did a number on everyone’s finances. Months of being stuck at home were worsened by layoffs and...November 17, 2020
007’s Iconic Goldfinger Car Aston Martin DB5 To Hit the Streets Once Again!
The actor who won us all over with his portrayal of James Bond in the first-ever James Bond movie, the legendary...November 13, 2020
Smart Cars That Have the Ability to Turn Heads but Not Drain Your Wallet
It goes without saying- brand new luxury cars can cost you an arm and a leg, and you’d still have to...November 11, 2020
Master Tips By Warren Buffet to Help You Ace Stock Market Investments
Let us guess. You’re in your 20s or 30s and have no clue about investment, isn’t it? Well, we understand that...November 4, 2020
Can Investing For 5 Years Give You The Desired Profit?
Most people in jobs work day and night. But why is that so? Well, everyone in some or the other way...October 30, 2020
5 Wild Facts About Cars That You Wouldn’t Believe!
It’s 2020, and it’s safe to say everyone has traveled at least once in a car. If not, you must have...October 30, 2020
Here’s An Update on Tesla’s New Beta Feature
Electric vehicles are the next big thing. They’ve revolutionized the automobile industry completely. From electric cycles to cars, the makers are...October 30, 2020
Here’s a Peek At the New Bugatti
The pandemic has disrupted our lives enough already. Earlier, innovations and updates from different industrial sectors were common every other day....October 30, 2020
SAFETY FIRST- UK Starts Consultation to Make Driving Laws Tighter
When a loved one steps out of the home, the first thing you do is say a silent prayer for them...October 28, 2020