Getting Home Insurance For Your New Place
Between the home inspection, getting approved for the mortgage and all the moving expenses, it is easy to forget one of the most important elements of a new home which is home insurance. It is critical that you insure your home against eventualities such as fire, flood, storm and theft. While it is not a must to buy a home insurance, most mortgage lenders will require you to get one so they are sure their money won’t get lost if anything happens to you.
Here are some of the best tips to save money on your first home insurance:
Take your time
Between identifying a home you want to buy and moving into it, a whole lot of factors will need to be taken care of. Unfortunately, many people forget to take care of the insurance aspect until the last minute. They end up picking an insurance company and a cover in a hurry without researching other options available out there. The moment you decide to shop for a house is the moment you should also start shopping for home insurance so you are well prepared ahead of time.
Invest in location
When it comes to saving on insurance cost, you should choose a home that is near a fire department and as far away as possible from any ocean or the coast line. Locations that are susceptible to dangers such as hurricanes, earthquakes and volcanoes are charged a very hefty premium every month.
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Consider the deductible
Unlike car insurance, most home owners seldom file a claim if ever. Therefore, it is very important that you get a high deductible so you can save more money and get motivated to keep up the insurance costs.
Claim those discounts
One of the best advice anybody who lives alone can be given is to have a home insurance early. Even before you own your first home, buy renters insurance and keep up with it. When the time comes to buy your home, you can get up to 25% discount because you have a previous unclaimed insurance.
Other considerations for home insurance
- Most do not cover floods and earthquakes. If your home is in a place where floods and earthquakes can happen, you may want to consider buying a separate insurance for them.
- Your homes claim history can affect your rates. Even if you are not the one who claimed the insurance cover on the house, it can still affect your rates. However, that depends on how long ago the claim was made and of course the amount so it’s very important to do your due diligence and know if something has ever happened in your dream house.
Getting home insurance for your new place is an incredibly wise decision especially if you want to get a mortgage. Before paying for the house, finding movers, and doing an inspection, you should get a good insurance agent early enough to advise you on the best home insurance cover and how you can save money.
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