Preparing to buy your first home? Confused about the insurance process?
We love to work with first time homebuyers! We aim to help make the process less daunting and to ensure that you are getting the best rate that you can to help you achieve your goal of home ownership. 🏡🔑
Here are some tips to help you get started!
– The deductible is the amount you are expected to pay out of pocket when filing a claim. A higher deductible can help make your insurance premium lower annually, but it might come as a shock if you need to file a claim. Make sure you understand the deductible on your insurance proposal before signing!
– Document everything! Create a home inventory of your belongings by taking photos and keeping receipts in case you need to file a claim in the future.
– Dwelling coverage is based on the Replacement Cost Estimate. It is not the purchase price! This estimate is prepared by looking at the specs of your home and determining the cost to rebuild or replace via materials and labor.
– Maintenance is often declined on policies. Normal wear and tear is not something that is usually covered!
– Obtain a Replacement Cost policy when possible! These policies pay out much higher amounts than Actual Cash Value ones. Replacement Cost policies pay for the dollar amount it would reasonably cost you to get a brand new item to replace the one that is damaged.
– Ask about bundling and other discounts! If you have cars, ask about bundling your Auto and Home insurance. Also see if you get a discount for any central alarm systems or smart devices that you are planning on installing or that are installed.
Questions? Call us! 406.534.8008