First time home buyer? Here’s what you need to know about homeowner’s insurance

Are you a first-time home buyer! Congratulations! It is an exciting time. And in all the excitement, don’t forget about homeowner’s insurance.

Homeowner’s insurance is not the most fun thing about buying your first home, but it is probably one of the most important things. After all, a home is probably one of the biggest investments you’ll make in your life – you don’t want to not protect it, right?

Here is what all first-time home buyers need to know about homeowner’s insurance. Read on:

Do I need homeowner’s insurance?

Yes, you absolutely need homeowner’s insurance to buy a home, as mortgage companies require proof of insurance at your closing. However, if you are buying your home with cash, you might not be required to have insurance, but it’s always a good idea because things happen.

What should I look for in a policy?

Everyone is different, but it’s always a good idea to review any policy with a trusted insurance agent. A basic policy will cover your home (the structure) and basic items inside it. You might need additional policies, or insurance riders, to cover things like expensive jewelry or artwork.

You should also look at your liability coverage, which covers someone if they are injured at your home or on your property.

Know what isn’t covered

Sometimes, things like floods or earthquakes aren’t covered by homeowner’s insurance. If you live in an area that sees wild weather, it might be a good idea to buy additional coverage for incidents like these.

Deductibles

Do you know what a deductible is? It’s the amount of the claim you have to pay up front when you file a claim for damage. It can be high or low, but you’ll need to make sure it is an amount you can afford. It isn’t always a set amount, either, so be sure to go over the policy with your agent.

Crumrine Financial Services

At Crumrine Financial Services, we can help first-time home buyers get a homeowner’s insurance policy that fits their needs and budget. Call us for a quote today.