What Every First-Time Home Buyer Should Know About Standard Homeowners Insurance
Homeowners insurance protects your property against damage or theft, but not every policy covers the same things in the same way. If you’re a first-time home buyer considering homeowners insurance, it’s important to learn exactly what it will and won’t cover before you sign up with the best homeowners insurance Florida company. Here are some of the standard benefits of home insurance that can help you make an informed decision before purchasing.
How Homeowners Insurance Works
Buying a house is an exciting, expensive undertaking—but it’s not always smooth sailing. To avoid trouble, first-time home buyers should educate themselves on what homeowners insurance does and doesn’t cover. A standard homeowners insurance policy provides coverage for: your house, your personal belongings (and those of your family members), additional living expenses if you can’t live in your home due to damage, and more.
The Essential Coverages You’ll Want as a First-Time Homebuyer
The standard homeowners insurance policy typically includes: basic liability, personal property coverage and additional living expenses (for those times when you can’t live in your home while it is being repaired). While these coverages may seem enough for many first-time homebuyers, there are a few other extras that can be added to your homeowners policy. Depending on your situation and preferences, these additional coverages could be worth considering as a first-time homebuyer. For example, if you are planning to do some remodeling or have high-end furnishings or jewelry, having replacement cost value rather than actual cash value coverage may protect against damages—especially if replacements aren’t readily available. If you have a large investment portfolio, consider adding both valuable papers and records coverage and computer data backup services. And if your job requires lots of travel or extended absences from home, consider increasing your personal liability protection beyond what is required by state law.
Additional Coverages You May Need
There are additional coverages that you may need to purchase for your home, depending on your geographical location and your unique insurance needs, like earthquake or flood insurance. If you live in an area known for tornadoes or hurricanes, be sure to purchase flood and windstorm (hurricane) insurance as well. These coverages are often grouped together with standard homeowners insurance policies and are highly recommended for anyone in a vulnerable area.
The Cost of Homeowners Insurance
When you’re shopping for a new home, it’s easy to fixate on your monthly mortgage payment or how much cash you need in reserves. But just as important is finding out what your annual homeowners insurance policy will cost—it’s an additional expense that most people don’t think about until they’re already under contract to buy a house. Not only that, but not all policies are created equal.
To find the best homeowners insurance Florida company, this guide will definitely lead you in the right direction. And with additional help from a Get-a-Quote professional, you’ll have access to an outstanding insurance shopping tool and hands-on insurance assistance today!
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