Your home is the usually the biggest purchase you’ll make and is your most valuable asset. It’s your Homeowners Insurance that compensates you to repair or replace it in the event of a fire, smoke, vandalism, a falling tree, or damage caused by certain weather. It’s also there to cover furniture, clothing, and other possessions, as well as medical expenses and legal fees if you’re sued.
So how does a homeowner or new buyer go about purchasing a Homeowners policy?
“Depending on your needs, there are different types of Homeowners Insurance that you can purchase,” says Kelly Gonyo, Owner/Blue Line Insurance Agency. “The best idea is to make it part of the process when you’re looking to buy a new home, or even when your insurance is up for renewal.”
There are a lot of different elements that go into creating your Homeowners Insurance policy. However, keep in mind that it won’t include everything. For example, earthquake and flood are not coverages included in a policy.
“It’s really important to understand the things that are not included,” adds Kelly. “Most often you can ask to buy insurance and add it to the policy, but flood insurance is definitely a separate policy that you will want to talk about in the event that you live near a river or lake.”
Homeowners Insurance is an added expense when purchasing a home, but it is affordable, much more so than replacing your home and valuables without it. Location and the age of your home may both play a role in the amount of premium you’ll eventually pay.
Purchasing a home in a city, or in a rural community may affect the final price. The proximity to a fire department and/or fire hydrant are also factors. Living within five-miles of a fire department and 1,000-ft. of a fire hydrant may reduce your premium.
“The time to get to your home in the event of a fire loss is much greater the further away you are,” she notes. “So, your pricing is going to be a little bit different.”
Kelly also points out that because older homes are more susceptible to weather, as well as deterioration over time, it may cost a little bit more to insure than a newer property.
“When buying a new home, it’s really important to reach out to your insurance agent in the beginning of the process,” remarks Kelly. “Not only can we get it quoted up for you, but we can also work with your loan officer and your lawyer to get everything wrapped up and ready for you to just simply close.”
Also keep in mind, that if your Homeowners Insurance policy is in escrow with your bank, that does not mean you cannot shop for a better rate. Your insurance company has the ability to work with your mortgage company to transfer your policy.
FFor a FREE, no-obligation homeowners’ insurance quote visit https://bluelineagency.com/personal-insurance/home-insurance.
The Blue Line Insurance Agency specialists can tailor a specific package to your needs and risks. As an independent agency, we have access to many top-rated companies to find you the best fit at a fair price.