Practical Insurance Tips for First-Time Home Buyers

First-time homeowners can be overwhelmed when it comes to finding the right insurance policy. Where they live, the value of their home, and many other factors will determine the type of coverage and the amount of insurance they need. Having a reputable agent on their side is a top priority for many. Once a homeowner finds an agent, they preferto work with them for many years. The following tips and recommendations will help you understand what is essential when looking for the right policy.

Do Your Research

If you are looking for home insurance in Washington, you will need to do your research. If you don’t have a dedicated agent, talk to several before you make your final decision. Every agency has several types of policies for you to choose from. Find out what types of insurance you will need and compare prices and coverage amounts. Additionally, research the location, and review the factors that can affect your premium, such as the neighborhood crime rate,distance from a fire station, etc.

The Right Agency, the Right Agent

To have the right policy in place, you will want to find the right agent. You will trust your agent/agency with your most valuable possessions. For that reason alone, you must find an agent that you feel comfortable with. The agent you choose must be someone you trust. They must be someone you feel comfortable talking to.

Bundle Your Policies

Bundling all of your policies will not only save you money, but it will also make paying your insurance premiums much more manageable. Bundling allows you to keep all of your policy information in one file and pay one premium each month, twice a year, or yearly. Keeping all of your policies in one place will also keep you organized and make it easier for you to make changes to your insurance and update your policies.

Market Value and Replacement Value

When you purchase your homeowners’ insurance, it’s a good idea to understand the value of your home’s market value and its replacement value. The cost of replacing your home may be much higher than its current market value. The current market value is what your home would likely sell for in today’s real estate market. With most home insurance policies, the amount of money you receive in an insurance payout will be for the current market value, not what it would cost to replace your home.The cost of rebuilding your house will most likely be greater than its cash value.

Cover All Your Gaps

Protecting your home with an insurance policy is just the start. There are many different insurance gaps that you will need to ensure are covered if you want to protect your home entirely. If a home is located in an area where floods or earthquakes are frequent, you will want to make sure you have the right coverage. Most basic homeowners’ policies do not account for either floods or earthquakes. You might consider adding extended replacement cost coverage or liability coverage to extend the coverage limits of your typical policy.

The agents of Duane Weber Insurance Inc. offer sound home insurance tips that a first-time home buyer can use. If you or someone you love is a first-time homebuyer and looking for home insurance in Washington, call and schedule an appointment with one of our agents. Get the advice you need to buy the perfect homeowners policy from an agent who will go above and beyond when it comes to meeting your needs.