13 Mar It’s Closing Time
After spending time looking for a new home you finally found what you want. Your bid has been accepted and now the fun begins. You have a lot of details to go over before closing and we don’t want you to forget about homeowners insurance.
This is an important detail that will take a bit of time and research. You will not be able to close on your new home unless you have secured a homeowners policy. Your lender will require you to provide proof of a prepaid policy for one year of coverage before closing. So where should you start?
Before beginning, you need to know what the homeowners policy covers. Basically, a policy covers the cost of rebuilding your home should a disaster occur. This coverage also includes damage from; fire, smoke, theft, vandalism, hail, snow and ice, broken pipes, explosions, and vehicle damage (if a vehicle drives into your home). When you purchase a homeowners policy you will also receive coverage for your liability and coverage for your personal belongings. If you have valuables such as, art, jewelry, or furs for example you should add a rider for these to your policy. (See our blog “Insuring Your Valuables” for more information.)
Throughout the home buying experience you’ve come to realize that there are a lot of expenses coming your way and you’re looking for ways to save on everything. You can get discounts on your homeowners insurance by doing a few simple things like; signing up for auto pay, adding a security system, or bundling this with other insurance products you already have.
Once you understand what you need you can begin shopping around. While searching for homeowners insurance you will find some companies promising low rates that seem too good to be true. They probably are just that! You need a reputable company that will answer all of your questions and assist you when you have a claim. One benefit from using a trusted independent agency, like The VanDyke Group, is we will quote various carriers for you to compare rates. This not only saves you time but also gives you a peace of mind knowing you have someone to assist you with choosing the right policy for you.
Want to save money? Let us help you.
Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your medical professional or legal representative for information specific to your needs.