subject: New Home Insurance [print this page] If you have recently purchased a new house, insurance is probably not what you have in the forefront of your mind. This is to be expected. You have to move boxes and furniture. You have contracts to understand and sign. You need to find a grocery store. You have a lot to think about.
Insurance is not fun subject to talk about. We tend to think about it only when we really need it, which can be a mistake. Knowing a little about how insurance works can save you a lot of headaches when it comes time to buy a contract or file a claim.
To an insurance company all of us are just a bunch of statistics. They are concerned with numbers and tables, and who you are means nothing to them. Factors your job and where your house is located come into play when a company provides a quote for you.
Before asking for a quote from any insurance broker, you really should know the value of your home, and that means the replacement cost. You need to know what it will cost to rebuild. A home builder in your area may be the best source for this type of valuable information. Knowing this figure will help you begin the process.
To get the best deal, you will need to shop around. It can pay to shop around because rates from companies will vary. Also, shopping by the lowest price alone, while tempting, may be a mistake. For instance, some companies may have a poor track record when it comes to paying claims. A few minutes of basic research can keep you from making a poor decision based solely on price.
New house insurance is something the bank will require you to have, but their only concern is that you have enough coverage to protect them for the amount of the loan. Remember that a basic contract may not even cover the replacement cost for your house. Although it may be boring and complicated, it will be in your best interest to read all your insurance documents carefully to be sure you have enough coverage should disaster strike.
Home insurance policies protect you in many ways, such as from damage due to falling trees, or even if pipes burst and you incur damage. Another coverage, called liability, can protect you if you accidentally hurt someone. Speak to your home insurance agent if you have any questions regarding coverage amounts and types of coverage you might need.
Be sure to ask about the policy's limitations. However you can customize your policy to cover certain items such as family heirlooms, expensive computers and clothes, furniture, and even jewelry. You can supplement the basic coverage by adding riders.
New house insurance can be confusing. Be sure to take your time and make sure that you understand your options. Always remember that you are probably insuring your most important asset.
by: Alston Balkcom
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