Homeowners Insurance 101: When to Buy and What You’ll Need
You’ve picked out the perfect home in your favorite neighborhood. It’s got everything you and your family could need, plus all the extras on the wish list. You’re ready to bring in the boxes and start unpacking[AA1] . . . But there’s one essential factor to consider in protecting one of your largest investments: homeowners insurance.
In fact, most lenders require homeowners insurance for the buyer to take out a mortgage. These lenders look to cover their investment in the case of a damaging event. As you prepare to protect your own interests, you’ll need to know when to start your search and what your specific policy will cover.
When is the Best Time to Buy Homeowners Insurance?
According to Forbes, it is important to start searching for the right homeowners insurance policy as soon as you’ve found that perfect house. Consumer Reports suggests that beginning the search early will allow for time to secure the perfect policy and provide evidence of insurance prior to closing on the house.
However, navigating the unfamiliar waters of homeowners insurance can be tricky. Insurance Planning agents can help by walking you through our standard coverage options and add-ons that are best for you and your new home.
What Types of Coverage Are Common?
Most homeowners insurance policies cover damages to the actual dwelling and to personal belongings within your home. Though policies typically cover damages from any event (including fires, tornadoes, theft, and more), additional coverage is often required to protect your home during a flood.
Beyond coverage of your physical assets, most homeowners insurance policies provide liability insurance that can cover medical payments or property damage expenses caused by individuals in your household (Forbes). Finally, your policy will likely provide for additional living expenses if you are not able to remain in your home as the result of a damaging event.
Insurance Planning offers similar standard protection in a variety of situations including:
· Claims for property damage
· Claims for injury to others (either on or off the premises)
· Liability defense costs
· Medical expenses for injuries to others
We also offer add-ons options that can provide further coverage for your property. Call today to discuss our standard comprehensive coverage as well as customized policies that provide maximum protection for your new dream home.
[AA1]Added the correct ellipses here