Homeowners realize there are unavoidable expenses associated with buying a house. A down payment, closing costs, and moving fees are ones commonly planned for in advance. However, Home insurance is one of the biggest and most important expenses which needs the owner’s attention, too.
While home owners secure insurance on their new purchase, they may not give it as much thought as they should. Neglecting to properly insure their house can result in disastrous expenses down the road.
If you are diving into the real estate market, here are few tips to make a choice about your home insurance
4 mistakes NOT to make with your home insurance
#1 Being Afraid to Ask Questions
Much like researching about the closing costs of a property (on websites like https://patmcbride.com/), you will probably do the same with home insurance as well; but that doesn’t mean you shouldn’t ask questions. This happens quite often, especially with first-time home buyers. It could be a fear of looking dumb, or just not knowing what you should ask. Would-be home owners may push questions aside and trust that the insurance agent knows best. Approach this situation as you would the inspection process-you wouldn’t want to see a potential issue in your home and not ask a single question about your worries.
While you should trust the experts, they are here to help you! Ask every question you can think of and make certain you get straight answers. If the agent acts annoyed or avoids your inquiries, you may consider taking your business elsewhere. There are quite a lot of real estate agents such as Central Valley Real Estate Pros (click on https://centralvalleyrealestatepros.com) who could be of utmost help with your queries. Remember that YOUR money is paying the premiums.
#2 Being Under-Insured
Buying a house can be one of the biggest purchases a person ever makes. Sometimes home owners decide to skimp on their home insurance to save a few bucks. Unfortunately this can result in the house not being properly insured.
Don’t set yourself up to have to fork over a bundle for costly repairs that could be otherwise covered by insurance. Spend the extra money to cover the cost of your house in case of fire or storm damage, or severe water leaks. Don’t assume these will never happen to you.
#3 Not Understanding Your Policy
Assuming rare events like tornadoes and flooding are covered can get home owners in hot water. Many circumstances aren’t included in a regular policy and need to be added.
Take the time to read and understand every section of your policy. No, it won’t be the most exciting hour of your life, but it is vital in keeping you, your home, and your finances secure and protected from unforeseen property issues.
If there are any portions of the policy that seem to be lacking, or if there are certain events that you want covered, contact your insurance agent and ask about adding them to your policy as extended riders.
#4 Failing to Ask for A Bundled Policy
While a robust home owner’s policy may cost you a bit more in premiums, don’t leave money on the table. Ask your agent about discounts if you add your car in with your house. Sometimes insurance companies are able to offer significant discounts when they insure a person or family’s house AND vehicles. You don’t even need an agent for this if you don’t want to — Policygenius are able to find all-in-one policy quotes that will save you lots of money. Take a look at this policygenius review to find out more.
The path to home ownership is windy and expensive and home insurance is not the place to skimp in order to save money, nor should your policy be taken at face value. However, you can avoid these mistakes and sleep easy knowing your home is properly and thoroughly insured by having an experienced insurance agent in your corner to answer questions, and taking the time to familiarize yourself with all aspects of your policy, .