First Time Home Insurance

by Cole Humphreys in Homeowners Insurance at August 25, 2015

Buying home insurance for the first time is an interesting task. Nothing compares to the excitement and overwhelming feeling that comes with purchasing your first home. You need to make important decisions that all affect the next 15-30 years of your life. Do you chase the perfect home or go after the right mortgage? How much do you trust your realtor?
More importantly, insurance! What is insurance and how do we get properly protected. The right insurance policy can actually make the difference in your ability to go through with the purchase of your home. Most of us are in limbo with debt-to-income ratios and making sure we qualify for the loan and then get rocked by the high cost of insurance. If this has occurred to you m then it is likely you did not spend proper time shopping and comparing your insurance policy. You should always factor the cost of home insurance into your home-purchasing budget It will probably show up in your monthly mortgage statement along with payments on your principal and interest and your property taxes. This means to go into your search knowing the basics about insuring your house and what can drive up the cost of coverage.

After you have chosen a home and negotiated a price, it will be expected that you find an insurance policy. When moving forward with the insurance policy, remember that not all policies are created equal. Begin by remembering how good or bad your credit score is. There are plenty of products that do not consider credit but the best and ones of the highest quality usually do. Models show that buyers with good credit are far less likely to make claims. Before you get to involved with the process, be sure and asses your credit and even take steps yo improve it. At least be sure there are no errors or inaccuracies. These simple ideas can save money throughout the life of your mortgage.

My biggest suggestion that I feel strongly about is to be sure to shop around the rates. Every provider has a different mathematical equation on how they come up with rates.
We all want to save money on our insurance but do not skimp on coverage. Most policies provide coverage for all weather related losses. You need to be sure that you do not remove these coverages in order to save money. These are the times when the price of insurance does not matter so be sure to no skimp. Bundling your auto and home polices provides another opportunity to save a few dollars. Many companies offer 2o% off your premium when combining policies.

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