Insurance Tips for New Home Buyers
Congratulations! You signed the contract to purchase your new home. If you’re like most buyers you have a mortgage. Your lender will require that your home be insured. They may require that the payment be escrowed so there’s no chance that a payment is overlooked.
A comprehensive homeowner’s policy coverage for loss or damage to your structure and possessions, but it may have limits that could leave you vulnerable to out-of-pocket expenses. For example, if your sidewalk is uneven and a passerby falls and claims loss of work because of a sprained wrist, they can sue you.
Your Insurance Loft agent will sit down with you and calculate the coverage that’s right for you. Ask yourself: Does your policy take into account the true replacement value of your home in a rising market? What about coverage to provide a home for you to live in if your home has to be rebuilt? Every policy has limits to coverage. Are yours realistic? What if the giant elm in your front yard falls on your neighbor’s rooftop? Do you have liability coverage? What about the wedding ring that cost you $20k or that Andrew Wyeth painting your great aunt left you instead of MOMA? Are they covered under your current policy? Do you have special riders for those things considered precious or irreplaceable?
What’s the chance you’ll be burglarized, flooded or your house burns down?
Ask any homeowner who has ever had a claim how it feels and you’ll get a picture of the voids in most people’s coverage…things they didn’t know to ask or weren’t offered when they signed up for insurance. It’s important for you to consult an expert before choosing a home insurance policy vs. just filling out forms online to an anonymous sales rep who doesn’t know you, your family or your neighborhood.
While most companies offer discounts if you buy auto and homeowners together, that doesn’t necessarily mean you’re getting the best coverage, even if it’s discounted. The Insurance Loft has agents who will comb through polices from the companies we represent to be sure you are. Communication is paramount for our agents. They’ll talk with you on the phone. Answer your emails. Even visit you in person if the need arises.
Before you decide what insurance you need, contact The Insurance Loft. You’ll find plenty of information about the latest issues and trends in today’s insurance market on our website. But then talk with us. Click on our Call Button to be put in touch with a realagent who will help assess your needs.
We offer coverage through several carriers. We build a recommendation for you that is personalized to your specific requirements. We are licensed in 33 states across the country. Each of our agents is fully informed of different state insurance regulations and compliance needs.
The personal insurance experts at The Insurance Loft are ready to work with you on a plan to protect your assets and cover your losses before the need arises. It all starts with a call to The Insurance Loft at 800-409-9790 or a visit to our web site: www.theinsuranceloft.com. You can request a quote online, too.