As a first-time homebuyer, the process may have been daunting and fraught with complicated jargon and forms. While you have made it through this leg of the journey, don’t overlook the importance of a comprehensive insurance plan for your home!
Whether you found your dream home or an historical fixer-upper, a natural disaster or other event could damage or destroy your residence in an instance, and if you don’t have a great insurance plan, you may be out of luck. For those who are new to home buying and the insurance world, here are a couple things you need to know:
“Learn about the specific details of your policy.”
Know what plan is right for you (and your home)
There are numerous types of insurance and an endless number of coverage plans at different companies. While you will need standard homeowners insurance, which offers theft, fire and liability coverage, for example, you also need to be aware of other requirements for your area, according to Realtor.com. Maybe you live in a high-risk flood zone. If so, you may need to purchase flood insurance. Speak with several companies or an independent agent until you find the right option for you.
Make sure you have enough coverage
Far too often, homeowners don’t have the right amount of coverage for their home. When damage occurs, some are left with hefty bills and multiple headaches instead of being fully covered with a comprehensive plan. While you want to understand the most common coverage types, you should also learn about the specific details of your policy, such the types of coverage, deductibles and correct replacement cost, to make sure you are paying for the best coverage for your home and situation.
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