When buying a home for the first-time, there is a lot to know when it comes to homeowners insurance. Here are some tips for those first-timers that you may not know:
Find out what it would cost to rebuild your home in the same location, with comparable construction materials, in the event of a complete loss. Your standard homeowner’s insurance policy should be covering these expenses in the event of this happening to you. This is something many first time home buyers do not know.
Natural disasters are not typically covered on a standard homeowner’s policy. There are many supplemental types of coverage for your home, including but not limited to: flood coverage, earthquake coverage, and sewer backup coverage. Depending on where you live, these may be coverage you should look into getting. Also, if you live in an area where hurricanes are likely, see if your policy has a hurricane deductible.
If you work at home or have a business that you run out of your home, you should be aware that most policies provide minimal property and liability coverage for businesses, so you may need to add more to your homeowner’s policy. Your typical policy probably wouldn’t include the most likely causes of damage to computers, like drops and spills, so look to see if you need more coverage.
Most valuables are not included in your coverage on a normal policy. Valuables such as musical instruments (name-brand guitars), collectibles (baseball cards, antiques, old comic books), and jewelry (engagement and wedding rings, heirlooms) need extra coverage.
Liability coverage could be important to your policy. If someone were to get injured on your property, this insurance would help cover the costs in the event of legal recourse. So if you have a swimming pool or something recreational on your property where someone could get hurt, look into getting liability coverage.
One of the most important tips is to get quotes from multiple insurance companies. With our agency being independent, we can try to get you the best coverage for what you need at the best price by looking all over the market for you. So call us at 516-484-5200 if you have a new home that needs coverage.