Buying a home for the first time can seem daunting, but with the right knowledge and support, you’ll be settling into your new home in no time. One of the most important factors that often gets pushed aside is home insurance. Stay ahead of the curve by considering how it will affect your home-buying budget and monthly mortgage payment. Before you start your home buying process, be sure to review the following tips in order to potentially save money and protect your newest investment.
You can purchase home and car insurance from the same provider to save a lot of money. If you have multiple vehicles, you could be looking at as much as 20% savings. Also, if you have other insurable items like a boat, be sure to include that in your bundle.
Don’t Be Cheap
There’s a difference between saving money and being cheap. One thing you want to avoid is skimping on coverage. You’ll have several options for what kind of protection is offered, so make sure you take into account your specific needs. Most standard policies range from liability to damage from weather-related incidents.
Pay close attention to the type of risks each house you look at proposes. Purchasing a home close to the water could mean thousands of dollars in water damages should there be flooding. Most standard home insurances don’t cover this type of damage, so you’d have to purchase a separate policy. Another common risk is associated with the presence of a swimming pool. Be sure to check how much of an increase you’ll pay before you consider a pool.
If there is one time you should really shop around, it’s with home insurance. Each carrier has a distinct algorithm they use to determine customer premiums. Getting multiple quotes can save you hundreds of dollars.
You are well on your way to purchasing your dream home. With a little research and knowledge, you’ll be able to find the right home insurance for your new purchase.