The home buying process is a huge undertaking and can quickly become overwhelming. What starts as a dream of buying your first home can sharply turn to remember to cross your t’s and dot your i’s. There’s a lot within real estate deals that can be confusing, but we want to make one thing easy and clear: homeowner’s insurance.
If you’re like most homebuyers and obtaining a mortgage, your lender will require homeowner’s insurance. Even if you are fortunate enough not to need a mortgage, homeowner’s insurance is still highly recommended to protect your investment from costly disasters like fire or wind damage.
But shopping for insurance and trying to pin down how much coverage and type you need can be daunting. Here at Aksarben Insurance, we want to give our customers the most streamlined and simple experience as possible, and we work closely with you to discover your needs and get you the best rate. But here are a few things to know as you begin your home-shopping experience.
Don’t Wait to Find Coverage
Mortgage lenders typically want evidence of homeowner’s insurance before closing, so getting insurance lined up in advance is often necessary. Shopping around for insurance rates at least 30 days before closing will give you an idea of the coverage you need, and the rates that are out there. Getting quotes from at least three different providers is a good recommendation, and gives you time to research reviews regarding their claims service. Finding the best rate but also excellent customer service is something you should take into consideration.
Not Everything is Covered
Many people assume homeowner’s insurance provides umbrella coverage to everything that could damage a home, but that’s often not the case. For example, water damage from a broken pipe inside the house is covered, but water from outside the home isn’t. This means if a sprinkler broke or the water was left running, damage to the home wouldn’t be covered. Also, flood insurance is typically an added coverage. Any damage that can be prevented by responsible home maintenance usually isn’t covered under the home insurance policy.
Homeowner’s Insurance is For Major Losses
Your insurance coverage isn’t meant for small claims, such as a slight leak in the roof. Homeowner’s insurance is a policy meant to protect you from catastrophic losses to your home. Filing several small claims within a few years with your insurance provider may also have repercussions, such as non-renewing the policy. Keep minor home repairs out of pocket, and leave significant home damage to filing insurance claims.
Our purpose at Aksarben Insurance is to partner with you on your insurance needs. We work with a variety of providers to get you not only the coverage you actually need but at the best rate possible. We do all of this with unmatched customer service. Give us a call and let us make getting homeowners insurance one of the easiest things you do when buying a home.