Home Insurance 101: What New Homeowners Should Know
Home Insurance 101: What New Homeowners Should Know
Buying your first home is an exciting milestone, but it also comes with new responsibilities, including making sure your investment is properly protected. One of the most important steps you’ll take as a new homeowner is securing home insurance. Here are a few things you'll need to know:
What Is Home Insurance?
Home insurance provides financial protection for your home and belongings in case of unexpected events such as fire, theft, or certain types of weather damage. Most policies also include liability coverage, which protects you if someone gets hurt on your property.
Why Do I Need It?
Mortgage Requirement: Most lenders won’t finalize your mortgage without proof of insurance.
Financial Security: Insurance covers repair or replacement costs that could otherwise set you back thousands of dollars.
Peace of Mind: You can rest easy knowing you’re covered in case of the unexpected.
What Does It Cover?
Policies vary, but most standard home insurance plans include:
Dwelling Coverage: Protects the structure of your home.
Personal Property: Covers belongings like furniture, electronics, and clothing.
Liability Protection: Protects you if someone is injured on your property.
Additional Living Expenses: Helps with costs if you need to live elsewhere while repairs are being made.
What's Not Covered?
It’s just as important to know what isn’t included. Most standard policies don’t cover:
Flood damage
Earthquakes
Certain types of sewer backups
Tips for New Homeowners
Shop Around: Compare quotes from different providers to find the best coverage and price.
Bundle Policies: Consider combining your home and auto insurance for potential discounts.
Review Annually: Your needs and home value can change—make sure your coverage keeps up.
Ask Questions: Don’t be afraid to speak with your insurance broker or agent to fully understand your policy.
Home insurance is an essential safeguard for your home, your belongings, and your financial well-being. If you have more questions as you navigate your home purchase, please reach out! I'm happy to help, no obligation.
Amy Marquis
REALTOR®
289.314.4854
