Insurance Tips for First Time Homebuyers

July 19, 2016

  1. Research before you buy
    Know what you’re getting into and what risks are involved before purchasing a house. A good place to start is the Comprehensive Loss Underwriting Exchange (CLUE) report for the property. CLUE reports will tell you the claims and losses on the home for the past seven years. Also, research the location and look into aspects that can affect your premium, such as the neighborhood crime rate and distance to a fire station.
  2. Know the difference: replacement cost vs. market value
    Your insurance will traditionally be based on the replacement cost of your home. Replacement cost is the cost to rebuild your home with similar type and quality materials. You’ll want to be sure that this amount is enough to cover a total loss. A market value policy only covers up to the current cash value of your home. The cost of clearing debris and rebuilding your home will most likely be greater than its cash value, so a market value policy will only cover a portion of these expenses.
  3. Fill in coverage gaps
    Every policy has exclusions, and it’s important to fill in coverage gaps that can affect your unique needs. For example, flood, earthquake and back-up sewer damages aren’t typically covered in a standard policy. If you’re anticipating any of these issues, it may be wise to add additional coverage.
    You also may want to consider adding extended replacement cost coverage for your dwelling or an umbrella policy for liability coverage. These broader policies set a limit above the amount of coverage you receive from your typical homeowners policy.
  4. Bundle up
    Often, insurance companies will offer a discount on one policy if you also purchase additional policies, such as auto or life insurance, with their company. This practice is called bundling and can potentially help you save money on your premium.
  5. Be smart about filing a claim
    Filing a claim is an essential step to recovering from a loss. And there are many things you can do to create an easier and more effective claims process. First, keep good records. Document important conversations and save receipts and contracts. Also, keep a good inventory of your home—you can even use an app or a website to keep track of your items digitally. When the time comes to report a claim, be sure you have all of this information plus other specifications about your home on hand and ready to pass along. Then, file quickly. Insurance providers have varying amounts of time allotted to report a claim. Be sure to file within these time limits to ensure that your loss is covered.
  6. Keep up-to-date
    Review your policies every year. Changes to your home and even your neighborhood can raise or lower your premium. If you’ve made an addition to your home, such as a finished basement or swimming pool, you’ll want to increase your policy so that, in the instance of a large property or liability loss, you’re not underinsured. On the other hand, if risks have been reduced, your premium could decrease. Additions to your home, such as a new roof, burglar alarm, fence or pool cover, can reduce risk and potentially lower your premium.
  7. Talk to an expert
    The best way to determine your coverage needs is by speaking with an independent agent. Your agent will review your situation, house and location to make the best policy recommendation for you. Your agent can also explain the details of your policy and optional coverages you may want to add.
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Comments (22) - Post a Comment
My family needs to get a new house. Thanks for the advice about how if you bundle up then it should be cheaper. Another thing to consider is to get an insurance agent that you like.
Sarah Smith at 4:23pm EDT - September 16, 2016
Lilly Musgrave at 1:08pm EDT - October 25, 2017
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Easter and the holidays that are related to it are moveable feasts, in that they do not fall on a fixed date in the Gregorian or Julian calendars (both of which follow the cycle of the sun and the seasons). Instead, the date for Easter is determined on a lunisolar calendar similar to the Hebrew calendar. The First Council of Nicaea established two rules, independence of the Jewish calendar and worldwide uniformity, which were the only rules for Easter explicitly laid down by the Council. No details for the computation were specified; these were worked out in practice, a process that took centuries and generated a number of controversies. (See also Computus and Reform of the date of Easter. In particular, the Council did not decree that Easter must fall on Sunday. This was already the practice almost everywhere.[incomplete short citation]

In Western Christianity, using the Gregorian calendar, Easter always falls on a Sunday between 22 March and 25 April inclusive, within about seven days after the astronomical full moon. The following day, Easter Monday, is a legal holiday in many countries with predominantly Christian traditions.
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Eastern Christianity bases its calculations on the Julian Calendar. Because of the 13-day difference between the calendars between 1900 and 2099, 21 March corresponds, during the 21st century, to 3 April in the Gregorian Calendar. Easter therefore varies between 4 April and 8 May in the Gregorian calendar (the Julian calendar is no longer used as the civil calendar of the countries where Eastern Christian traditions predominate). Also, because the Julian "full moon" is always several days after the astronomical full moon, the eastern Easter is often later, relative to the visible moon's phases, than western Easter.

Among the Oriental Orthodox some churches have changed from the Julian to the Gregorian calendar and the date for Easter as for other fixed and moveable feasts is the same as in the Western church.
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rohimic at 7:28am EDT - October 9, 2018
Amazing tips for new Home buyers. Thanks for sharing.
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CHI Siding at 8:52am EDT - March 25, 2020
As the holy day is impending, I feel like I can’t wait any longer to be reunified with you people. Love you from the depth of my heart. Eid Mubarak to you all!
Dear mom and dad, I feel so fortunate to have parents like you to pass the day with. You have been the purpose why every Eid day appears like a day I spend in paradise. Eid Mubarak to you!
Wave a farewell to one more astounding year and be prepared to welcome the crescent moon, lovely new outfits and of course all the delightful food. Eid Mubarak to my adoring family! I love you all!
I’m sending the moon tonight to wish Eid Mubarak to my beautiful family. I hope it can reach to you before I make it back home. Advanced Eid Mubarak from me!
Even if I’m not with you on this eid day, I want you to know that my heart will always be with you to share all the delights and pleasure. Appreciate this Eid to the maximum. Love you all!
I am grateful to Allah for the reason that he blesses me with two delightful days in a year to be with the persons I love and care about the greatest in my life!

Eid Mubarak Wallpaers

Don’t disremember that every day you are living is a special event. Every second, every minute, every hour and even every breath that you take is a present from Allah. Be grateful to Him on this Eid day for everything he has blessed you with!
Eid Mubarak Images at 10:03am EDT - May 9, 2020
Great Blog! Thanks for the tips! I've learn a lot! ~ Trex Decking
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