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How to Buy Home Insurance

Home insurance is one of the things that homebuyers usually forget or overlook. Insurance agents do find it ordinary to get those last-minute phone calls from title and/or escrow companies asking for a home insurance binder. But you don’t have to experience that if you begin searching for the right homeowner policy once a purchase price has been set.

Below are tips to help you find the right homeowner insurance:

Insurability Factors

There are a few things your insurance agent will want to know when determining insurability, and that includes the age of the house and its plumbing and electrical systems, square footage and location, roof type, number of filed claims five years backward, etc.

Insurance companies may deny coverage for houses in far-flung areas or in the absence of a fire hydrant on the street. In that is true for you, you can try a specialty or surplus-lines insurer, although you will have to wait for a quote much, much longer.

Deductible Amount

Yes, a higher deductible means you get to save more on your policy. Discounts usually begin at a deductible of $500, going upward as the deductible climbs. The maximum deductible for most companies is $10,000, but be careful because many mortgage companies will not let you go beyond a $1,000 deductible. Make sure you and your lender are clear on this before you opt for a higher deductible.

Your Insurance Needs

To estimate cost replacement, agents often use a cost estimator. The purpose is to make sure that your house will be sufficiently insured. Remember that insurance firms do not insure dirt, so if you bought a house with a massive lawn, don’t be astonished when you learn that you are covered for a much smaller value compared to the price for which you bought the house. What is included in the coverage is no more than the house itself, land excluded.

Policy Choices

You will actually be able to choose features for your home insurance policy, depending on what you want. One is liability coverage, which is usually overlooked. This policy protects you when there are claims of bodily injury or property damage. Let’s say your neighbor’s house is on fire and you caused it because of some accident. You may have to move to another neighborhood, but your neighbors will be paid by your policy.

Enjoying Discounts

Finally, make sure you’re getting all of the discounts for which you are eligible. For example, you have a home alarm system that is monitored by a central station, this will probably fetch you up to a 10% discount. Ask your agent about discounts.

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