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How to Find Affordable Home Insurance for Your First Property

keys to first property

If you’re in the middle of purchasing your first property, congratulations! Although everything may seem overwhelming right now, it will all be worth it when you’re settled in the house of your dreams. When you’re busy house hunting and scrupulously managing finances, it’s easy to forget one of the key elements of your home purchase: protecting it! Homeowners insurance in Renton, WA helps you to protect your investment, so it pays to make sure you secure the right policy for your property.

 

Insurance Tips for First-Time Homebuyers

 

  • Shop around

It may seem tempting to pick the first policy that you see online to save time, but this may not be the right policy for your needs or budget. Compare quotes and coverage from at least three different insurers to see that is the best value. Keep in mind that the cheapest may not always be the best coverage. In the long-term, it’s best to get the right policy that suits your property so that it remains protected. If the unexpected should occur, you want to be sure you’re not paying for repairs that your home insurance policy doesn’t cover.

 

  • Understand how much you need

Unfortunately, this step requires thinking about the worst-case scenario. As difficult as it is to do, imagine that your new home is destroyed and you are faced with rebuilding the home and replacing all of your belongings. Consider how much it would take to rebuild your home from scratch. Keep in mind that this will be different from the price you paid for it. You will also need to consider your personal property coverage (see below), and how much liability coverage you should obtain.

 

  • Take a home inventory

Moving home offers the perfect opportunity to conduct a home inventory. Take pictures of your belongings or video each item so that you have it on record. From here, you can work out how much personal property protection you need to satisfy the total value of your belongings. Note that if you have items of high value, such as antiques, musical equipment, and jewelry, you may need to obtain additional coverage.

  • Fill in the gaps

Your homeowners insurance policy will protect your property, belongings, liability risk, and additional living expenses. However, every policy will have its limits. Make sure you understand these limits as well as any exclusions, such as flood and earthquake coverage. Knowing what is excluded from your coverage helps you to secure the extra protection that you need.

 

  • Choose a home insurance deductible

The deductible is the amount you pay when you file a claim. It is paid before your insurance kicks in. Generally, the higher the deductible, the lower the insurance premium. This is because you are assuming more financial responsibility in the event of a claim. However, you should keep the deductible at an affordable cost to pay out of pocket if you do need to file a claim.

 

  • Know why it’s important

If you are taking out a loan, the lender may require you to obtain homeowners insurance to protect their investment. If this is the case, you may not care too much about coverage cause it’s mandatory. However, homeowners often benefit from learning more about what home insurance can do to protect their assets. Once you see the value in coverage, you may be tempted to give it more thought.

 

Home insurance is incredibly important to protect your new property. When you need to find coverage to suit your budget, talk to the professionals at Humble & Davenport Insurance today. Serving Renton and neighboring cities in Washington, we are ready to help you find suitable coverage today.