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Insurance Tips For First Time Home Buyers

Insurance Tips For First Time Home Buyers

Choosing an Agent:

Independent agents represent, in some cases, over 100 insurance companies. This means they can look at your personal situation and shop your needs with several dozen insurers to make the best recommendation for you.

What to look for in a Homeowners Insurance Policy:

Dwelling, Other Structures, & Personal Property:

  • Actual Cash Value V.S. Replacement Cost.
    • Actual cash value is equal to the replacement cost minus any depreciation
      (ACV = replacement cost – depreciation).
  • The cost to rebuild your home is its replacement value. This can be very different from the estimated market value or actual purchase price.
    (Guns, Jewelry, Electronics, Golf Clubs, Bicycles, etc)

Personal Liability & Medical Payments

  • Liability claims result from damage to the property of another, or injury to a person, not a member of your household, for which you can be responsible.
  • The Personal Liability coverage provided by your Homeowners Policy usually provides a limit of $300,000 or $500,000.

Water Back-up

  • This is intended to cover water damage resulting from water back-up. Typically from a blocked drain or plumbing line. For instance, it may help cover the cost of replacing furniture or removing water after an unexpected backup.

How to save Money

BUNDLE, Raise Deductible, & Permit Any Major Improvements (HVAC, Electrical, Roof.)

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