Things New Home Owners Might Not Know About Their Homeowners Insurance
Buying a house for the first time is a big milestone in life, but before you sign on the dotted line, one of the things that go hand in hand with finalizing your mortgage is making sure you are set up properly with the right homeowners' insurance on day one. If this is your first time buying this type of policy, you might not know where to begin. Your real estate agent may be able to offer advice and, of course, the insurance agent you buy from can help you out as well. But even then, there are some things about your new homeowners' insurance that you might not fully realize as a new homeowner. Here are some important tips to keep in mind.
The Basic Policy Might Not Cover Everything Inside Your House
A good homeowners' policy will cover the structure itself, essentials like your plumbing and electrical work, and many policies also cover the goods or items you have in your home up to a certain dollar amount. But keep in mind that there might be some exceptions. If you, for example, are an avid collector of wine and have built up a collection worth many thousands of dollars over the years, this might not be covered under a basic policy. This, or any other hobby collection, might need to be covered under a separate rider. Be specific with your agent about anything unique that you own and make sure you are covered.
The Basic Policy Might Not Cover Every Possible Weather Event
A homeowners' policy may cover you in the event of a fire that begins within your house, but did you know that your basic policy might not cover you in the event of a wildfire that starts outside of your home and spreads into your neighborhood? The details will of course vary depending on your unique situation and whatever policy you select, but if you live in an area where certain weather events like wildfire, hurricanes, or flooding are known to happen, make sure you have coverage for these events.
You May Not Find Out About All Possible Discounts Unless You Ask
Homeowners' insurance companies typically offer discounts for things like a security system or water shut-off valve, but they might not volunteer this discount unless it's asked for. That's because, in some of these cases, the insurance company won't know what exact features are inside the house until they are informed. If you have a feature in your house that you've heard typically results in a discount but it's not reflected in your quote or finalized policy, contact your insurance agency and see what they can do about your rate.
For more information, contact a local insurance provider, like Norman Heil Insurance.
