Posted: January 7th, 2017

Once you have found your dream house and your offer has been accepted, the focus will be on all of the paperwork that must be taken care of before the closing. Regardless of whether you are purchasing your first or even your third house, the tips that follow will help you make it through the process.

 Insurance Tips for a Must Have

One of the decisions you must make is what kind and how much homeowners insurance to carry. Your mortgage company will require a certain amount, but it is up to you and your agent to find the policy that is the best fit for you, situation, and your budget.

Find the Right Agent

Of course you want to work with a professional insurance agent that you trust. The National Association of Insurance Commissioners offers some tips on narrowing down your selection of agents.

  • Referrals from family, friends, and colleagues – word of mouth still ranks as a the best way to get honest input about a business or service.
  • The Internet – research options abound. Sites like Insurance Direct 123 offer immediate quoting and can match you with an independent agent in your area.
  • Trade Associations or other business owners

Do Your Research

Go into your meeting prepared. The Maryland Insurance Administration recommends these insurance tips and topics:

  • Reasons why you need homeowners insurance
  • The various types of homeowners policies
  • Basic coverage explained
  • What determines the amount you pay for your policy

Ask Questions

  • Can I learn of the claims history of the home before I purchase it?
  • How will my premium be affected when my policy renews if I submit a claim?
  • Which discounts are available?
  • What is covered and not covered by the policy?
  • What are the policy coverage limits?
  • How much coverage do I need for my personal property?
  • Do I also need flood or earthquake coverage?

The highlights above are not all inclusive but represent basic insurance tips for buyers.

Get your Google on. Ask away – no dumb questions here. Ease your mind. And most importantly, enjoy your new home.