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Home Insurance for First-Time Buyers: Key Tips and Coverage Essentials

  • Writer: Marlene Levengood
    Marlene Levengood
  • 2 days ago
  • 2 min read
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Buying your first home is a major milestone, and choosing the right home insurance to protect your investment is essential. Here are key tips to guide you: 


1. Understand Coverage Basics Home insurance typically includes: 

  • Dwelling Coverage: This coverage protects your home’s structure from perils like fire, wind,and storm. 

  • Personal Property Coverage: Your personal property, also called Contents, includes belongings such as furniture, apparel, appliances, home goods, and electronics. 

  • Liability Protection: Liability insurance covers the cost of injuries or property damage caused by you. 

  • Additional Living Expenses:  If your home becomes uninhabitable due to a covered loss, this coverage will pay for you to live elsewhere while your home is being repaired. 


2. Choose Appropriate Coverage Limits Insure your home for its replacement cost, not just its market value.

What’s the difference?  Market value is the amount you could sell the house for; Replacement cost is the amount it would cost to rebuild the house as is.  


 3. Take a Video of Your Belongings 

Create a detailed home inventory with your phone’s video camera. Simply videotape as you walk through your house and talk about your belongings.  Be sure to open cupboards and closet doors. Supplement the video with electronic receipts of large purchases.


4. Consider Add-Ons 

Ask about additional coverages typically not included in standard home policies like flood insurance, earthquake protection, special coverage for valuables, and sewer backup insurance. 


5. Leverage Discounts 

Save on premiums by bundling policies, installing security systems, or qualifying for claims-free or new home discounts. 


6. Review Your Policy Regularly 

Life changes, like renovations or major purchases, may affect your coverage needs. Review your policy annually to stay adequately protected. 


Contact our Personal Lines team to learn more about affordable, tailored home insurance options for first-time buyers and ensure your dream home is secure! 

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