How To Purchase Insurance For Your New Home?

Purchasing Insurance for your New Home

When purchasing a home insurance policy, work with your insurance agent or company representative to get enough insurance to rebuild the house in the event of a total loss. No new home buyers want to think that their house could go up in flames, but disasters do happen. It’s important to have enough insurance to completely rebuild your home and replace all of your personal possessions. You also need to make sure you have enough liability insurance to protect your financial assets. Ask about additional coverage such as:
  • Replacement cost for personal possessions
  • Extended or guaranteed replacement cost for the structure
  • Building code upgrades
  • Sewer and drain back-up coverage
  • Inflation-guard
  • Umbrella coverage for a pool or other high-risk items
  • Special riders for jewelry, collectibles and expensive items
To save money on your homeowners insurance, shop around and take the highest deductible you can afford. Since most people only file a claim every eight to 10 years, having a higher deductible saves money over time and preserves your insurance for when it’s really needed. You can also ask about available discounts for:
  • Multi-policy (home, car or other policies with the same company)
  • Smoke detectors
  • Fire extinguishers
  • Sprinkler systems
  • Burglar and fire alarms that alert an outside service
  • Deadbolt locks and fire-safe window grates
  • Being 55 years old and/or retired
  • Long-time policyholder
  • Upgrades to plumbing, heating and electrical systems
  • Earthquake retrofitting to make the home safer
  • Wind-resistant shutters

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