Purchasing your first home is a not only a milestone event, but the beginning of a new chapter in your life. As you enter this new phase, you might feel overwhelmed by all of the accompanying details that come with home ownership – specifically, navigating the maze of homeowners insurance. What type of coverage do you need? Are add-ons necessary? Will you require liability insurance? What company best serves your situation? In an effort to help you guide you through the process, here are some MA homeowners insurance tips for first time home buyers:
Get Quotes from Multiple Providers
Start the process by shopping around for insurance companies. You’ll want to compare quotes and determine what types of discounts are offered. There can be significant differences in pricing – so if you are looking for the best rates, it really pays off to comparison shop. Many times insurers use different factors to determine risks associated with your property – and these can vary dramatically. Shopping around for multiple quotes will help you find the best policy for your needs. To save time, consider contacting an Independent Insurance Agent, like us! We work with many different insurance companies and can shop rates for you!
Take Advantage of Multi-policy Discounts
Many insurance companies offer combined policies (i.e. home and auto) that help cut costs and save you money on your monthly premium. These bundle packages not only provide discounts but also simplify tracking by allowing you to manage all coverage in one place.
Get Liability Insurance
Many times new owners forget to consider liability insurance. Unaccustomed to owning property, you might not understand your risk of liability for injury on your property or any potential damage that you or your family may cause to others. You should be covered in the unfortunate event that someone takes a tumble down your stairs or if your child sends a baseball smashing through your neighbor’s window. The last thing you want is to be personally liable for the incident and incur all the expenses associated with the injury or damage.
Get Coverage for Personal Property
While this type of coverage may come standard with your insurance policy, it’s best to evaluate whether it is enough in scope. Take into consideration all of your expensive electronic/technology products, jewelry, artwork, family heirlooms, designer furniture, etc. Many times we underestimate the value of our belongings and a standard policy may not cover the cost of replacing these items.
Depending on where you live and the risks associated with the location of your property, you may want to consider add-ons to your policy. Do you live in or near a flood zone? What about water back-up coverage? Is your property at risk of damage from a landslide or sinkhole? Are you protected from identity fraud expenses? These are some of the questions you need to evaluate when determining whether you need additional coverage. It’s always best to err on the side of caution when it comes to including add-ons to your policy.
More on MA Homeowner Insurance Tips for First Time Buyers
So there you have it…a useful list of MA homeowner insurance tips for first time home buyers to help conquer your confusion. Take the time to assess the best and most profitable way to safeguard this new chapter in your life and protect all those involved. Start out on a smart and savvy note by following these suggestions. And contact us for further assistance. We are more than happy to answer your questions, gather/compare quotes, and simplify the whole process for you.