THURSDAY, MARCH 23, 2023
A standard homeowners insurance policy helps protect your home and your belongings. By having homeowners insurance, you can help protect yourself financially in the event of a covered incident.
Homeowners Insurance Requirements for First-time Home Buyers
Buying a home for the first time can be overwhelming, especially when making insurance-related decisions. The following are the most critical coverages to have as part of your homeowners insurance policy:
- Dwelling coverage may help pay for repairs or rebuilding if your house is damaged or destroyed by a covered incident.
- Personal property coverage may help pay to replace personal items, such as furniture, clothing, electronics and sports equipment damaged by a covered incident.
- Liability coverage may help protect against lawsuits for bodily injury or property damage the policyholder causes to a third party.
- Loss of use coverage may help cover additional living costs if the policyholder’s house becomes uninhabitable due to an insured disaster.
First-time home buyers should know that most mortgage lenders will require enough insurance to cover their loan amount. Talk to your lender and insurance provider to ensure you have the necessary coverage.
What to Do in Case of a Homeowners Claim
If you need to make a claim, your homeowners policy will outline specific rules and procedures. The following are examples of what these steps may entail:
- Report any crime to the police.
- Phone your insurance provider as soon as possible.
- Fill out claim forms.
- Have the insurance adjuster inspect any relevant damage.
- Make temporary repairs if needed.
- Prepare a list of lost or damaged property.
- Keep receipts for any related expenses if you need to relocate.
If the claims professional determines that your policy covers the damage, you will likely receive payment based on an estimate of the damage.
Homeowners Insurance Discounts and How to Qualify for Them
Some insurance providers offer discounted rates for the following:
- New home construction
- The home is 10 or fewer years old
- Bundling insurance policies (e.g., home and auto)
- Upgrading select features, such as electrical, heating or plumbing
- Updating the roof
Discuss discount opportunities with your insurance provider to learn more about ways to save on your policy.
Homeowners Insurance Quote in Villa Rica, GA
If you want to learn more about your homeowners insurance options, contact the Michelle Allen Agency. We can help you find the coverage you need to provide comprehensive protection and peace of mind.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
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