New Home Owners Rarely Think About Homeowner's Insurance
We see it all the time. It's taken months of preparation, pounds upon pounds of paper work, endless back and fort email exchange and finally, you get the phone call. Your loan has been approved, closing is next week!
If you're a new home owner, then you know exactly what I mean! Applying for a mortgage can be one of the most stressful things people ever do in their lifetime. The process takes its toll on everyone, and you've felt just about all the emotions under the sun. Elation, hope, despair, discouragement, hope again... And then one day, you're finally there. Congratulations, you've made. You're about to enter the circle of home owners. All there's left to do is sign a tons of papers. And as you sit in that conference room, all you can think about is getting out of there, and finally, finally go home.
It's taken you months of hard work and during all this time the thought that you might need homeowners insurance rarely entered your mind.
If hasn't, don't feel bad. You're not the only one. So many new homeowners take possession of their new home without a plan in place should something happen.
We have a lot of pertinent information about what you need to know about Florida Homeowner's Insurance. Want to know if your insurance covers you in case of break-ins?
Get a Homeowners Insurance Quote
Quality coverage is what counts. LNC Insurance Providers can help you make the right choice
Most lenders require that you have insurance
In all likelihood, your loan would not have been approved without it. Mortgage companies typically ask for proof of coverage before funding or refinancing your home. It's a safety precaution as the lenders want to make sure that the financial investment they're about to make are secure. The amounts placed as replacement values typically cover the physical structure of a home. In other words, how much would it cost to re-build it. But what about your belongings. Would they be covered under the umbrella of your building coverage? Not necessarily. For that you might need to look into a homeowners insurance policy.
What to look for when you shop for homeowners insurance?
- Insure your home for its replacement value.
Cost of construction materials do not stay fix and in most cases, go up with each passing year. In addition, take into consideration inflation. - Make sure you are aware of previous claims made on the property you now own.
- Ask your insurance agent about the various options available to you.
- Understand what your insurance policy covers.
- Be aware that location is everything. Depending on where you live, your premium might have a 5% to 15% fluctuation in costs.
- Include additional living expenses in your insurance policy.
Your home is probably going to be the largest investment you'll ever make in your life. Make sure you are fully protected and don't hesitate to call us for advice. We'd be only too pleased to help you find the best homeowners insurance