Tuesday, 12 November 2019
Agent Resource Center
Agent Resource Center

4 Tips for Insurance Shopping as a First-Time Home Buyer

Written by Posted On Monday, 08 July 2019 07:36

First-time homeowners have a lot to do. This even includes buying homeowners insurance. In order to get the best rates, first-time homeowners should utilize the following tips.

Don’t Choose a Policy Just Based on Rate

It can be tempting to just go with the cheapest policy. However, this can leave you without some vital protection. If a policy is a lot cheaper than other rates that you’ve obtained, there’s a good chance that it only includes the bare minimum. Don’t forego things like liability coverage or property protection just because you were trying to save a few dollars a month. It isn’t worth it in the long-run.

Look into Bundling Policies

If you are trying to save money, then you might want to consider bundling your policies. You may be able to get a cheaper rate by bundling your auto and homeowners insurance policies together. This is a win-win situation for everyone involved. Your insurance company will make money by having you add on homeowners insurance, and you will save money by staying with the same insurance carrier.

Don’t Be Afraid to Ask Questions

When you are shopping for homeowners insurance, you will hear probably hear all sorts of terminology that you aren’t familiar with. It’s okay to ask questions. Don’t end up with a mediocre policy just because you didn’t find out more information about it. Insurance representatives are often more than willing to answer any of the questions that you have. They can discuss things like coverage limits, and they can help you determine how much home insurance you actually need.

Improve Your Credit Score

Many first-time homeowners don’t realize that their credit score will have an impact on their insurance premium. If you have a low score, then insurance companies will see you as a risk. This is why you need to have a good score. Have errors corrected, and start paying down the balance on credit cards.

In conclusion, first-time homeowners shouldn’t take getting insurance lightly. There’s a lot more to consider than just the monthly premium. If you are a first-time home buyer, then really take the time to shop around for insurance. Make sure you have a good credit score, look into bundling your policies and don’t be afraid to ask questions. By doing so, you should be able to get the right amount of coverage at a good rate.

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