A stitch in time will save 9. And this article is crucial for Homeowners before they buy insurance.
So you found a house and you already have the wheels in motion for purchase. But you forgot one crucial math factor- homeowners insurance. it doesn't matter if it is rolled into your payment or paid separately. Either way- you will pay.
A penny saved is a penny earned- Benjamin Franklin
Tip #1 - Do i have enought to REBUILD?
1. Determine how much coverage you need. The amount of coverage you need will depend on the value of your home and your belongings, as well as your individual needs. this is crucial for homeowner insurance. Often times, people are under insured, meaning that they don'thave enough coverage if the house burned down and had to be REBUILT along with furnishing the home. This is crucial for homeowners before they buy insurance.
Tip #2 - What are my OPTIONS
2. Understand the different types of coverage available. There are various types of homeowners insurance coverage available, such as dwelling coverage, personal property coverage, liability coverage, and additional living expenses coverage. This is crucial because you not only want to cover the house and things, but what about visitors? Do you have dogs or a swimming pool? what if someone gets bit or has a swimming accident? What about the additional cottage house / garage that is not attached to the house?
There are many other structures and liabilities to consider, which makes this crucial for homeowners before buying insurance.
It is better to have it and not need it, than to need it and not have it.
Tip #3 - Shop It- Get a BROKER
3. Get quotes from multiple insurance companies. It's important to shop around and compare quotes from multiple insurance companies to find the best rate. This why it is crucial for homeowners before they buy insurance to get an Insurance Broker. A Broker has access to many companies. They will do the shopping for you. This will also speed up the process.
Here is a 30 sec video of some PREERRED insurance carriers. you can ask your Broker if they can place you with one of these companies.
Tip #4 - Out of Pocket $
4. Consider your deductible. The deductible is the amount you will have to pay out of pocket before your insurance coverage kicks in. A higher deductible will result in a lower premium, but you will have to pay more out of pocket if you need to file a claim
It is also a good idea to open a separate bank account for this expense. This is crucial to homeowners before they buy insurance because if not planned out, it could me a monkey wrench to your finances when the time comes.
Tip #5 - Read the policy
5. Read your policy carefully before you buy it. Make sure you understand all the terms and conditions of your policy before you purchase it. Insurance is pretty straight forward. but do ask questions and read. This is crucial to homeowners before they buy insurance because you could be under insured- meaning not enough coverage and not you have to spend more to upgrade.
CRUCIAL-
C-Care about the process & be patient.
R- Respect the housing market-yes , prices are going up and it is becoming harder to keep insurance low.
U-Understand that the Broker is working for YOU.
C-Count the cost of the decisions you make in the policy, ie deductibles, replacement value, etc
I-Identify things/ liabilities that need to be covered that are not attached to the house.
A- Ask all questions. No such thing as a Bad question.
L-Life insurance is needed to protect the people and things you love while creating legacy.
5 Crucial Tips for Homeowners Before You Buy Insurance can be taken a step further with Pro Risk Service Group LLC www.prorisk-services.com , or call 816-522-4967. They a boutique firm located in Kansas City , Missouri.
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