CONGRATS… You’ve finally found the perfect home! NOW… It’s time to get rocking n’ rolling on obtaining your homeowner’s insurance. If you’re also obtaining a home loan, your lender will require that insurance is “bound” before getting to the closing table. Homeowner’s insurance protects your home and your property in case of disaster and protects you against liability for accidents in or around the home. Here are some basics to know before shopping around.
Coverage – How much home insurance do you need? Typically, most insurance carriers will require you to insure your home to replacement cost, which you and your insurance professional will calculate. If you are obtaining a mortgage, your lender will provide you with a minimum amount that they would require.
Deductible – This is what you agree to pay out-of-pocket for any claim. Higher deductibles mean lower premiums.
Replacement Cost or Actual Cash Value – You may want to insure your home and possessions for the amount it would cost to replace all of it at current costs (replacement cost) or you might prefer to insure for actual cash value, which is lower, because it includes deductions for depreciation.
Discounts – Insurers may offer a variety of different discounts for things like alarm systems, deadbolt locks, vehicle coverage, etc.
Read the fine print – Make sure to fully read and understand your policy before you choose an insurer. Learn what’s covered, what’s excluded and what additional coverage may require separate policies.
Check-in with your insurance agent annually – Even once you’ve chosen your homeowner’s insurance carrier, it’s a good idea to check in with your agent every year to make sure your coverage is still adequate. Home improvements add value, which means your insurance may need to cover higher replacement costs.
When you’re ready to lock-down homeowner’s insurance, be sure to contact Karen Lund at the Whiting Agency for ALL your insurance needs. Karen can be reached at (352) 686-2891 or stop by her office, conveniently located, at 11270 Spring Hill Drive, Spring Hill, FL 34609.
We hope you found this post to be helpful, informative and interesting…
Thinking of BUYING OR SELLING a home in the Spring Hill, Brooksville, Weeki Wachee or the Hernando Beach areas of Hernando County, Florida? If you’re new to the area, be sure to see what Hernando County has to offer you and your family! In the meantime, visit www.GailSellsFloridaHomes.com to explore our state-of-the-art MLS Map Search Feature where BUYERS can SEARCH MLS listings and SELLERS can SEE what their competition is doing!
Until then… it’s all about YOU!