1. Factor in home insurance
When calculating monthly mortgage payments, it’s important to factor in home insurance. Just as property taxes will likely be paid out of an escrow account, so will insurance premiums.
2. Find an insurer early
Finding an insurer early can give a homebuyer peace of mind. An insurance company that works with multiple providers (Brodbeck Porter Insurance Agency) can assist a homebuyer in comparing policies and selecting the insurance coverage.
3. Figure out your priority
What is most important in an insurance provider for you? Is it price, service or coverage?
4. Consider your future insurance needs when buying
Consider the specific aspects of the new home. Does it have a pool? A trampoline? What about a security system? Do you plan on adding any of these features?
If a home is situated in a flood plain, a homeowner will need a separate policy to cover flood risk. Even owning certain types of dog breeds can affect insurance needs.
5. Don’t forget your belongings
Think about how much coverage you would need to protect all belongings and the structure itself against complete loss and total replacement and rebuilding.
Comprehensive coverage is the best way to ensure that a home and its contents are fully protected if disaster strikes. It’s also important to know which types of belongings needs separate riders — items of high value like valuable jewelry or pricy antiques.
6. Remember liability insurance
Liability insurance is an important part of a homeowner’s policy, as it protects an owner’s assets if someone should be injured on his or her property.
7. Bundle policies
Bundling policies together (auto, business and life) can save a homeowner on annual premiums.
8. Ask lots of questions
Understanding the ins and outs of insurance coverage is something a homeowner should consider along with the other aspects of homeownership. If you don’t have the answers to a client’s questions, refer him or her to an insurance expert.
Real estate agents are in the business of providing a fully satisfying home buying experience. Becoming a referral partner with a trusted insurance firm can help round out your clients’ home purchase.