Skip to main content

Homeowners Insurance for the First-time Home Buyer

A young Caucasian couple smiling and holding the keys to their new home. The have homeowners' insurance for the first time home-buyer.

Becoming a first-time home buyer is both exciting and somewhat nerve-wracking. After all, you have a lot of responsibility that extends beyond the closing. One thing, in particular, is the need for homeowners insurance. This type of insurance is something that mortgage companies mandate as a way of protection in the event the owner defaults on the loan.

Helpful Tips in Finding the Right House Insurance

While you’ll have no problem finding an abundance of home insurance companies, not all provide the same coverage for the same price. Therefore, it’s imperative that you shop around. The more you learn, the better. Not only will you understand the language but also have more insight into the type of coverage you need. As a result, you can identify a great home insurance policy versus one that’s not up to par.

Focus on More Than Just Homeowners Insurance Cost

Of course, when selecting homeowners insurance, you want excellent coverage for a price that fits the budget. However, be careful that you don’t make your selection based solely on the lowest quote. It might end up that the best homeowners insurance policy is the cheapest but not always. Instead, you want to make sure the policy you buy has specific protection.

  • Dwelling – As a first-time home buyer, it is important to understand that part of the homeowners insurance you buy will cover the dwelling. That includes the house, as well as anything attached such as a screened-in porch, garage, and so on.
  • Personal Property – There is also the personal property aspect of home insurance to consider. This protection is what covers your assets. Some examples include electronics, furniture, clothing, and even knick-knacks. One very important note – you’ll need to buy an additional policy for things like expensive artwork, firearms, and jewelry.
  • Liability – Also as part of the homeowners insurance cost is liability protection. This includes legal fees and medical expenses if someone decides to sue you or sustains an injury while on your property.

Save Money on Your Homeowners Insurance

An excellent way to reduce the cost of your homeowners insurance is by having the same company handle your policy for automobile, motorcycle, RV, boat, etc. The more things you have with a single insurance provider, the more you’ll save. Make sure the company applies all the discounts that you qualify for as well. For instance, you will spend even less on home insurance if you have an alarm system and working smoke detectors.

At one time, a person’s credit score only impacted their approval on revolving credit and loans. Today, insurance companies use this same score when giving out quotes. Not only as a first-time home buyer but also to save on home insurance, make sure you have a good FICO score. The higher it is, the lower the interest rate on your mortgage loan and the lower premium on a home insurance policy.

Calculating Homeowners Insurance Cost

A great way to see if an insurance company offers you a fair quote is by doing some calculations beforehand. For this, you can use any number of available online calculators. You want to have a good idea as to the amount of coverage needed rather than settling on the default limits.

Before starting this process, determine the order of your priorities. This includes the provider of homeowners insurance, the quality of service offered, the type and amount of coverage, and the price. Remember, knowledge is power, which you can get by doing research and talking to several companies about a homeowners insurance policy before making your selection.

Consider Future Needs

A common mistake that people make when looking for the best homeowners insurance is failing to consider future needs. As an example, do you want to eventually have an in-ground pool built? Perhaps you want to have an elaborate security system installed. Along with the amount of coverage you need now, choose an insurance provider that can accommodate any future needs.

Ask Tons of Questions

Reputable insurance companies are more than happy to answer as many questions as you might have. If you run across one that becomes impatient or hesitates to give you information, move on. Start by doing research and then comparing quotes provided by several home insurance companies. From there, you’ll have a much easier time narrowing the choices down to the one with the best homeowners insurance.

If you’re looking for affordable homeowners insurance, you’ve come to the right place. Freeway Insurance compares quotes from top insurance companies to get you the best coverage at the best price. We’ll explain all your options so you know what you’re getting and help you every step of the way. Request a free homeowners insurance quote online or over the phone at 800-777-5620 today.

Ready to Get a Quick Quote?