Purchasing your very own house for the very first time? How fun! How exciting! How scary! How overwhelming! When buying your first house it is not uncommon to experience a myriad of emotions from happiness and excitement to apprehension and anxiety. There is a lot to think about and just about when you think you’ve gotten through it, there is house insurance. Oh my. How do you choose house insurance? What do you look for in a policy? Here are a few insurance tips for first-time buyers.
All Policies Are Not Created Equal
Often your mortgage, home-owners insurance, loan principal, interest, and property taxes are bundled into one payment, so you should budget the cost of insurance into your prospective mortgage payment when shopping for a house. Be as particular about purchasing insurance as you are about choosing a house. The price of home insurance varies depending on the provider; each determines their premiums according to different algorithms. Get several different quotes before deciding.
Good credit doesn’t only help you get low interest rates; your credit is also used to assess the risk you pose as a policyholder. A good credit score can result in lower insurance premiums. According to research models, fewer claims are filed by consumers with good credit.
It’s easy to think nothing will happen to your home but you can’t take that risk. Make sure your dwelling coverage which protects your home structure will cover a complete rebuild should it ever be necessary. Be aware that the amount to rebuild your home is not always the same as what you paid for it.
Using The Same Provider
Using the same insurance provider for other policies can help lower your premiums. For instance, insuring your house, car, boat, lake house, etc. with one carrier could save you up to 20 percent on your annual premiums.
ABOUT YOUR DALLAS INSURANCE COMPANY:
With over 20 years of experience in the insurance industry, the Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets. To learn more, or to get a free quote, call our Carrollton office today at 972-492-8500.