There’s no feeling like the one you get when you close on your first home, but before you close, you need to find a good homeowners insurance policy that takes care of you in the event of a catastrophe that damages or destroys your home. Mortgage lenders typically require policies before they’ll finalize loan agreements, but the good news is that your coverage doesn’t have to start before your closing date. In many cases, it can even be handled through your escrow after it’s established, making renewals easy. So how do you pick the right homeowners policy? It starts by knowing what to ask for when you get a quote.
Structure Value, Valuable Assets, and More
When you insure a house, you’re insuring both the structure and the property, as well as its contents. That means you need protection that acknowledges each class of object and sets clear terms for compensation. Most insurers recommend replacement cost coverage so you can purchase new versions of appliances at today’s market prices and fund reconstruction fully from your settlement. If you have additional assets like vehicles or jewelry on-site, it’s a good idea to individually cover them with additional protection for high-value assets. High cost devices like laptops and desktop workstations can also be given extended protection, even if they leave the home. It’s all a matter of shopping for the right features to make sure you can rebuild in the event of common mishaps and setbacks.