Are you about to purchase your first home? Has the bank told you that you need to get an insurance policy for the house before they'll approve the sale? Having a valid insurance policy is a requirement for most lenders if you want to get a mortgage. Fortunately, you can choose your own company and policy instead of having it chosen for you. But if you've never shopped for homeowners insurance, you may be overwhelmed by all of the various options. Some things that can make the whole process easier include:
Know your home's specifics: Before you call various insurance companies about homeowners insurance, make sure that you know as much as possible about your home. For instance, is it a wood-frame house? Block? Masonry veneer? If you don't give the right answers, the insurance company may not pay out on your claim if you need to make one. For example, if you say that your house is block construction and it is actually wood-frame, your insurance rates will be different because the risks of various problems are also different. Giving the all of the correct specifics, including the home's value if it's different than the sale price, is essential to getting the right insurance quote.
Flood insurance: Whenever possible, you should opt to get flood insurance. This is true even if you live in a location that is nowhere near a river. Something as common as a broken pipe may not be covered under your regular homeowners insurance policy unless you have paid for additional flood coverage. Other possible causes of flooding in your home include broken water mains and over-full street gutters. If you live in an area where river flooding is a serious risk, having at least basic flood coverage becomes even more important. Repairing water damage can be extremely expensive, more than the cost of your insurance premium, so it's better to be prepared whenever possible.
Install protective measures: Most homeowners insurance companies will give you a discount on your premium if you have various protective measures installed. These things include security screen doors, burglar alarms, working smoke detectors, having a working fire extinguisher in the home, or having a sprinkler system installed. When you talk to potential insurance companies, like Lanham Insurance Agency, they will ask if you have these things already installed. If you don't have them, you can get a quote on insurance costs both with and without them. This can give you a better idea as to whether or not it's worth it to install any of these things in your new home.