Insurance Tips for First Time Homeowners

Summer is officially upon us everyone. However, we are currently in another season as well, and that is home buying season. This is the time when people start to decide if they should continue renting, or choose to buy a new home. The season lasts generally from April all the way up to August, a period during which more than 40% of a year’s housing transactions occur. This is assuming you live in places such as Millersburg or Halifax that have four seasons. The nicer weather plays a big part in this for the reason that realtors have an easier time showing and selling property. People are less likely to buy in the winter months due to tougher moving conditions, less accurate home inspections, and being caught up in the holiday drama and all the stress that comes with it. Now that it’s home buying season, a lot of first-time buyers will be popping up and hoping to find their first home. This can be a stressful time when you have to think about things like buying insurance as well. Continue reading to find out some insurance tips that will help all of you first time home buyers.   
Don’t Buy the Cheapest Coverage
A common mistake people make when buying home insurance is to buy the cheapest coverage they can get. I understand why people would do this considering they just invested a large amount of money into the house itself. However, you need to make sure that your plan includes some important protections. These include dwelling protection (covers structure of the house and attached pieces like a garage), personal property protection (all your belongings), and liability coverage (medical fees if someone gets injured on your property). Buying the cheapest plan might save you the most money in the short term but not in the long term if accidents happen.
Be Smart About Your Situation
There are many factors when deciding what coverage to buy. These can be affected by your financial situation as well as the location and upkeep of the house you decide to buy. Say you are looking at one house in E-Ville, and another in Upper Dauphin. One thing you have to consider is the insurance needs of each. Different areas might call for certain optional coverage such as flood, earthquake, water back up of sewer, and other structures insurance. All of these factors play into what type of coverage is best for you and your new home.
How to Save Money
Now that you have your home and you’re ready to buy insurance, take note of some money saving tips that can help you in the long run. One thing you can do is pay a higher deductible. Spending more money on your deductible will result in lowering your monthly premium cost. Another thing you can do is to look for bundles. Bundling your policies such as home, auto, and life can sometimes lead to varying discounts. Asking about other discounts such as age, gated community, claims free, and others is smart and can help save you money. Also, thinking carefully about possible renovations can potentially save you money as well. Improving your home’s wiring and plumbing or even getting a new roof can add value to your property and cut a percentage off your premiums. However, something like adding a new room might drive up your costs because it would cost more to rebuild if it was destroyed or damaged.
In conclusion, these are tips that will hopefully resonate with all of you new homeowners looking to buy insurance. From all of us here at Insurance Freedom Associates, we wish everyone a happy and safe stay in their new homes.