When buying a home, picking the right homeowners insurance is key. Find out what to look for in your insurance when purchasing Landfall NC real estate.
PRLog - Oct. 30, 2014 - WILMINGTON, N.C. -- Picking the Right Homeowners Insurance
Whether you are shopping for Landfall NC real estate or are looking elsewhere in the Wilmington area for properties, one of the most important aspects of buying a new home is picking the right homeowners insurance policy. After all, you want to make sure that the provider you choose is capable of living up to your expectations in the event your home suffers unfortunate damage.
Here are a few tips to help you get the coverage you need on your most important investment.
Learn the True Value of Your Home
Before settling on a policy, find out the true replacement cost of your home so you're not overpaying for coverage you don't need. The total replacement cost is how much it would cost to re-build your home from scratch at today's prices. You can find this information by asking a local builder to provide you with their best estimate. Of course, as the market changes and home prices and the cost of building materials fluctuate, you will have to adjust your policy over time, but your home's current replacement cost will give you a starting point. Be prepared to potentially pay for this service as some home builders will change a consultation fee.
Get Multiple Quotes for Coverage
Just like with auto insurance, homeowners insurance prices and coverages can vary widely per provider. To make sure you're getting the best value, you should comparison shop insurance companies before making a decision. Make sure each company is quoting for the same coverage so you’re comparing apples to apples. If you are borrowing the money in order to purchase the home, your lender will require you have insurance in place before closing.
What to Look for In a Home Insurance Agency
Never pick homeowners insurance on price alone. The cheapest insurance policy isn't always the best value and the most expensive doesn't always offer the most comprehensive coverage. You have to thoroughly review the coverage and what it entails. For instance, some carriers may not promise to replace the entire home in the event it is destroyed.
Doing your research on a home insurance provider is very important. From reading online reviews to asking around, the more you can learn about an insurance agency the better your chances are of finding an insurance agency that matches your new home’s needs.
What to Know After You Have Homeowners Insurance
Once you have a homeowner's insurance policy, it is important to choose your battles wisely when filing claims. Submitting multiple claims per year for "minor" issues will not only increase your premiums, but they could also lead to a non-renewal of your policy, and this will leave you exposed to an incredible number of risks.
After you have been in your home for a few years, check your Comprehensive Loss Underwriting Exchange (CLUE) report. The CLUE report is like a credit report for a property in that it records any personal property claims information listed for the property, such as the types of loss, the amount paid, and the dates the losses (if any) were reported. The cleaner your CLUE report, the lower your risk level is and therefore, the lower your premiums should be. To purchase your CLUE report, visit www.choicetrust.com. Prices vary depending on much information you request.
Call Just For Buyers Realty Today for Valuable Home Buyer's Assistance
Buying a new home can be a complex process. Having a reliable resource to help guide you through the process can benefit you in a number of ways, from finding the perfect piece of Landfall NC real estate to helping you negotiate the best possible terms for a new home. A Just For Buyers Realty agent can help alleviate some of the stress associated with buying a new home. Just give us a call today at 910-202-4813. One of our agents will gladly help you every step of the way.
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Picking the Right Homeowners Insurance
October 30, 2014 at 14:41 PM EDT
