First Time Home Buyers Guide to Insurance

Making the switch from renting to buying your first home is exciting, but it is also confusing. The mortgage application process along can take up most of your time. However, obtaining home insurance is just as important. In fact, many mortgage applications can’t close until you purchase an insurance policy.

What it Covers

As a first time home buyer, you are also a first time insurance buyer. Many individuals are confused about what is actually included in their homeowners insurance. The typical policy insures your home against damage. It also insures anything on the land, such as fencing, pools, sheds or carports. Other options cover the replacement of your possessions within the home and costs incurred if you can’t stay there. Another critical component is liability coverage, which protects you financially if you cause damage to someone else or their property.

Heed Professional Advice

It’s tempting to try and cut corners when it comes to insurance, but heeding the advice of your insurance advisor saves you money in the long run. If they suggest higher limits than required, it’s because they know the devastating effects of inadequate coverage. One example, is covering your home and personal possessions at the replacement cost rather than at market value. This option costs more, but accounts for inflation adjustment in the price of goods.

For more information about insurance services in California, please contact Pulp Street Corporation, located in Westminster.

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