If you are looking to purchase your first home, it is important to get quality homeowners insurance to cover your investment. There are four types of coverage in a homeowners insurance policy: (1) property damage coverage, (2) personal liability coverage, (3) medical payment coverage, and (4) additional living expenses. When shopping for homeowners insurance here are some things to consider:
- Maintain good credit
If you financed your home, you had to establish good credit, but typically insurance companies check your credit as well. With a good credit report you can get a better rate and save money.
- Combine your insurance policies
Although shopping around for a good rate is useful, typically you can receive discounts for using the same insurance company for your homeowners insurance as you do for auto or other insurance.
- Evaluate the limits in your policy
Create a policy that will cover all major purchases or additions to your home. If you own expensive jewelry or high-end computers, you may want to purchase a floater that will provide extra insurance for those items.
- When buying a home, consider homeowners insurance
If you purchase a home next to a fire hydrant or near a fire station, you might pay less for insurance. You can also save money if your electrical, heating, and plumbing systems are less than 10 years old.
Please give me a call if you would like help finding a home in the Denver Metro area. I would also be happy to give you some recommendations of trusted insurance companies in the area.