3 Things You Need To Know Before Purchasing Your First Home Insurance Policy

21 August 2015 by Elijah Steward

If you're purchasing your first home, you may be overwhelmed by the number of things you'd never considered before. One of those things is home insurance and the prospect of policy shopping, which is enough to send fear into the hearts of even experienced home owners. Below are three things you should know before purchasing your first policy, which is knowledge that can help you in the long run. 

1. Know What Standard Coverage Consists Of 

While coverage will vary from policy to policy, there are four basics that the majority of standard coverage policies will provide. 

These basics include the main dwelling, possessions, liability, and additional living expenses. While a standard policy may appear to have everything covered, there are some additional coverage options that may be appealing to you based on your personal situation. If, for example, you live in an area plagued by natural disasters, additional coverage can be purchased to help with the after effects of floods, earthquakes, and other such occurrences. Or, perhaps you aren't worried about natural disasters, but you have highly-valued belongings that wouldn't be covered by the standard possessions coverage – you may want to purchase additional coverage for these items in the event that they're stolen or damaged.  

2. Know About the Discounts You Qualify For 

Discounts are available to the majority of policy holders, but the discounts you qualify for will depend on the lifestyle you live and the coverage options you choose. 

Non-smokers, for example, may enjoy a non-smoking discount. This discount is offered because non-smokers have a lower risk of causing fire damage, making them a less risky policy holder. Other available discounts that you might not be aware of include discounts offered to employees of certain companies, discounts offered based on home improvement projects, and discounts offered to those who live in gated or otherwise secure communities. 

3. Know That Your Agent Is There to Help You 

Too often, new homeowners may not know where to turn when they have questions about their new home and how certain claims could affect their policy coverage. Your insurance agent is there to help by answering all questions you have about your coverage and responding to any concerns. 

Your agent cannot only help you to understand your policy forwards and backwards, but they can also offer valuable advice when it comes to lowering your policy risks and increasing your savings. If you'd like to add a pool to your backyard, for example, speaking with your agent beforehand can arm you with the information you need to make the best decisions regarding installation of the pool as well as safety features, such as fences and locks. Proper installation and use of different safety features can decrease the risks involved in you having the pool and can significantly lower the cost of the premium you'll pay as a result. 

To learn more about policy coverage options and discounts that may be available to you, contact insurance companies in your area such as Trent Insurance Group Inc and speak with an insurance agent. Insurance agents will take the time to find you a policy that's right for you as well as help you to understand your policy options and how you can lower your risks before purchasing. 

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