home buyingIt can be easy to let something like purchasing home insurance slip through the cracks when you are purchasing your new home. You have a lot on your plate and it might not be your biggest priority. However, it can be a big mistake to procrastinate buying home insurance. To save both time and money, here are some tips to make the process of purchasing home insurance a little bit easier.

Determine Your Home’s Insurability

You’ll need to answer some questions for your insurance rate in order to get the best and most accurate quote for an insurance policy. These questions can include things like when the home was built, the age of the roof, the home’s location, how old the plumbing and electrical systems are.


If you have a higher deductible, you can often save money on your insurance policy. Keep in mind that many mortgage companies will not allow you to exceed a $1,000 deductible. Most insurance companies offer discounts starting at deductibles of $500 and increase the discount as the deductible increases.

How much insurance does your home require?

Home insurance generally covers the home, not land. If your home is on a large lot or includes a large lot, the insurance cost may be less than you think because the insurance only covers the home. Most agents typically use a cost estimator to calculate the replacement cost for a home.

What are your options?

It is possible to customize your insurance policy coverage. For example, you can increase the liability coverage in your home insurance policy. Liability coverage covers things like claims as a result of bodily injury or property damage to others.

Are you eligible for discounts?

If you have multiple policies with the same insurance company, you often qualify for discounts. So if you can, it can sometimes be beneficial to have your home insurance, auto insurance, boat insurance or other insurance policies with the same insurance company.

There are also other things that can make you eligible for discounts through your insurer. This can vary form age-related discounts to discounts for using specific security systems.

Most importantly, review your policy every few  years to make sure you are up-to-date on what your policy covers.

Tags: , , ,

This is filed under Home Insurance.

     Twitter It!