Tips on purchasing homeowners insurance

Before purchasing a home, you need insurance to protect your home and personal property. No lender would close on a loan before the homeowner secures homeowners insurance.


Compare Deductibles


The deductible is the amount you pay out of pocket for every claim and it’s a specified amount of money that the insured must pay before an insurance company will pay a claim.


Shop Around Before You Commit

You aren’t required to purchase a policy from any company your lender recommends. Before deciding on a policy consider getting quotes from a handful of home insurance companies, and assess their coverages, limits and deductibles.


Go Online

The Internet offers a treasure trove of information. Run a search in Google, Bing or any number of search engines and it will return tons of information and quotes from multiple insurers vying for your business.


Check for Discounts

Many insurance companies offer discounts if the homeowner mitigates some of the risks of having to file a claim. From installing smoke detectors, burglar alarm systems and storm shutters, homeowners might be able to save extra money on their premiums. Also, some companies might even offer discounts for being a first-time homebuyer.


Check the Insurers Rating

Knowing your insurer’s rating is very important as it reflects the company’s ability to satisfy customer’s claims. Companies such a Standard and Poor’s, Moody’s and A.M best provide ratings about insurance companies that can provide peace of mind when picking an insurance company.