So, You Just Bought A House?
Congratulations, you just bought a house! Most people say that this is the American Dream and that you will be happy. It varies from person to person how you’re supposed to feel about this house you just purchased. Most people though, feel excited as they start on the new adventure that is home ownership. People are excited to finally be able to improve on something that is completely theirs. This can mean they are free to own pets (if they weren’t able to before) or have a pool they weren’t able to have before.
Well, usually when you buy a house you indicate to the bank what insurance you will use for the house. Most of the time, you can have more than one type of insurance (sometimes called a multi-policy) with one insurance provider. For instance, you can have a car and a home policy with the same carrier. Most companies will give you a discount with that.
What do I need to notate on my Home Owner’s Policy?
Homeowner’s polices can be quite specific on what they cover. They cover the basic house which includes the roof, the foundation, the walls, and the construction of it. Then there is the items inside the house that are Personal Belongings. These are covered up to a certain point, usually a dollar value is estimated. It is worth mentioning, if you have expensive items like a mink coat or very expensive paintings, you will need to get additional insurance for those. Often these require an appraisal of what it is worth and what someone would spend for it new (to figure out replacement cost). This comes at an extra cost though so consider if these items are worth covering and if you would take a financial hit if these weren’t covered.
What Else Do I Need to Know?
It is a great idea to go through your house periodically and take pictures of what you own, especially any large, rare or expensive items that you own. Also, take note of any defining features, including serial numbers of electronic items so that you know it is yours if it turns up stolen. This is something you want to keep possibly off site (of your home if possible) and maybe an electronic copy too.
Homeowner’s insurance is easy to get and it’s relatively easy on the budget. It does depend greatly on a number of factors though. It depends on how large or small the house is, what the inspection reveals about it and other things like that. Homeowner’s insurance is great to have for the home.