Home Insurance Checklist for New Homeowners

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Home Insurance Checklist for New Homeowners

Use this checklist as a guide to securing your home insurance.

As a future new homeowner, there’s a lot to do. Securing the right homeowners insurance is one of these important tasks. If you’re on your way to new homeownership, homeowners insurance is a must. Not only will your mortgage lender require you to get a certain degree of coverage, but it’s also designed to protect your finances, belongings, and home structure.

If you’re about to be a new homeowner, be sure to follow this checklist to shop for homeowners insurance.

Check your credit score – Companies may consider your credit score when determining whether to sell you insurance and at what price. Comb through your credit report, searching for mistakes and anomalies and fixing them diligently.

Gather information about the house – For an insurance quote, you’ll need to know the square footage of the house, the number of bedrooms and bathrooms, materials used for the roof and exterior walls, the age and condition of the house, and condition of the garages and decks. This will give the insurer a better understanding of what coverage you will need.

Get it inspected – You will want to have a professional inspector view the house before you buy it. This helps to identify any problems that could cause you a huge financial strain down the road.

Conduct a home inventory – If you have expensive items such as jewelry, computers, coin collections, golfing equipment, and musical instruments, you may consider adding a floater or endorsement to increase coverage for these items.

Determine how much coverage you need – A standard homeowners insurance policy typically covers the house, outbuilding, personal property, liability protection, and additional living expenses if a covered loss damages the home. You will want to read the policy carefully to know exactly what’s covered. Do note that flood and earthquake damages are not covered under a standard policy. For this reason, you may consider purchasing these separate policies.

Contact the team at American Advantage – IFS Inc. – As experts in securing homeowners insurance, give us a call to get started! Contact us in Pewaukee for all of your Wisconsin homeowners insurance needs today.

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