How To Buy Homeowners Insurance For A New Home?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! The thought process behind buying homeowners insurance is the same that you would use for buying your auto or health insurances. You want to look for lowest cost, highest coverage, and lowest deductible. The amount of deductible will influence the cost, and is the amount that you will have to put out before the insurance starts to pay. You want one that is high enough to lower the price, but low enough that you can cover without too much hardship. You also want a policy that covers as many scenarios and dollar amounts as possible. Again, there will have to be a balance between affordability and payout, so I'd strongly advise that you find a local agent who can walk with you through the process. If you would like more help, please feel free to contact me. Thanks for asking!Answered on April 25, 2014flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482Start by talking to your Insurance Professional. When you are buying a new home, there will be certain requirements that must be met in order to prepare to close on this important purchase. One of these is to be able to show proof of Homeowners coverage beginning at least on the date of the closing. Tell your insurance professional the address of the house and any particular pieces of information needed in order for him or her to complete a quality "Reconstruction Analysis" of the house. The results of this will become the recommended dwelling amount. You will be able to decide on the amount of Liability coverage as well as the property deductible, each of which will help to determine the final price of the coverage. Once agreed upon, the application will be produced and available for your signature. Most banks and Mortgage Companies in Connecticut will require that the first year's total premium be paid in full and then an escrow account will be set up to handle your renewal payments. You will need to provide both a copy of the policy binder or declaration sheet along with a receipt showing the full year's premium has been paid. Best of luck with your new home!Answered on April 25, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaOnce escrow has started, contact your trusted insurance agent. Tell the agent the address and a description of the home. Tell the agent which Title Company is handling the transaction. If the home is currently occupied, find out who to contact to get permission for photographs. Your agent should be able to handle the rest. In California the buyer is rarely asked to pay the initial premium, this is normally included in the closing costs.Answered on April 25, 2014flag this answer- 102 POINTSview profileDavid HurdOwner / Agent, David Hurd, Farmers Insurance - Mansfield, Mansfield, TexasOne of the biggest mistakes I see made with new home policies are the use of the builder's or mortgage company's recommendation. You would never go to a dentist for open heart surgery. A true licensed professional agent can offer several options for the homeowner based upon home value, discounts available for new homes and work with the escrow process to ensure of an on time close. Too often the client is talked into a specific budget parameter which may or may not insure the home properly. A licensed agent is a necessary requirement to protect the interest of the home purchasing client.Answered on September 19, 2016flag this answer
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