Choosing to buy a house for the first time is a big investment filled with many choices. However, one decision many people don’t often think about during the home selection process is homeowners insurance. Mortgage lenders will always require you to purchase homeowners insurance to protect your house against any catastrophes. Unfortunately, selecting the right insurance for your home isn’t always easy due to the variety of options available. Working with an insurance agency can help you find the best insurance to meet your needs and budget.
Here is a simple guide for first-time homeowners in need of house insurance in Sanford, FL.
Begin Shopping for Insurance Early
Many first-time homeowners make the mistake of not looking for insurance until they are nearing the close date of their new house. Waiting until the very last minute creates a lot of stress, and it makes it difficult for you to compare different options. It’s a good idea to begin shopping around for homeowners insurance at least a month or more in advance before the closing process. Usually, a mortgage company will require evidence of insurance at least a few days before closing, which is also known as a binder. Staying proactive by shopping around for insurance in advance will make the entire process run smoothly, and you won’t risk delaying your closing due to a lack of insurance.
Compare Your Different Options
Another key aspect of looking for homeowners insurance in Florida is to compare your options with multiple providers. It’s often recommended to get anywhere between three to five quotes to help you find the best insurance to meet your needs. Checking out online reviews of different insurance companies can also help you identify any potential red flags, whether it’s poor customer service, higher prices, or any other issues. You can also save yourself a lot of time and hard work by partnering with an insurance agency. These professionals will work with you individually in determining your needs to help you choose the best insurance provider for your situation.
Find the Right Amount of Coverage
Understanding how much insurance coverage you need is also an important decision for first-time homeowners. Choosing to insure your home at its replacement cost and not market value is essential to avoid potentially not having enough coverage. Each insurance company uses various formulas to calculate the costs of replacing your home. You will also need to remember the 80% rule, as an insurance provider will only cover the expense of replacing your home if you have insurance that’s at least 80% equal to the value of your house. You may also be responsible for paying a portion of the damages if you don’t have enough insurance coverage.
Understand the Details of Your Policy
Learning about the details of your insurance policy is essential for homeowners in Florida. Not all insurance policies are the same, as some insurance plans won’t cover specific situations, such as floods, earthquakes, or mudslides. Sometimes you can purchase insurance separately, such as flood insurance if you live in an area prone to flooding. Additional coverage may also be available, as it’s a good idea to reach out to your insurance provider if you have any questions. Reviewing your homeowners insurance on an annual basis is also important to help you find the best insurance coverage to meet your needs.
Consider Bundling Auto and Home Insurance
Looking at ways to save money on homeowners insurance is always a good idea. One simple way to save money is to consider bundling your auto and home policy to receive a discount. Many insurance providers offer a discount ranging between 10% to 25%, as it’s always worth your time to research your available options. You may even be eligible for other discounts, whether it’s installing smart home upgrades or a home security system. Learning about all the possible discounts is always a worthwhile option to help you lower your insurance premiums.
Schedule a Home Inspection
Trying to find any potential issues with a home isn’t always easy for the untrained eye. Scheduling a home inspection is a good idea in helping you discover any potential problems that may cost you a lot of money in future repairs. A professional home inspector will provide a list of any issues to help you determine if these problems need to be fixed by the seller or if any of these problems need to be considered during the negotiation process. Keeping these things in mind can help you determine how comfortable you are with your homeowners insurance deductible.
Contact Wellcovered Insurance to Learn Even More About Homeowners Insurance
Wellcovered Insurance is an agency in Florida that works with more than 30 insurance carriers. Our goal is to help you find the best insurance plan that meets your needs and fits your budget. We have years of experience in the industry, as we work with numerous clients in Seminole and Volusia County. Our insurance agency is also one of the top-rated companies on Google Reviews, as our goal is to always offer the best customer service.
Our team will help you find the best insurance at the right price, as we specialize in finding rental property, homeowners, mobile home, condo, and commercial property insurance. We also offer many other insurance options, such as car, motorcycle, boat, RV, professional liability, business owners policy, and much more.
Wellcovered Insurance focuses on making the process of finding insurance as simple as possible, as it only takes 15 minutes to receive an auto quote, and it only takes between one to two business days for homeowners insurance quotes. We will always return your phone calls as soon as possible, and we remain active in the community. We are also an active member of the West Volusia Regional Chamber of Commerce and the DeLand Breakfast Rotary.
Reach out to Wellcovered Insurance today to learn more about homeowners insurance!
