The need to shop for home owner’s insurance is one of those necessary but painstaking tasks that can be often be left until the very last minute, and then rushed through, leaving you with a home owner’s policy that ends up costing you more than it probably should. Because of this, it is wise for new home owners to start looking for a policy immediately their house purchase offer has been accepted. There are a number of things you can do to ensure that the process is as trouble-free and speedy as possible.
First, determine what insurers refer to as ‘the insurability’ of your home. To do this, ask a few basic questions, such as when was your home built? How much square footage does it occupy? How old is the plumbing and electricity? what type of roof does the property have? How many claims have been filed in the space of the last five years-and where is the house located? The reason for the last question is that, when a house is located in a rural location, and has no local fire department or street fire hydrant, an insurance company may refuse to insure the property. If this happens, you may need to contact either a surplus-lines or speciality company, and this will take longer, so be prepared for this.
Look also at tailoring your policy option choices. For instance, something like liability coverage can often be overlooked, but it will insure you against claims that come up as a result of injury and property damage to other on your property. As an example, if one of your children accidentally set your neighbor’s house on fire when playing with matches this eventuality would be covered by your liability coverage even if you may need to consider getting new neighbours.
Make sure also that you receive all available credits that you are entitled to. For instance, if you house has a fitted alarm system that is linked to a central station, your home owner’s insurance company may well give you a discount of up to 10% on your premium. Also, more mature policy holders may well be entitled to policy discounts.