Home Insurance Reddit
You are a first time home buyer and have been searching for the perfect home for months. The landlord accepts your offer and now has to learn about a topic that may not be as fun as buying a home, but it is vital: home insurance.
Homeowners insurance protects your home and personal property from damage or loss. It insures you in case someone gets hurt while on your property. You may already have insurance for your home if you have a mortgage on the property.
Renters insurance offers renters coverage just like homeowners insurance.
What can homeowners or renters insurance cover?
Homeowners or renters insurance can pay claims for:
- Damage to your home, garage, and other outbuildings.
- Loss of furniture and other personal property due to damage or theft, both at home and away.
- Additional living expenses, if you live in temporary housing during home repairs.
Home Insurance Reddit
Homeowners or renters insurance can also pay for:
- Physical injury and property damage you cause to others through negligence.
- Accidents occurring in and around your home, as well as outside the home, for which you are responsible.
- Injuries that occur in and around your home to anyone other than you or your family.
- Limited coverage for collections of money, gold, jewelry and stamps and coins.
Your mortgage lender will likely require you to have some level of home insurance for vacant house. Don’t rely on the most basic coverage. Make sure your home insurance Reddit protects you from financial disaster.
If you are buying your first home, you may have experience with condo or renters insurance. There are similarities to home insurance Reddit, such as personal property coverage, but there is much more to home insurance. That’s because there is so much more to lose when you own a home.
In this guide, we’ll walk you through what home insurance covers and give you tips to help you become a home insurance Reddit expert. By the end of this article, you should be more confident in purchasing your first home insurance policy.
When to buy home insurance when buying a new home?
Since most mortgage lenders require home insurance, you will need to have insurance insured prior to closing on the mortgage. However, we recommend that you start shopping for new home insurance as soon as you sign a contract.
Once you have signed the contract, you will have about 30 days before closing. This gives you time to search for homeowners insurance providers, get multiple quotes, and select the right policy for your needs before closing day.
Your new home insurance Reddit provider will provide you with proof of insurance called a binder, which you will provide to the mortgage lender prior to closing.
What does homeowners insurance cover?
Basic homeowners insurance covers financial losses caused by weather (for example, lightning and hail) and catastrophic events (for example, fires and explosions).
However, most homeowners policies do not protect against floods, earthquakes, negligence, power outages, war, or intentional losses. Read more personal finance coverage.
The most basic home insurance policy generally covers at least five areas of coverage:
- Home coverage – This is what your home covers.
- Other Property – This is what the freestanding structures on your property cover.
- Personal Property Coverage – This is what the property within your home covers.
- Liability coverage – This is what you are covered for in the event a visitor suffers a serious injury and sue you.
- Additional Living Expenses – This is what you are covered for in the event your home is uninhabitable and you need to live elsewhere.
Home Insurance Shopping for First Time Homeowners
When buying your first home, you need advice on homeowners insurance.
We are buying our first home in the Seattle area, and we need homeowners insurance before closing. Our broker told us to get quotes from our auto insurance company, which is Geico.
There is also the Reddit question of which coverage to choose and the maximum payment if the whole house needs to be rebuilt. We are buying the house for $576k. The problem is, I didn’t grow up in the US, so I have no idea about anything related to homeowners insurance.
Other important information to know about homeowners insurance policies:
- Home replacement cost
- What your policy does not cover
- Discounts on home insurance
- How Your Credit Score Affects Your Rates
- What is a CLUE report?
- Home insurance deductibles
- Does Home Insurance Cover Floods?
- Do you need earthquake insurance?
- Trusted Home Insurers
- Buying Homeowners Insurance
Get quotes from a few different companies. Definitely get the quote from your auto insurance provider because insurers will bundle discounts across multiple homeowners Reddit policy lines. Some common homeowners companies to try: Liberty Mutual, State Farm, Progressive, AllState, Nationwide, Farmers, etc. Realistically, most insurance companies offer comparable customer service. Choose the one with the best coverage for the lowest premium.
Tips for Purchasing Homeowners Insurance?
In terms of coverage amounts, no one regretted having a little more coverage than is absolutely necessary. However, the person preparing your quote will give you a set of what they think total loss coverage for your home should be, based on what information they have from the public record and what you will tell them. They will ask you questions like if you have upgraded appliances, if your floors are wood or carpet, etc. to help form that number.
If you don’t agree that the number they give you is enough to rebuild your home if necessary, tell them so and request a homeowners insurance quote for more coverage. They are there to give you what you want.
Some things to know about homeowners insurance in general: It does not cover floods. If you are in a flooded area, you also need floor insurance. Like any other insurance, the higher your deductible (the amount you pay before the insurance company pays), the lower your premium.
Ask For Home Insurance Quotes
If you have a good safety net and think you could absorb a $2,000 deductible instead of a $1,000 deductible, you could save money on your premium. Ask for quotes for both scenarios if that applies to you.
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Don’t forget also that many homeowners Reddit insurance tips and tricks will offer discounts for membership in various organizations, military service, alumni status, or even through your employer.
- Home Insurance Reddit First Time Home Buyers in USA.