If you are buying your first home, you may have some homeowners insurance questions to which you need answers.
Buying a home is a crucial step in anyone’s life. It marks the end of your renting days and into a new stage of adulthood. You will finally own your own property and have a place to call your own (provided you fulfill your monthly mortgage payments). But every home lender requires you have homeowners insurance as a way for their investment to be protected. If you are unsure about the matters of homeowners insurance, here are a few questions you need to ask before you move forward.
What factors affect my premium?
- Location – Things like crime rate, proximity to a fire station, extreme weather or natural disaster exposure, and other like-things can influence your premium.
- Home Features – The age of the home, wiring, roof, and other structural factors impact the premium. Older homes have more risk associated with them and so premiums tend to be higher.
- Claims History – If you have an unfavorable record and have a history of claims, you are seen as a high-risk borrower and will likely be charged more.
Do I need to complete a home inventory?
A home inventory is a record of all of your belongings with the necessary information to replace them or reimburse you. With a complete home inventory list, you provide visual and written evidence of your assets. With this, your insurance company can better process your claim if your things get damaged or destroyed in a covered disaster.
Before you buy your home, make sure you ask these questions and more if you have any doubts. You are going to be with your home a long time, so it pays to know what you are getting yourself into. For all of your homeowners insurance needs in Rochester, New York, contact Vail Agency Inc. We can help you double-check your policy, so you’re not exposed to gaps in coverage!