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Homeowners Insurance Tip for First Time Home Buyers
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Sacramento Homeowners Insurance for Home BuyersAs a first time home buyer, there are a variety of planning measures you must take. As you are preparing to finalize the transaction, you must consider the insurance implications. You will need a homeowners’ insurance policy in place in order for the mortgage loan to be accepted. We understand how confusing and complex this can be for first time home buyers, which is why we are here to guide you through the entire process. Gathered are some helpful points of guidance to get started:

  • The first step is having a professional home builder evaluate your new home and calculate an estimate for how much it would cost to rebuild your home after a disaster.
  • The next step is to determine which type of coverage and reimbursement method to have under your homeowners’ insurance policy. You will need to decide between inflation guarantee, extended replacement coverage, and guaranteed replacement cost coverage. Your decision will be dependent on the cost of rebuilding your home and the recommendation of your insurance agent.
  • The next step is determining how much liability coverage you will obtain. This will depend on what attractive nuisances you have on your property. For example, if the home has a pool, you will likely need to up the standard liability limits of your homeowners’ insurance policy.
  • When determining which coverage options you will have under your homeowners’ insurance policy, you will want to keep in mind any items of particular value in your home. If you have any fine art, collectibles, expensive family heirlooms, or fine jewels, you may want to opt for scheduled personal property coverage for additional protection.

Contact Purves & Associates Insurance Services in Davis for all of your California homeowners’ insurance needs. As a first time home buyer, you have many things on your plate in regards to planning, which is why we are here to handle the insurance part of your purchase. Simply schedule an appointment with one of our experienced agents so that you can protect your brand new home to the fullest.