Home insurance form and dollars on the table.

3 Things That All First-Time Home Insurance Buyers Should Know

Have you been in the market for a new home? Have you have finally found that one piece of real estate to start a new chapter in your life? If so, then it goes without saying that, before closing a deal on a mortgage, you’ll need an insurance policy for your new residency. Finding the right coverage can be just as important as coming up with a plan to pay for a home. If you’re a first-time buyer of home insurance, then consider these three tips first and foremost.

Shepard Walton King Insurance Group knows the importance of finding the right coverage for your new home. Contact our insurance agency in McAllen today to get started on the process.

Avoid the Cheapest Rates

When comparing insurance policies, remember that you’re going to want one that’s reliable and provides at least the standard amount of protection. We understand that you’ll want to save as much money as possible when finding a home insurance policy, however, this is one purchase where you don’t want to shortchange yourself. Insurance policies come with various coverages and limits, so choose the one that caters best to you even if it might be pricey.

For example, never opt out of purchasing liability coverage, which is the part of a policy that goes toward any medical or legal expenses you may have to deal with if someone is injured on your property who then decides to take legal action.

Another portion to carefully look into is additional living expenses. This applies when a home burns down or is deemed unfit to live in due to a force of nature that results in the residents being forced to temporarily reside in a hotel. The expense of temporary living at a hotel can be covered in the additional living expenses portion of a policy. Take note that both of these options are not always standard with home insurance agreements.

Understand Your Policy’s Limits

Knowing what your insurance policy will and will not cover is extremely important. Did you know that if there are certain pets or items in your house, some insurance companies will not insure them? For example, not all insurance providers will cover a home that houses certain breeds of dogs, such as pit bulls. Of course, not all pit bulls are dangerous, but certain insurers see this breed as a liability.

Other various objects may result in an insurer second-guessing whether or not to provide coverage. For example, a swimming pool diving board and water slide can cause an insurance company to pass on you. Some find these objects dangerous and a possible liability. Our team will do its best to evaluate which policies are best for you during these scenarios.

Improve Your Credit Score if Possible

Your credit score can help out with a lower interest rate for your mortgage, but did you know that it can also save you money on an insurance policy? Insurance companies consider risks within every aspect of a home, and a credit score is no exception. Home insurance providers consider credit scores when determining the level of risk that a client can present as a policyholder. The lower the credit score, the bigger the risk as they see it. If your credit is not at a good level (below 670), then do what you can to improve it by taking care of any debts that you owe.

Contact Us Today to Find the Right Policy

Finding the perfect insurance policy for a home, automobile or yourself can be difficult without the help of experienced and knowledgeable professionals. Our team prides itself in helping clients through every facet of the insurance search process. If you’re considering purchasing a home, then we want to help you find the policy that’s best for it. Contact our insurance agency in McAllen today to get started!

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  1. Ashley Turns

    Thanks for letting us know that we could get a policy that includes additional living expenses for if something happens to our house and we need to stay in a hotel for a while. My husband and I are looking at buying home insurance, and since this is our first house, we’re not really sure what we should look for. I will definitely look into home insurance plans that include additional living expenses since we do live in a state that is more prone to tornadoes.

  2. Deb Pearl

    My husband and I really need to get home insurance, but we don’t know what to look for since we have never gotten any before. That is a good idea to make sure we don’t just get the cheapest insurance. We do want to have the right coverage for our home! We will have to look at multiple rates and see which one would be best! Thank you for the tips!

  3. Ashley Maxwell

    Thanks for your comment about how everyone who is buying a house for the first time should get insurance for it. I like how you said that you should make sure that it covers all of your most valuable items. My husband and I are buying our first actual house, and we are considering getting home insurance too since it seems to be so essential.

  4. Roger Middleton

    My wife and I have been wanting to get into a home, but we’re wanting to make sure we have the home insurance part handled. I liked that you had mentioned that it can be important to make sure that you understand what is covered in the policy you’re looking at. I’ll have to start looking around at home insurance policies, and I’ll be making sure that I fully understand the policy’s limits.

  5. Ellie Davis

    I didn’t know you should avoid the cheapest rates. My husband and I just bought our first home. I would love to get insurance and I hope we can get the best possible policy.

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