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My husband and I are under contract to close on a house. What do we need to know about homeowner’s insurance as a first-time homeowner?
Congratulations on purchasing a house! A mortgage company typically requires homeowner’s insurance, but it’s also recommended to have coverage even if you do not have a mortgage. Homeowner’s insurance is more than just coverage for your house itself; it extends to protect you. The main components of homeowner’s insurance are dwelling, loss of use, personal property, and liability.
Dwelling coverage is for rebuilding or repairing your house if it suffers from damage or loss.
Loss of use coverage helps you pay for a place to stay while your home is being rebuilt. This coverage may also cover daily essentials like meals.
Personal property coverage will pay for your personal property to be fixed or replaced if they are damaged or stolen. Personal property typically includes your television, stove, furniture, etc.
Liability coverage protects you in case someone else gets hurt on your property.
It’s best to work with an independent agent for finding the right insurance. Independent agents can compare rates across multiple carriers at once, finding you the best price for the coverage you are looking for. They can also answer any questions you might have and be able to recommend coverage limits based on your situation. Our agents at bolt can help! Get a homeowners insurance quote online today or call our agents at 1-800-216-4171.
