Homeowners insurance might be a new concept for you when you're the first-time owner of a house you've purchased. Depending on where you live it may not be required once the house is fully paid off, but for a mortgaged home it is generally assumed that a home insurance policy will need to be secured at the time you set up the mortgage. You might be so happy to have a house that you aren't paying too much attention to the home insurance details, but to protect the house and yourself, pay attention to these insurance details.
Many people have been shocked to discover that after a storm, their house had coverage for the strong winds that damaged the walls or roof, but no coverage for the standing water that destroyed carpets and walls. Some home insurers do not put flood insurance on their basic home policies; often you'll have to set up a completely separate policy specifically for floods. Ask about that before you think about purchasing a policy.
The house needs to be covered under your policy, but the land under the house may not be. That's because even if your house was completely annihilated, the land would still be there and still be a good place to rebuild the structure. That's why, for most people, any kind of land coverage is an extra expense that is not needed. However, if you believe there are fuel tanks underground or have special considerations on the property such as dams or farmland, you may want to discuss what kind of land coverage is appropriate.
Before paying for anything, it's worth a shot to ask whether your existing vehicle insurer or life insurer can give you a deal on home insurance. By bundling policies, costs overall could be lower.
Future Changes to the Premium
While you might not be eager to start home projects after spending so much on the house to begin with, one day you may want to put in security lighting, install alarms, add bedrooms or any number of renovations and upgrades. It's vital to ask whether making changes will enable your premiums to go down; security changes like alarm systems can sometimes lower costs, for instance.
With these suggestions, the insurance you buy may be more suitable. Home insurance agents nearby should be able to offer more specialized ideas for your policy.