Homeowners Insurance

Homeowner’s Insurance 101

new homes

If you’re in the market to buy your first home, you know there’s a lot of moving piece to the purchasing process. Buying your first home is about a lot more than just the actual house. You have to consider applying and qualifying for a loan, different financing options, taxes and closing costs, utilities and property taxes, and also homeowners insurance.

When the waters towards home ownership are cloudy, you don’t need to be confused further by complicated home insurance policies. Check one more thing off of your to-do list by understanding how home insurance works, and how to find the best policy for you.

Why do you Need Homeowner’s Insurance?

If your current apartment or condo requires renter’s insurance (which most do) you’re not far off from understanding why you need homeowner’s insurance. Your renter’s insurance protects your possessions in the event of theft and damages. The only difference here is that renter’s insurance also protects your landlord.

Simply put, homeowner’s insurance exists to protect your investment. Things like vandalism, theft, accidents like water breaks, and natural disasters happen. If homeowner’s insurance didn’t exist, you’d lose your investment in your home. Even though another bill to pay may seem like a hassle, you’ll be glad you have homeowner’s insurance if anything ever goes wrong.

What Does Homeowner’s Insurance Cover?

We already mentioned that homeowner’s insurance is designed to protect your investments. Your home and the things inside it are all valuable investments that need coverage. Every insurance policy is different. The levels of coverage depend on the value of your home and your possessions. In short, most policies include coverage for:

  • Fire damage inside and out
  • Hurricane and lightening damage inside and out
  • Damage to your personal possessions from some weather inside and out
  • Loss or damage from a break-in or act of vandalism

The basics above are covered in most insurance policies. But, there are things that most policies do not include by default. Adding these things on is a good idea if you live in an area with these concerns:

  • Earthquakes
  • Floods
  • Neglect

How can I get the Best Homeowner’s Insurance?

homeowners insurance

Even if your policy seems straightforward, most have clauses and exceptions that are worth knowing before signing up. Consulting an experienced agent can help you get the Maryland homeowners insurance that you really need. Local agents are usually more than happy to explain everything, matching you with the right coverage.

This can help you avoid paying too much for too little, and vice versa. With everything else on your plate for buying your first home, a knowledgeable agent will be welcomed help! When it comes to your home and the things you hold dear, you’ll want the very best. That way, you can enjoy your new home without worrying!