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Insurance for the First Time Buyer

By
Real Estate Agent with Keller Williams Realty

Johnson City Homes First Time Home Buyer
If you're a first time buyer, your head is understandably spinning as you anticipate all the pieces to the home ownership puzzle. So many things to take care of after closing above just the move. While you may be surrounded by professionals that can help you get to the closing table and guide you through the process, there are a few things you may want to explore in advance, like home owner's insurance. Before you begin the process of shopping for a policy, today we offer some things to consider. 

Do I need a policy before buying the home?
The answer here is technically no. Much different than buying a car, there is no insurance technically required before you 'drive it off the lot'. However, if you have a home loan, your lender will likely require it. 

What are covered items under a home owner's policy?
Generally, the items included in a coverage policy are things like structure, contents, liability, 'other structures', i.e, garages, and additional living expenses should your home be destroyed. Be sure to talk with an agent to get defined details on all of the above. 

What are covered "Perils"?
Standard policies cover items such as  damage caused by fire, windstorms, hail, lightning, theft, vandalism, explosions, and riots. Typically, water damage, such as that from freezing and bursting pipes, is also covered. What is NOT covered as a peril will likely be flooding and natural disasters like earthquakes. Separate policies will be needed for these, and may be required if your home is in a flood zone. 

How much coverage do I need?
Your agent can help you determine the amount of coverage needed. Before you meet to discuss coverage amounts, it's a great idea to also provide photos or video of items in your home, receipts etc. 

There are many other things to consider in purchasing home owner's insurance. We recommend finding a trusted agent to get the complete estimation and coverage for your situation. Call us at The Shields Team and let us introduce you to one of our trusted partners who welcome opportunity to talk with you and put your mind at ease. Our office number is (423) 433-6517, and we're in the office Monday through Friday inside Keller Williams Realty, 1033 Hamilton Place in Johnson City. Let's talk insurance!

By the way, if you're planning to buy your first home soon, go here to see a list of over 400 properties that are ideal for first-time home buyers. 

Posted by
Wes Shields
The Shields Team
Your life. Your goals. Our priority.
 
Keller Williams Realty
1033 Hamilton Place
Johnson City, TN 37604

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