Insurance Considerations for New Home Buyers

Homeowners Insurance ClevelandSpring is beginning and with that the home buying season is picking up. Purchasing homeowners insurance is an important part of buying a home that can overlooked during the process. Here is a quick guide of what to ask and look out for when getting homeowners policy for your house.

Start looking at homeowners insurance at least 30 days out from closing. This will give you time to consider different quotes and coverage options without rushing the process.

It’s also important to have your mortgage broker and insurance agent in touch with each other. The mortgage company will want to be named on the policy as well and will have very specific wording they used. They might also have coverage requirements that have to be met in order to qualify for the loan. The mortgage company might also require that the first year of insurance payments be escrowed through them.

Bundling your auto and homeowners insurance can be a necessity in the current market. The discounts are very high, up to 40% with some carriers. Evaluate who you have your auto insurance through. Sometimes companies can have great auto rates but poor home rates, if that’s the case it might best to shop for company that can better meet your needs. Some auto insurance companies don’t even offer homeowners insurance which can prevent you from enjoying a multi-policy discount.

Keller National agents enjoy working with new home buyers and can advise you through the process. We are also there to help with the other parties involved in the transaction as well, to ensure a smooth transaction. Give us a call at 216-965-0646 if you are in the process or considering buying a new home.

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