Homeowner’s insurance tips when buying a home.
April 14th, 2010
So you’re buying a home…. Here are some tips you need to know about purchasing homeowners /hazard insurance:
When purchasing a home it’s important to secure your insurance as soon as possible. This will help you avoid any surprises or last minute decisions. Even if you’ve found a home you like but it’s not yet under contract you can get a homeowners insurance quote from an agent. Checking with your current auto insurance company is a good idea but it’s also recommended that you get comparable quotes from other agents. Not all insurance companies or agents are created equal nor is the coverage they quote. Remember this is your home we’re talking about don’t risk working with someone you can’t look in the eye and voice your concerns. You want to find an agent (and staff) you can feel comfortable with because this could be the beginning of a long business relationship. You’ll want an advocate who is willing to go the extra mile on your behalf.
An insurance agent can also check the claims-filing history of the home you want to buy. Some insurance agents will give you a copy of the home loss history report, also known as the CLUE report, just for asking. A claim may increase the premium of your prospective home insurance by up to 30% for as long as three years. It’s also a good way to find out if there have been any water or roof issues, even if they’ve been repaired.
By: Aprilyn Chavez Geissler, our favorite Albuquerque Area Farmer’s Insurance Agent. For more information you can reach Aprilyn here.