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First Time Home Buyer

How to Find Insurance for Buying Your First Home

Buying your first home is an exciting experience. It often comes along with other major life events, such as getting married or having a baby. Or maybe you woke up one day and realizes that investing your money in property, rather than spending it on rent, makes more financial sense.

Saving money is usually among the top priorities when buying your first home. No matter what your situation is, you’ll want to find affordable insurance that protects your investment.

Home Insurance Costs

The average annual home insurance rate is about $1200, but premiums can vary widely depending on where you live and your home’s value. Remember that these rates are the average home insurance premiums, which generally include discounts like age reductions, claims-free deals, and loyalty discounts. These discounts may not apply to people buying their first home.

Speaking to an insurance professional before buying a home may inform you of possible obstacles or large expenses. Home insurance professionals may have access to insurance company ratings in many different areas.

How to Save Money on Your Home Insurance Costs

There are some ways you can save money on insurance when buying your first home that could add up to hundreds of dollars off your premium.

Buy Your Insurance Early

With so much to do when buying a new house, it’s normal to leave your insurance purchase to the last minute. But waiting too long will leave you with limited options. It’s better to buy your home insurance early to find the best rates and save money in the long run.

Do Your Research

The wrong insurance decision could cost you hundreds of dollars in the short term or even thousands of dollars over time. If you choose insurance just because it is cheap, you’ll most likely end up paying even more if you ever have to file a claim. Do your research about the best home insurance options in your area and take your time to find the right choice for your needs.

Get a Thorough Home Inspection

Your home inspection is the best way to find issues with your home before they become a problem. Buying a home in disrepair can end up costing you a lot of money down the road. A good home inspector will help you find hidden problems and warn you of possible repairs you will have to make in the future. Your home inspection can also give you insight into improving your residence in ways that will provide you with discounts on your insurance costs. 

Learn More About the Buying Process

To learn more about home insurance or the buying process, call us today!