When you plan for a move, it’s important to consider the details beyond the actual relocation. What color should you paint the guest bedroom? Which corner of the basement will be your workout area?
And should you insure your new home?
Purchasing insurance is one of the smartest things that you can do when you move into a new home. Whether you’re a homeowner or a renter, good insurance will protect you and your belongings from unpredictable events like a flood or a fire.
Why do you need insurance?
Accidents and natural disasters happen—often without any warning. And insurance protects you from paying out of your own pocket to repair and replace anything that’s damaged or lost in such an event. Think of insurance as a safety net that will catch you in case of an accident or disaster.
You’re probably familiar with very common types of insurance, like heath, auto, and life insurance. But did you know that you should insure your home and belongings as well? Insurance is a must for homeowners and renters alike. There are many different types of coverage, and it can get a bit overwhelming! Fortunately, your local insurance agent can walk you through the coverage that’s best for you.
Why do homeowners need insurance?
Purchasing a home is an investment. And you want to protect your investment against unforeseen circumstances. In fact, your mortgage lender might even require you to purchase homeowners insurance.
Homeowners insurance protects your dwelling from disasters like hurricane, hail, lightning, or other perils listed in your policy. Additionally, you can insure the personal property that you keep inside your home. If you have high-value items like jewelry, fine art, electronics, or even drones, you should consider a separate All Risk, $0 Deductible, Personal Articles Policy.
So, what are you waiting for? Get insured!
Why do renters need insurance?
Insuring your dwelling isn’t just for homeowners. Renters need insurance too! As a renter, you should protect all of your possessions against damage or theft. In general, renters insurance is divided into three categories:
- Personal property coverage, which protects you against events like fire, theft, or vandalism.
- Liability coverage, which provides both insurance and legal representation. It may also help pay for another person’s medical bills or repairs to their property if you are found legally responsible for their injuries or property damage.
- Loss of use coverage, which will help with living expenses outside of your home just in case your rented property is temporarily uninhabitable.
Renters insurance offers a lot of different options. Contact your local insurance agent to discuss the coverage and policies that will fit you and your needs.
What other insurance should you consider after your home is covered?
The best insurance agents will offer a variety of coverage options. Here are a few insurance products that you might want to consider:
- Auto. Most state laws require auto insurance. And you can often earn a discount if you bundle your home and auto insurance.
- Umbrella. If you have income or assets to protect, an umbrella policy offers additional liability limits starting at $1 million over your home and auto.
- Flood. Water damage is more common than you might think. Standard homeowners insurance doesn’t include flood insurance. So ask your agent for more details.
- Specialty. Don’t forget to insure your boats, RVs, motorcycles, and jewelry!