New Homeowners, Here’s Your Essential Home Insurance Checklist

Essential Home Insurance Checklist

Buyers, don’t forget important tasks from this home insurance checklist.

Mortgage lending to first-time buyers is at its highest level for years. But if you’re among those getting a home loan for the first time, your work isn’t done until you’ve sorted out your homeowners insurance. Before you head to price comparison sites to pick the cheapest one you can find, here’s what you need to know first.

Check your credit rating

A good credit history helps you in so many ways. Good credit will make it easier for you to get a mortgage at a competitive rate, and it may qualify you for discounts on an insurance policy. Get a copy of your credit report and scan it for errors.

Search for a safe house

As you search for a new home, remember that the physical characteristics of the building can affect the cost and choice of homeowners insurance. Opt for a safe house that is near a working fire department and away from the coastline. Better yet, ensure that the home is well-built, has updated plumbing and electrical systems, and has no history of being damaged by natural disasters.

Check the loss history report

Ask the current homeowner to obtain a copy of the loss history report on the home. These reports provide a record of the type of damage in the home, the date of loss, and the amount and status of each claim filed.

Get the house inspected

You’ll need to have the house professionally inspected to get your mortgage approved. He or she will check everything from the general condition to potential problems and may suggest an upgrade or replacements that are important.

Call your insurer

Don’t wait until the last minute to think about insurance. Talk to the professional team at Chambers & Company Insurance Brokers to determine the right homeowners insurance policy to suit your needs and new home today.

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