Buying Your First Home? Information About Homeowner's Insurance

Buying your first home is an exciting time but it can also be stressful. One thing you should be concerned with is homeowner's insurance. It is not required that you have this insurance, but many lenders will not approve your loan unless you purchase homeowner's insurance. Even if a lender will give you the loan without the insurance, you should still purchase it. Keep reading to learn much more about insuring your home so you can make the process go much smoother for you.  

Homeowner's Insurance

The main coverage with this insurance is paying to repair your home, any structures on your property, and your landscaping. It also pays to replace or repair your personal belongings. You may be offered money if you have to live somewhere else while your home is being repaired. It will also cover legal fees due to an injury to someone else or other types of damage that takes place on your property.

Talk with a few insurance companies to obtain homeowner's insurance until you find the right one. In some cases, your insurance premium can be combined with your mortgage payment, so you only have to make one payment each month. The insurance company you choose can tell you if this is an option for you. 

Homeowner's Insurance Coverage

Exactly what is covered will depend on the insurance company you choose. In most cases, however, this insurance covers damages to your home as well as anything attached to your home, such as a garage, deck, patio, or porch. It also covers structures on your property that are not attached to your home, such as a shed or a fence that may be damaged due to high winds or other reasons.

This insurance will also cover things that may get stolen from you or personal items that may become damaged. You will not receive 100% reimbursement in many cases because you will likely have some type of deductible to pay first. You will set this up when you purchase your insurance so make sure you know what is covered and how much is covered before you sign. 

Your insurance may cover damages to your home caused by fire but may not cover flooding from a water leak or natural disaster. If something explodes in your home this will likely be covered but many policies will not cover damage caused by insects, rats, termites, etc. You can add riders to policies in many cases to cover things your policy does not. 

Talk with an insurance company, such as Ronald H. Krupa Insurance Agency, to learn more about homeowner's insurance.