Buying Your First Home Insurance Policy |
Posted: July 2, 2018 |
If you’ve just become a homeowner or are purchasing your first property, you need to think about home insurance in Fargo. It’s an important part of buying a property, but it’s one many people may not think much about beyond the cost. Here are some tips to help you as you find coverage.
Know the Property
When you fill out a home insurance quote or talk to an agent, you’ll be asked a series of questions. You’ll need to know the age of your home and what it’s made of. Mainly, the agent wants to know if it’s brick, stucco, wood or some other material.
They may ask other questions such as how many rooms, if there’s a fireplace or stove and what is used to heat the place. You’ll also need to know the approximate square footage of the property.
Know of High-risk Items
You’ll probably also be asked about any high-risk items on the property. The fireplace would be one, but you may be asked about a swimming pool and trampoline. These items are considered high-risk because there is more chance for injury to someone. If you do have a swimming pool, the agent may ask if there’s a fence with a locked gate around it. You may be required to have this setup before they will insure the property. If you have a fireplace that doesn’t work anymore, make sure you list it as a non-working fireplace which could help reduce your premiums.
Know Your Needs
Once you get a quote for your home insurance, you can play around with it by changing the amount of coverage you have or the deductible. Changing those factors can impact what you will pay each month for insurance. However, you also want to think about the coverage in case you must file a claim.
How much of a deductible can you afford? What would happen if someone were injured on your property? Even having a dog can cause your rates to increase because of the risk of a dog bite. You need to think about all these things when shopping for home insurance in Fargo.
Review Your Coverage
Once you find a quote you like, review the coverage limits and exclusions. There are different types of policies. Some include a very limited number of coverages while others include anything not specifically excluded. You don’t want to wait until you file a claim to find out whether the incident is covered.
For instance, most policies cover a home for wind damage but not for flooding. You need to know these details in case you must purchase additional insurance or a rider for your policy. Find out if your policy pays for temporary living expenses if you’re forced to stay away from your home due to fire damage or another scenario.
Talk to an experienced agent if you’re buying your first home insurance policy. You want to make sure you get the coverage you need at a price you can afford. FM Insurance provides excellent coverage for auto insurance Fargo area. Excellent rates and great customer service for all home, auto and business/commercial insurance needs.
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