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  • Writer's picturejoseph retcho

Buying A Home and Home Insurance

buying home

Whether you're looking for your first home or a seasoned home buyer, one important consideration is insuring your new investment. Mapping out the home-buying process, especially for first-time buyers, can help to make the experience go more smoothly. This includes ensuring that your homeowners insurance requirements are met. Here's a handy checklist of steps to help you cover all the bases.

Do Your Preliminary House Hunting Online.

Starting the process of becoming a homeowner can be enjoyable, especially if you do it from the comfort of your own home, such as on Sunday mornings while sipping coffee and browsing online home listings. For preliminary research, visit a few different websites. Photos of houses for sale and information about their neighborhoods can differ between real estate websites, so gathering information from multiple sources can help you get a more complete picture.

Make Contact with a Real Estate Agent

You can always seek the assistance of a local real estate agent to assist you with your search. A realtor may be aware of homes that have not yet been listed on real estate websites, or he or she may be able to direct you to a home that meets your needs that you may have overlooked in your search. You should start making a list of house features that you like, as these will come up during your future discussion about home insurance.

Get a Mortgage Pre-approval

When you find the right home, getting pre-approved for a mortgage may help make your offer more appealing to the seller, because a pre-approval will let the seller know you're a qualified buyer. The mortgage pre-approval process can also help you figure out how much you can afford comfortably. Keep in mind that some mortgage lenders include taxes and home insurance in mortgage payments. When you finalize the mortgage process, you will be required to show proof of adequate homeowners insurance coverage. In some areas, real estate taxes can be high, affecting the affordable price range for your home.

Select Your Residence

Choosing a home is frequently a process of elimination. You'll see plenty of houses that aren't quite right for you as you look at them in person. Compromise on features is common, but look for a home that can meet your needs now and in the future. The location and specific features of the home you select may influence the amount and type of home insurance coverage you require.

Make a proposal

When you've found the perfect home for you, it's time to make an offer. You will be guided through the process by your real estate agent. The seller has the option to accept or reject your offer, as well as make a counteroffer.

Obtain a Home Inspection

It's time for a home inspection once you've reached an agreement with the seller. A licensed home inspector will inspect the property for needed repairs and structural integrity. Attending the inspection in person is a good idea. You may also want specialized inspections, such as a termite inspection, radon inspection, or oil tank inspection, depending on the age and location of the home.

Purchase Home Insurance for Your (Potential) New Home

The home inspection went well, and it appears that you will proceed with your home purchase. Before the closing, you'll need home insurance for your new home. Your home insurance agent will walk you through the straightforward process of obtaining home insurance coverage, explaining key coverages designed to protect your home and belongings. Inquire with your home insurance agent about discounts for bundling your car and auto insurance, which could result in additional savings for new furniture or home improvements.

Closing on a House

The closing process may appear lengthy, with seemingly endless piles of paperwork to sign, but it is the final step in the home-buying process. You may have thought that house hunting was the most exciting part, but the best part is turning the key to your new front door after closing.

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