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Top 4 Homeowner's Insurance Tips for First-Time Buyers

Believe it or not, there are many myths about homeowner's insurance. That's just one reason why new buyers need to know what homeowner's insurance is, what it covers, and how to get the right insurance plan for their needs.

Choosing the right insurance plan can protect your home and bank account. The wrong plan can leave you with large bills and lots of stress.

Read on to learn four homeowner's insurance tips to make sure you make the right choice.


What Is Homeowners Insurance?

Insurance for homeowners helps cover the cost to protect your home and belongings from the unexpected, including fire, storms, and theft. Almost all mortgage lenders require that you have homeowner's insurance to borrow money. But even outside of that, it's important to have it to protect your home and bank account.

Homeowner's insurance typically covers your home, other structures on your property, your personal property, and any liability for injuries or damage to others' property. If you need it, you can get greater coverage for better protection.

Choosing a policy can be stressful, but it doesn't have to be. Just follow these tips for finding the right home insurance.

  1. Do Your Research

    When buying homeowner's insurance, it's important to shop around and do so early. This not only makes sure you have it in time before closing, but it also gives you time for comparing insurance costs and getting familiar with your options.

    It's important to thoroughly understand what coverage you need and want. Some risks increase depending on where you live. In recent years, Canadians have been experiencing financial loss due to severe weather.

  2. Understand Additional Coverage Options

    You also want to know all of your additional options for insurance when everything isn't covered. Preventable problems like pests or long-term leaky roofs often aren't covered.

    External forces aren't covered as well, including floods, earthquakes, and sewer damages. If these sorts of issues are worrisome to you, it's worth purchasing additional insurance.

  3. Speak With an Insurance Broker

    When shopping for insurance, one of the best things you can do is speak to an insurance broker. They can help you understand your research, evaluate coverage needs, and give recommendations, so you make smart choices.

    They can also help you understand your property insurance details so that you get the most out of your policy.

  4. Review Coverage Yearly

    Your insurance premium can increase or decrease as the years go by. You must review it annually to ensure your coverage is still enough or that your plan is still the one you want.

    Making your home more secure from external forces or theft can lower your premiums, while home additions can raise them.


Follow These Homeowner's Insurance Tips

Buying a home for the first time is very exciting, but it's important to make sure you get the right insurance coverage to protect your new place. As long as you start your research with time to spare, evaluate all of your options, talk with a broker, and review your coverage often, you'll always have the best insurance for your needs.

At Hillis Insurance Agencies Ltd., our professional insurance brokers take the time to speak with you and understand your needs to help you find the right insurance policy. Visit our Winnipeg office today to discuss your home insurance options.