Congratulations! You’ve done your research, worked with a realtor, and found your first home. This is probably one of the biggest investments you will make in your life. For most people, it’s their most valuable asset. Now you are trying to navigate the process of getting homeowners insurance to protect that asset. Here is a brief overview of what to expect.
1. The number one thing is communication. Call your local insurance agent and give them the information they need to get the process started. With this information, your agent can give you a quote on the property.
2. The next step is to schedule a face-to-face meeting with your insurance agent. When you meet, your insurance agent will walk through the application process with you. You will also go over the coverage of the home and the general underwriting of the home. With the home owners insurance policy, you have the coverage of the home, coverage of the attached building, coverage of contents, liability, and your deductible. When you leave this meeting, you will know what your coverages are and what is covered on your homeowners policy.
4. Once the application is complete, you are then in a waiting process until you close. And you will need to have another face-to-face meeting prior to closing on your new home.
5. When you and your local insurance agent know the date of the closing, a declaration page (or proof of insurance) will be faxed over to your mortgage company and you will be taken care of during closing. So when you sign on the dotted line for that dream home on closing day, you will be covered.
That’s it. You now have your dream home and you have insurance coverage just in case you need it.