It's a big step – both financially and emotionally. But along with the pride and satisfaction that comes with being a homeowner, there's also a lot of responsibility. One of the most important things you need to take care of is making sure your home is properly insured.
1. Ensure You're Covered for the Right Amount
The first thing you need to do is make sure you're insured for the right amount. That means having enough coverage to rebuild your home from scratch if necessary. The best way to determine the right amount of coverage is to get a professional home appraisal. Once you have that, you can work with your insurance agent to ensure you have the right coverage.
2. Choose the Right Coverage
There are two main types of home insurance coverage – named perils and all risks. Named perils policies cover damage from specific causes, such as fire or theft. On the other hand, all-risk policies provide coverage for any type of damage (with some exceptions) regardless of the cause. Which type of policy is right for you will depend on several factors, including the age and condition of your home, your location, and your personal preferences.
3. Consider Getting Additional Coverage
In addition to the standard home insurance coverage, there are also several optional riders or endorsements you can add to your policy. These can provide extra protection for things like jewelry, art, or collectibles. They can also cover things like sewer backup or flooding (which are not usually covered by standard home insurance policies). Talk to your insurance agent about which riders or endorsements make sense for you.
As you can see, there are a few things you need to keep in mind when it comes to insuring your first home. Legacy Insurance Group OKC in Oklahoma City, OK can help you make sure you have the right coverage for your needs. Give us a call today to learn more.
