Planning a Move? Protect Your Investment with This Homeowners Insurance Checklist
Moving into a new home is a rollercoaster of emotions: excitement and stress, anticipation and anxiety, possibilities and pitfalls, packing and unpacking.
With everything else on your mind when buying a home, it’s easy to gloss over homeowners insurance as just another box to check. But giving it a little extra attention now can give you peace of mind that your investment is protected.
What should you look for? What sometimes gets missed? What questions should you ask your insurance provider? Use this simple homeowners insurance checklist as a starting point before you move.
Clarify What’s Covered and Not Covered
This sounds simple, but too many homeowners assume they’re covered and find out they’re not at the worst possible time. What’s included, and for how much? What are your deductibles? What’s excluded from coverage? If something important is excluded, how can you protect those assets? If you’re in a flood zone, is your flood insurance coverage adequate? Clarity is your best friend when choosing homeowners insurance. SIG’s flood insurance page reinforces that standard home and renters policies generally do not include flood protection and that a separate policy is often needed.
Calculate Actual Costs to Rebuild
Rebuild costs should be based on construction labor and materials, not your home’s market price, which is often lower. Ask for a replacement cost estimate to make sure you have enough coverage to rebuild in a worst-case scenario.
Take Inventory of Your Valuables
This is one of the simplest ways to prove ownership if something is destroyed or lost due to theft, fire, or another catastrophic event. Standard policies include personal property coverage for electronics, furniture, and clothing, but it’s still a good idea to take photos of everything that’s visible, as well as everything inside your closets, cabinets, and garage.
Consider Endorsements (Riders)
Homeowners insurance endorsements, also called riders or floaters, can be added to your policy to protect certain items or guard against certain types of risk that aren’t covered. Common endorsements include personal property replacement, water and sewer backup, underground water and electrical lines, and home business coverage.
Ask About Discounts
Security systems, fire alarms, smart leak detectors, a new roof, and bundling with auto insurance could save you money on homeowners insurance. Ask your provider about available discounts to help reduce premiums and lower your monthly mortgage payment.
If you’re shopping for homeowners insurance in New Jersey, it also helps to work with an independent agency that can compare coverage options. Stanton Insurance Group says it serves New Jersey through four locations and works with more than 50 carriers to help clients find tailored protection.
Let’s make sure you’re 100% comfortable with your homeowners insurance before you make your big move. Contact Stanton Insurance Group today to schedule an appointment or request a quote.
