Buying a Home? Insuring Your Investment.

Finding and buying a new home is as exciting as it is stressful: The purchase of a home is a huge undertaking that requires a good deal of forethought and research.   Once you’ve taken the time to find that new home,  you’ll want to make certain it’s insured correctly.

While the paint colors and furniture arrangement may be foremost in your mind, the insurance company and agency you choose to protect your investment is just as important

The insurance agents at Peter B. Crilly & Associates, Nationwide Insurance can help make the process  of purchasing and moving into a new home as smooth and stress-free as possible.

Contact your insurance agent in advance, to get a quote on the cost of homeowner’s insurance before you complete the purchase of your new home.

Every lender requires that you have homeowner’s insurance in place when you go to the settlement table.  If you don’t plan in advance, your mortgage company will step in and  provide coverage.  The company they choose may not have the most favorable rates and thus you’ll be paying a higher premium. While the cost of property insurance may be rolled into your monthly mortgage payments, the amount you pay and the type of coverage you receive can vary greatly.

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Peter B. Crilly & Associates can help you find the right protection at the best rate for your new home. All you have to do is get us involved early and provide the information to give you a timely quote.

Some of the factors that will make a difference in the cost of a homeowner’s policy include: 1) The distance your home is from the nearest fire station and fire hydrant.   The further away the nearest fire station and/or fire hydrant  is located, the higher the rate.   If you  were ever to have a fire, every second counts.  With no fire department nearby, the risk for a major or total loss of your home is much higher.  2) The existence of any “attractive nuisance” such  a trampoline or a swimming pool can affect the cost and availability of homeowner’s insurance.  Places  where someone could get injured are cause for concern.  If you have a pool or a  trampoline, you will be required to have a secure fence . 3) The proximity of your new home to an area likely to flood will impact your insurance costs.  If you house is located in a flood plain, you’ll be required by your lending institution to purchase flood insurance. Get a flood insurance quote from Peter B. Crilly & Associates to help you calculate your costs in advance.

A monitored fire and security alarm will help to reduce the cost of homeowner’s insurance. If your new home does not already have one, consider purchasing an alarm system.

Is the home you are purchasing part of a homeowners association?  If you are required to join your homeowner’s association, check the master policy. Find out what the Master policy covers. You may be asked to pay a share of a liability claim if the loss exceeds the coverage of the master policy. Your homeowner’s policy can be adjusted to cover that potential cost. That is what insurance is for. Ask your friends at Peter B. Crilly & Associates. We’re here to help

 


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