Going through life, there are many important milestones we encounter. Your first words, your first job in high school, and even purchasing your first house. Your first home is something that will be a special part of your life, and protecting that special part of your life is tremendously important. Homeowners insurance is critical to have in place to protect what you love from the unpredictability of life.
At Zeiler Insurance, we represent a number of industry leaders and can help provide you options when buying homeowners insurance for the first time. The ability to compare insurance quotes to find the right protection at the right price is highly beneficial. Zeiler Insurance has dealt with Illinois home insurance for many years and has extensive knowledge on how to provide the best coverage. Read here for information we have already shared regarding homeowners insurance: Zeiler Insurance Chicago Illinois: Homeowners Insurance.
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The following are important steps to follow when purchasing homeowners insurance for your first home. This information is useful not only for the first home you purchase, but any home you ever own.
Insurance Checklist for Home Buyers
There are many different issues to consider when looking for the perfect home to purchase. One of the most overlooked issues is insurance coverage. However, it is one of the most important aspects about home ownership. It's essential for those who are shopping for a home to factor in the cost of insurance. Before going out to look for a home, consider all of the expenses the purchase will incur. There are several other things to do before preparing to sign the final documents.
Get A Credit Report
Everyone is entitled to one free annual credit report. It's important to review the report for inaccuracies and derogatory information. Dispute any inaccuracies immediately. If a creditor can't verify a debt, it will be erased from the report. Having good credit makes it much easier to obtain a good interest rate. Good credit also helps individuals qualify for an insurance discount. If a credit report isn't good, it's important to take the necessary steps to improve scores and eliminate derogatory information.
Get Renters Insurance
Anyone who is shopping for a home but is currently renting should get renters insurance. It's important to keep this coverage until a home is purchased. Renters insurance provides protection for renters from the liability of injuries sustained by others while they're on the property. It also awards compensation if personal belongings are stolen or destroyed.
Research The Nearby Fire Department
One factor affecting insurance that most people don't think of is the nearby fire department. If the location has permanent staff and has high ratings, the home will cost less to insure. Homes that have nearby fire hydrants also cost less to insure. Adequate water supply, trained firefighters and ample equipment are all important aspects of determining home insurance rates.
Consider Natural Disasters & Bad Weather
Although homes along the coastlines are more desirable, they're more expensive to insure than inland homes. It's important to plan on a windstorm or hurricane deductible for a home on a coastline. This amount is not a flat cost. It is a percentage of the estimated cost to rebuild the structure if it is destroyed. These percentage variables usually differ from one state to another. Even if the home is located in a state that doesn't have a coastal border, it's important to consider other natural disasters. Flooding and earthquakes are important issues to consider. Be sure to investigate the area's history of flooding and earthquakes. Keep in mind that these coverage options must be purchased separately.
Know The Home's Age
While older homes have their own unique beauty, they're more expensive to insure than newer homes. Since some of the ornate features of older homes are more difficult to replace, the insurance premiums are higher. In addition to this, their plumbing, electrical or gas systems may be old enough that they're considered risky. If this is the case, they result in a higher insurance premium.
Consider Swimming Pools & Other Features
Homes with swimming pools usually cost more to insure. Since a swimming pool is expensive to replace and poses a safety risk, it is considerably more expensive to insure a home that has one. Hot tubs, saunas and any other features that may pose a liability issue require careful planning for insurance. It may be best to purchase an umbrella policy to ensure liability protection.
There are several other things to consider when looking for a new home. For example, a roof that is new can positively affect insurance rates. However, an older roof that needs repair will cost more to insure. Homes that aren't up to code also cost more to insure. It's important to speak with an agent before agreeing to purchase a home. Agents are happy to look over the property's details to determine how much of a risk the home is. When the time comes to purchase the perfect home, an agent can help arrange ample insurance coverage for the future.
If you have questions or would like more information, call any of our 3 locations in the Chicago-land area today. Our customer service representatives are eager to share their knowledge and speak with you about any insurance related topic. Zeiler Insurance is an independent insurance agency and has been providing quality customer service for 101 years in our Alsip, Chicago, and Gurnee locations. Our goal is to help you understand insurance as well as provide you with the most competitive insurance rates in the industry. Whether you are a customer or just want more information, let us help you with our years of expertise in the insurance business.
Dan
708.597.5900
www.zeiler.com