How Your Insurance Agent Can Help In Buying A Home?
Posted by Miller Hanover Insurance Agency on
When it comes to buying a home, you need to plan your finances excellently and also ensure to work with a reliable estate agent. For most people, the entire process can be overwhelming and confusing. This is why you need all the help you can get so that you can make the right decision.
One of the few people who can help make your home buying process easy and stress-free are insurance agents. Aside from the known fact that insurance agents can guide you in purchasing your homeowners’ insurance plan, they can also provide you with useful information when it comes to buying your home in the first place. Unfortunately, a lot of people don’t know this.
Read on to learn how insurance agents can help your home buying process.
They are Knowledgeable About the Community
Insurance agents are knowledgeable about your community; they understand the neighborhood and can help you find the right home for your needs and budget. They can also give you advice on what to look for when buying a home. In addition, insurance agents have a network of people they can recommend for you to work within your community. Some agents can even recommend experts outside your community and a good real estate agent to work with.
In addition, an insurance agent can recommend insurers familiar with the risks associated with your area. They can also directly offer you policies that meet your needs at better rates. Insurance agents can also help you navigate the complex world of insurance and ensure you get the best deal possible.
Provide Information About Additional Coverages To Consider
Before making a home purchase, you should be aware of the various coverage available to protect your new home effectively. An insurance agent will enlighten you about the coverage you need for your home, depending on the location. For instance, if you’re considering purchasing a home in a location prone to flooding, earthquakes, or other natural disasters, an insurance agent can advise you to purchase extra coverage. This is because most homeowners insurance doesn’t offer protection for natural disasters, but additional coverage, such as flooding insurance, can sufficiently protect your home in case of unforeseen circumstances.
Other additional coverages such as water backup, guaranteed replacement cost, service line, debris removal, and legal insurance are also important additional coverage that further fortifies your insurance plan.
Provide Detailed Estimation Of Cost Of Homeowners Insurance Coverage
When you find a desirable home to buy, your insurance agent will help to estimate the cost of insurance coverage you need for your property.
In general, there are two types of property insurance; homeowners and renters insurance. Homeowners insurance is what you need to protect your newly purchased home. Homeowners insurance offers landlords dwelling protection, which is for the structural (walls, roof, foundation, garage) protection of the home.
Homeowner’s insurance also offers personal property protection and liability protection. Due to the numerous protection that homeowners insurance plan offers, the cost will vary depending on the location of your new home, replacement or rebuild cost, age of the house, claim history, credit history, marital status, and many more. Your insurance agent will consider all these factors and then expertly estimate the cost of the coverage plan you need to buy.
Renters insurance, on the other hand, is for when you are renting a new place.
Enlighten You About Previous Claims Made on a Property
One aspect that your real estate agent won’t pay attention to when house hunting for your desired home is the previous claims made on available properties. This is another key reason why you need to get an insurance agent involved. When you find a home that appeals to you, your Hanover insurance can help you discover the previous claims made on that home. This is necessary because insurance claims filed by previous homeowners can affect the home insurance premiums you’ll have to pay on such a property.
A professional insurance agent will look into the Comprehensive Loss Underwriting Exchange (CLUE) to access previous claim information of the home you wish to purchase. When you notice that several claims have been made on that home, it can indicate that the property has a long-term issue, such as water damage. You may be required to pay higher premiums for such a home. When you’re equipped with this type of information, you can make the right decision when making a home purchase.
Insurance agents can help you find the right home inspector and help you through the inspection process. After your home inspection is done, it’s important to have your insurance agent review the results. This is because the insurance agent understands the warning signs to look out for in a home inspection results. If your inspection results indicate the presence of damages caused by pests or rodents, leaks, mold growth, electrical damages, cracks, and more, it’s an indication that you’ll likely pay more insurance premiums.
Makes Deal Closing Easier And Faster
Most mortgage lenders prefer to include insurance in the mortgage payments, often requiring proof of homeowners insurance coverage. When making a home purchase, you’ll need your insurance agent to help you get your proof of insurance ready and available to your lender. This will enable you to close your deal without delay caused by inaccurate insurance documents. Insurance agents can also help to prepare your insurance coverage and ensure the insurance protection begins as soon as possible.
In short, an insurance agent can be a real asset when you’re buying a house. Therefore, if you’re thinking about purchasing a home, be sure to work with an insurance agent; they’ll be able to help you get the coverage you need and make sure you’re fully protected.
If you’re looking for a reliable New Oxford Home Insuranceagency to help you through your home purchase process, kindly reach out to us at Miller-Hanover. We offer excellent rates and better coverage on all our insurance services, such as homeowners insurance, boat and watercraft insurance, flood insurance, vehicle insurance, and several others.