Purchasing a home is a major milestone in a person’s life and so much can be involved from the starting point of making an offer all the way to final closing. One aspect that can sometimes get overlooked is the process of finding the best insurance fit for your new home.
Most people do not realize there is no single insurance company that can offer the best combination of coverage and price for all homes. Insurance coverage and cost are determined by several different rating factors like property location, spefici home details (ie age, size, building materials), as well as occupancy to name a few. Insurance carriers may tend to focus on one rating factor over another which results in a wide variance among insurance companies for both coverage and price of a particular home.
With this in mind, when purchasing a home it is recommended to obtain quotes from at least three different insurance companies to find the best insurance fit for you. Comparing multiple options will allow you to get a sense of the insurance market variance and make an informed decision based on coverage, price, and reliability of the insurance agent/agency. Failing to do your due diligence when it comes to establishing insurance can have long lasting repercussions both in terms of cost (overpaying for insurance can result in higher mortgage payment year after year) and coverage (being underinsured at the time of a claim can result in your home being repaired/rebuilt below value).
The insurance shopping process should not be a one and done occurrence at the time of purchase as savvy homeowners tend to repeat this process every three to five years. This allows homeowners to reassess insurance options based on market changes as insurance companies may impose rate changes in a given year while some carriers may adjust the tier rating of a home as it ages over time.
Here at Atlas Insurance we work with a number of different insurance carriers so we can start the insurance shopping process for you by providing an initial proposal based on the best option from our carrier selection. Please feel free to contact us for a no obligation insurance proposal to protect your home at closing and all the years beyond.