New Homeowner Insurance Basics

New Homeowner Insurance Basics

New Homeowner Insurance Basics

The lowest mortgage rates in more than three decades have fueled America’s appetite for home buying and refinancing, driving new home sales to a record level . Buying a home can be an intimidating process, especially for first-time homeowners who may feel overwhelmed by the number of decisions they are faced with, including choosing the right insurance coverage to protect their property. Find out what you need to know to protect one of their most important assets.

A home is often a person’s largest asset and protecting it properly can be complicated. The unexpected can threaten people’s homes or possessions and compromise them financially, making homeowners insurance an important consideration.

HDA Insurance Brokerage developed the following guidelines to ease the process of choosing the right insurance for new homebuyers.

First-time homebuyers may not realize that homeowners insurance covers more than just the structure of a house. It also protects the homeowner and generally anyone named on the policy, including a spouse, resident, household employee, guest or visitor. Most policies offer three kinds of protection:

1. Structures – A homeowners policy protects a person’s dwelling for damage due to common threats like fire and smoke, lightning, theft and extreme weather. Unless it is listed among a policy’s exclusions, anything that causes loss to a homeowner

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