Buying your first home is a confusing, exciting time. It is filled with a long to-do list and a lot of things to check off before you can call yourself a homeowner. One of those items on your to-do list will be to get homeowner’s insurance. Your lender will require it and you will need it, so don’t put it off until the last minute.

Shop Around for the Right Insurance Policy

As soon as you find a house you might be interested in, you can start comparing rates. Find out which homeowners insurance company in Salt Lake City gives you the best deal. The provider can also tell you of any details you may need to know once you settle on a house. For instance, you may have to purchase certain policies separately from the main policy.

Once you have compared prices, you will have an idea of which company you will choose when you find the right home. This prevents you from settling on the first company you find because you are down to the last minute before closing.

Know the Restrictions and Limitations

Once you put in an offer on a home, contact your insurance company right away. Let them know about the house so the company can begin the process of approving coverage. You don’t want to wait until the last minute to find out that company won’t insure the home.

Some homeowner insurance companies won’t cover houses older than a certain year or those that do not meet city or county codes. While an inspection should tell you what must be repaired before you can purchase the house, insurance companies may have their own limitations.

Consider How Much Coverage You Need

While you will have to carry enough coverage with your homeowner’s insurance company in Salt Lake City to pay for replacement of your home, you may want other coverage. For instance, you may want to purchase more than the minimum amount of liability insurance. You may also want to have added insurance on certain personal belongings that have extra value. Now is the time to decide these things while you are getting a new policy. Once a policy is in place, you may not think of updating it until you file a claim.

Ask questions to know what is covered in your policy and what is excluded. For example, you may want to ask about coverage for water damage. Find out if it covers flooding or if that must be purchased separately. There is also damage from a pipe burst that could result in a major expense in replacing portions of a wall or floor as well as personal items.

Begin early in your home-buying process to think about homeowner’s insurance. It should never be a decision made at the last minute just to close on your new home. Price should also not be the only criteria for choosing a company or a policy. While you never want anything to happen to your new home, you also want to be prepared with the right coverage.