Home Insurance - Home Insurance Tips for Buyers

1. Home Insurance

2. Home Insurance Tips for Buyers

3. Home Insurance is a property insurance which covers private homes, buildings and contents. AA Home Insurance will provide you cover against losses such as fire, storm, flood and theft occurring to your home and its contents. • You’re accustomed to talking to your buyers about their lending options – advising them which professionals to meet with and talking to them about how much home they can afford – but how much guidance do you give them after their offer has been accepted? • One topic that many first-time buyers are in the dark about is home insurance, and yet they will need to obtain home insurance before closing.  • Securing home insurance is a necessary step on their journey to homeownership. • We know that you’re not in the insurance business, but there’s something to be said about empowering your clients to make smart choices. 

4. What does home insurance cover? • Homeowners’ insurance provides valuable coverage that can protect you and your home in the event of fire, theft, storms, vandalism, injuries and/or displacement. • What doesn’t home insurance cover? • Home insurance never covers floods. Depending on the location of your home, your mortgage lender may require you to purchase additional flood coverage. Other things that are not usually covered by your home insurance policy include earthquakes, war and bad workmanship. • What will an insurance agent ask? • An insurance agent will ask you questions about the home you want to insure that will affect the cost of your coverage. Here are some example questions your should be prepared to answer: • What year was the home built?What is the square footage?How old is the roof and what is it made of?How old are various plumbing and electrical components?Have there been any recent claims against the home?

5. anything else buyers should know? • Discussing home insurance with your agent shouldn’t be a one-time deal. You need to review your policy every few years to decide if you need more or less coverage as the market and your assets change. • Your goal is to ensure that your clients understand the importance of protecting their new home and feel well equipped to solicit quotes from a variety of providers. • An insurance agent will be able to guide your buyers through the finer points, like replacement costs and deductibles and floater policies. If you’re looking for information to include on your agent website. • [Source: http://www.point2.com/blog/2013/09/11/home-insurance-tips-for-buyers/]

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