There are countless tasks associated with buying a new home. Getting adequate homeowner’s insurance is one of them. However, knowing the right time to purchase a policy can mean the difference between affordable coverage and a super expensive premium.
As with all things in life, the best way to avoid unpleasant surprises is to become as educated as possible. Preparing yourself for the challenges of home ownership is the most proactive approach, so use the following guidelines to determine when your new policy should be purchased.
#1. Always Buy Florida Home Insurance Before Closing
Most of the time, a mortgage broker will require that you possess an active homeowner’s insurance policy before closing on a new property. Be sure to bring any necessary documentation with you to prove the legitimacy of your coverage.
#2. Always Get Multiple Quotes
Before settling on a Florida home insurance provider, be sure to get several price and coverage quotes from their competitors. Oftentimes, you’ll see two or three companies with strikingly similar deals, with the most glaring differences discovered only after the policy is initiated. Take your time and buy coverage only when you’re convinced it’s the best deal. TIP: Shop online for quicker, more concise search results.
#3. Bundle and Save
If you already have an active auto or life insurance policy through a reputable, low-cost provider, then it makes perfect sense to include your Florida home insurance policy in the package. You may get a few discounts for bundling, but if not, you can always take advantage of the companies offering new member or “switcher” incentives.
#4. Know the Weather
Different parts of the state deal with different weather patterns. By knowing the average climate and potential seasonal hazards of the area in which your house is built, you can more easily purchase home insurance that’s suitable for your unique property. TIP: Buy insurance during the off-season to present the home most favorably to insurance adjusters who determine the limits of your policy.
#5. Respect Your Boundaries
Always consider buying a new home insurance policy when you’re paying too much for the coverage you currently have. Before letting the policy lapse, and thus suffering the expensive consequences, it makes more sense to simply change providers when the time is right. Respect your budgetary boundaries to avoid missed payments, increased premiums, damage to your credit score, upset mortgage lenders, or all of the above.