Why You Need It and How to Keep Rates Low
Shopping for homeowners insurance is one of the first things we recommend after you go under contract to buy a home. That’s why I decided to sit down with the mother and daughter super duo Connie Galewski and Amanda Fano, of local and family-owned Avalon Insurance, to dig into the nuances of the subject.
But first, why do you need homeowners insurance in the first place? “The home is going to be one of the biggest purchases you ever make,” says Amanda, “so you want to make sure you protect it and have enough coverage. You hope to never need it, but if you do, you know you’re covered and that you’re good.” If you have a mortgage, you’re required to have homeowners insurance; it’s not an option. But even if you don’t have a mortgage, it’s an incredibly useful thing to have in your pocket. Homeowners insurance rates are calculated based on dozens of factors, like the square footage of your home, the zip code, the shape of the roof, and even your flooring.
If you’re a homebuyer on the lookout for a new home, there are a few things to keep in mind if you want to keep your future insurance rates down. “2002 and newer is going to give a lesser rate,” Connie says, as will “the shape of the roof — gable roofs can get you a big discount [as opposed to hip roofs],” and if you’re unsure of whether it’s in a flood zone, check with your insurance provider to find out.
Here’s the No. 1 thing to keep in mind: When you’re out shopping, whenever you have questions, don’t hesitate to reach out to send the address to your insurance person. They can prevent a massive bill from blindsiding you down the road after you’re already under contract.
Whether you’re a realtor explaining homeowners insurance to a client or a buyer who doesn’t know where to start, I highly recommend you check out our interview on my YouTube channel, on Facebook at “Tim Hart - Loan Officer,” or on episode 44 of my podcast, “The HartBeat Show.” Feel free to call Avalon Insurance with any insurance questions at 239-275-3888.