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What First Time Homeowners Need to Know About Property Insurance


July 10, 2020

As summer begins, the market for buying houses is steadily increasing with the warmer weather. Many people are looking to buy for the first time – a feat which can be daunting and overwhelming. There are lots of moving parts and sometimes it can be difficult to keep track of everything. However, attaining insurance on your new home is an essential task that should be marked on your to-do list. To help you get move-in ready, here are a few tips to know about acquiring property insurance! 

Don’t Put It Off 
You might be tempted to leave purchasing property insurance to the end of the process; however, it’s better to go ahead and take care of it right away. If you attain insurance at the last minute, your options might have more limitations than had you purchased it sooner. It’s best to leave yourself plenty of time to research and think about the right coverage for you and your future – rather than finding yourself in a stressful and rushed predicament. 

Bundle Your Property Insurance 
It’s a good idea to buy multiple coverages from the same company to access discounts on the total cost. You can bundle a slew of insurances with your property insurance to save some money - including auto, motorcycle, and possibly life insurance. This way, even though you may be spending a bit more, you’re able to achieve a great deal and put these savings towards other projects or expenses. 

Monitor Your Credit Score 
Your credit score plays a much larger part when acquiring property insurance than you may think. Many insurance companies use your credit score to determine the price for your property insurance. Companies use this as a way to gain a better understanding of your personal monetary risk as they believe a bad credit score equivocates to an increase in claims. If your credit score is low, you may be headed for a higher property insurance premium. Therefore, it’s a good idea to keep track of your payments and even try to increase your credit score to avoid falling prey to a hefty price.

Work with Trusted Advisors and Companies 
When looking to purchase property insurance, you want to make sure to work with a company that makes you feel comfortable and confident. Buying a home for the first time can be overwhelming and the last thing you want is added stress. Finding the lowest rates doesn’t always correlate to great advisors and you’ll want to make sure to work with a reputable company – one that is able to consistently cover any claims you make. Overall, just follow your instincts and seek help from people you trust.  

We here at Aspen Claims are eager to help you take this big leap of purchasing your new home and guide you along this path. As a company with nationwide coverage, you are able to access us remotely and answer all your questions or inquiries about property insurance. Give us a call today at 888-819-5904 and start the process today!