Good Morning Nashville! There is a LOT of development happening in and around the city right now. We are thinking about you Gulch, Murfreesboro, Mt. Juliet and Gallatin!
If you are purchasing a new home or condo from a builder be aware that your home builder most likely has an agreement with both a lender and an insurance company to help reduce costs for them and for you. This is often a win-win situation. Awesome!
However, when you receive your initial homeowner’s insurance quote from their preferred insurance company, we want to make sure that you understand what your quote does and doesn’t include.
There are some things you need to ask yourself when you get your new build homeowner’s insurance quote:
- Does the insurance company only work with new homes? This can mean savings for you. But it is worth getting a second quote if you have been with your current insurance company for a long time. This is because your insurance company is probably giving you discounts for being a long-time client.
- Where is the insurance company located? This may not matter to you today, but it matters greatly to our clients when they have a claim. A local agent can help you resolve claims more quickly than an agent who is in another state or only reachable via a 1-800 number.
- Read the coverage details. Does the quote for your new condo or home include coverage for the following:
- Replacement cost for your roof
- Damage to your property from water or sewer back up
- If you have an expensive piece of jewelry, art, antiques or anything valued more than $1,500, ask about scheduling these items.
- Most policies do not automatically include these coverages. However, we often have clients calling to make claims for these items, especially water-backup, flooding and sinkhole. But remember: all of these are additional coverages that you have to add to your policy.
- Be aware that flood insurance is not covered under any normal homeowner’s or condo insurance policy. It’s a separate policy purchased through the national flood insurance program.
- Look at your coverage limits. Are the limits on your quote high enough to replace your home if something happens? No one likes to think about this, but this is WHY you have insurance!
- Ask the company to re-quote you with all additional coverage and any increased limits you need. This gives you the real cost of your homeowner’s insurance.
- Then, get a second quote with us. Send your quote to us (or follow this link) and we’ll give you a quote for comparison. We know that you want the best coverage at the best price.
- Above all: Remember why your are purchasing insurance for your new home. Your insurance is there to protect you…
- in case something happens that you cannot afford to otherwise repair or replace. Water backing up into your condo or home and ruining your flooring. Flooding. Sinkholes. Fire. Theft.
- from liabilities. Accidents or injuries in your home or on your property.
Congratulations on your new home!
Our Insurance Ninjas understand that your new home insurance policy is unique. Because we are independent insurance agents, we work with multiple companies to compare policies. That way we can get the most competitive rate for you. When we provide coverage, we help you handle claims. You need an Insurance Ninja!