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Home Insurance Shopping Tips for First-Time Homebuyers

Home Insurance Shopping Tips for First-Time Homebuyers

Home Insurance Shopping Tips for First-Time Homebuyers
News from Nasdaq:

Buying a home can be overwhelming for anyone, and it can be especially hard to navigate as a newbie to the process. From selecting the picture-perfect home to choosing the right mortgage, you’ll be making decisions you’ve never had to make before – decisions that have long-term consequences, including increasing what you’ll pay for home insurance.

Yes, home insurance. Your lender’s going to require it, and you’ll need to factor that cost in when you’re deciding how much you can pay each month for housing. How much will it cost? That depends on several factors that are good to keep in mind as you search for the perfect home.

One factor that will affect your premiums

You’ve no doubt heard your real estate agent say it – location, location, location. He or she generally says it to refer to how close a particular house is to good schools or shopping or other amenities you might seek in a home. But location is important to home insurance, too. Here’s how:

  • Location: Your location will help determine your risk of certain perils. For example, if you live in Tornado Alley in the Midwest, you’ll pay more for coverage than if you live in a part of the country where severe weather isn’t as common.
  • Location: Are any of the houses you’re considering located in higher-risk flood zones? This is a great questi…………… continues on Nasdaq

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