Insurance for First-time Home Buyers

Chances are your home is the biggest financial investment you will ever have, so you need to protect it. A homeowner’s policy gives you financial protection if your home is damaged or destroyed by an event like a fire, lightning strike or windstorm. Your policy will also protect your personal property. Your furniture and electronic equipment, for example, will be covered for certain damages and for theft as well. Also, your homeowner’s policy gives you liability protection for unexpected events, such as a visitor slipping and falling on your property, for which you the homeowner could be responsible.

You need to ensure your coverage will begin as soon as you become the legal owner of the property. In addition, if you have a mortgage, the mortgage company will require that you purchase and keep in force homeowner’s insurance. This policy also protects their interest in your first home.

Although home insurance policies have many similarities, they do differ. It's better to have an "All Risk" policy versus a named peril policy. The "All Risk" is the best money can buy. But beware, just because it says "All Risk" does not mean every claim/scenario is covered. There are numerous exclusions that are part of every property insurance policy.

In addition, home insurance does not cover normal wear and tear or gradual deterioration. Nor does it cover damage caused by pets.

Don’t worry, at Gemstar we will explain every detail of your policy. We know home insurance can be intimidating so we will make it as easy as we possibly can for you.  Contact us for a free quote or to get a second opinion.