First time homeowners can get easily overwhelmed when learning to deal with many new responsibilities. Before closing on your new home, it’s important to ensure your new asset is well protected with proper homeowners insurance. We want to help first time homeowners get the right coverage needed by providing a few tips to better understand homeowners insurance.
Mortgage Lenders Require Homeowners Insurance
When taking out a mortgage to buy a home, lenders will typically require you to obtain homeowners insurance. This is to ensure your home is insured and protected for 100% of its replacement cost, and help you pay for the cost of rebuilding in case of a loss. Your lender can assist you by providing a list of coverages they require for the loan. Different lenders have different requirements depending on the location, type of home, or other factors. Insurance providers and agents can also help, and provide a list of estimates for the coverage you may need.
Potential Carriers Perform a Home Inspection
Before finalizing with an insurance carrier, most will require a home inspection and send someone to look at your home. Make sure to do your own inspections and address any potential issues, such as roof repairs and property hazards before an inspection is ordered. In some instances, carriers may also request additional information about the home and the policyholder. Be prepared to present additional documentation should it be required.
View a Company’s Financial Stability Rating
Financial Stability Ratings® (FSRs) are useful when comparing insurers. Insurance Companies can go through a comprehensive evaluation performed by an independent, objective third party such as Demotech Inc, in order to obtain a financial rating. The higher the rating, the greater the company's financial stability and capability to fulfill their financial obligations to their policyholders. Florida Peninsula is rated "A Exceptional" by Demotech, Inc. By knowing your potential insurer’s rating, you can better asses which company you can trust with protecting your home.
Review all Different Coverage Options
Do your research to see all the possible coverage options to determine the best protection for you. Speak with your agent or review a company’s policies online. If you’re considering obtaining your homeowners insurance through Florida Peninsula Insurance Company, we offer a variety of homeowners insurance coverage for dwelling, personal property, and other structures. Remember, flood coverage is not included in your typical homeowners policy, and you should seek to obtain flood coverage separately.
Get a Quote with Us!
Speak to your agent about obtaining your homeowners insurance through Florida Peninsula Insurance Company. We offer homeowners policies with comprehensive coverage at affordable rates. We understand each family is unique and offer a wide selection of coverages to accommodate your needs. Keeping your family and home safe and protected is Florida Peninsula Insurance Company’s top priority. For more information, or to get a quote, please call 877-229-2244.
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