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Housing / Buying a home (!!) but have no clue about home owner's insurance! What do you wish you knew before getting yours?
Sep 16, 2021
Buying a home (!!) but have no clue about home owner's insurance! What do you wish you knew before getting yours?
Things you wish you had covered? Lessons learned? Thanks!
Replies (9)
Sep 16, 2021
I'd get the limited water damage endorsement if your sump pump or sewer drain gets backed up. The city will never admit fault and it can get really expensive if you live in a particularly wet area and backups are a regular thing.
Sep 16, 2021
@Trish778 Thanks! Lucky for me I'm in a dry state and prone to fires.
Sep 16, 2021
I think the standard coverage probably should do but we don't know enough about your location or home to be prescriptive or more helpful. Start by learning the basics - what's covered, what's not, ask questions, and comparison shop is what I keep hearing these days. The one interesting lesson I learned is that if your neighbor's tree fall on your house or something on your property damaging it, it's actually your responsibility and liability. So the takeaway for me was to make sure I could actually pay the deductible as silly as it sounds. The deductible is what you have to pay out of pocket before the insurance provider's coverage starts.
Sep 16, 2021
@Vasiliki476 Wow I didn't know that. Yes I'll def start with the basics here.
You may find this lesson relevant and helpful.
Click on it below and a new tab will open and take you directly to the lesson.
Home Insurance Basics
Housing
7 min
Sep 16, 2021
Things happen and you might need to live somewhere else for a week or two or longer! It's worth the little extra you pay for the policy to cover living expenses and hotel costs should you need it. For me it comes down to peace of mind over trying to save a penny here and there.
Sep 16, 2021
@Jon764 Cool thanks for sharing this.
You may find this lesson relevant and helpful.
Click on it below and a new tab will open and take you directly to the lesson.
Buying Home Insurance
Housing
6 min
Nov 20, 2021
@Leah989, There are a few optional services that you may never need but are nice to haves. Those are usually listed in the "enhanced coverage" section. Things like water backup, sump discharge or overflow services and service line issues (for sewer and electric). Often they are nice to haves and not too much more annually. Just know how much each of the services and coverage items contribute to the total premium to decide what you end up cutting out or keeping.