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  • Know Your Options, Know Your Agent

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Maine Home Insurance

Maine Home Insurance - Tips for First Time Home Buyers

So you share purchasing your first home. What an exciting time! You probably have some plans on how you want to "make it your own." In making these plans did you consider the best way to protect your investment. As a first-time home buyer, are you aware that the purchase of your home is perhaps the largest financial investment you will make in your lifetime?

All of the paperwork involved can be confusing. The bank that is financing your new home will help when it comes time to close on the sale. But the bank’s concern is protecting themselves. While they will require you to have Homeowner’s Insurance, they will not give you any advice on how to best protect your new home. This is up to you! As a first-time home buyer, selecting the proper policy and coverages can be confusing.

What kinds of Insurance Policies can you buy?

There are many types of standard homeowners policies available from many different carriers. The standard homeowners is available where ever you are. But what you do from there is a conversation you must have with your agent. Most all carriers offer enhancements and broadening endorsements to suit your needs.  

The basic has a list of various kinds of losses that are covered by the policy. While this will cover the most common types of losses that can occur, it does not cover everything. Another has broader coverage on your personal possessions and even broader coverage on your home. While your personal possessions are covered for the most common types of losses, your home is covered for even more causes of loss. We must say that there is No such thing as "All Risk". This only means that most coverage is included unless the policy language specifically excludes it.

You can even purchase a policy that provides the so called all risk coverage to your home and personal property but remember, it is not really "all risk"...  

How Much Coverage Should I Have on My Home?

In order to fully protect your home you need to consider insuring it for its Replacement Cost (rebuilding cost). To first-time home buyers this concept can be confusing. Just remember that in most cases the replacement cost will be different than what you paid for the house. If you purchased a new house these may be the same, but if you purchased an older house the replacement cost may be higher.

How is the Replacement Cost Determined?

Your insurance agent or insurance company will determine this based upon your home’s size, type of construction, amenities, and other information.

What is covered by a Homeowner Insurance Policy?

Your Home.

The garage – whether attached or not. It can also cover any other detached buildings

Your personal possessions. This includes your clothing, appliances, furniture, tools, outdoor equipment. Most policies will provide a limited amount of coverage when your possessions are away from your home.

Additional living costs. When you have to move out while your home is being repaired after an insured loss, this repays for any increase in your normal monthly expenses.

Someone is injured on your property.

Your liability if you (or a family member) accidentally injure someone or destroy their property.

How Much Liability Coverage Should I Carry?

As a first-time home buyer this may be the most difficult to determine. You should consider carrying enough to protect the financial interest you have in your home and other equities (401K, investments, etc.). Don't forget to consider that Umbrella policy!

What is a deductible and how does it apply?

A deductible is the amount of money you will have to pay when you have a claim for covered damage done to your house, garage, detached buildings or your personal possessions. A deductible does not apply to liability coverage.

Help for First Time Home Buyer is here!

We specialize in helping our customers in finding the most effective coverages and amounts of coverage needed. Call us we will discuss your options. Remember that if we also insure your cars you will get a discount on insuring your most valuable asset- your Home! Contact Maine Insurance Agency today for your Maine Home Insurance.  

Don't forget, we can insure secondary or seasonal homes also. 

Make Sure Your Valuables Are Covered with Homeowners Insurance

You don’t have to be rich to have high value assets. Perhaps you own fine jewelry, a grand piano or a prized collection? Your keepsakes with high monetary value, family heirlooms and other personal belongings , are important to you. 
 
Owning expensive things can be enjoyable for you and your family but also carries some risk. To protect what you own, it is necessary to understand what coverage your homeowners insurance offers for your high value property. The unendorsed homeowners, renters or condo policy is limited.
 
The Standard homeowners insurance often has limits on the amount of coverage available for valuable property. If you own things that would be expensive to replace, your homeowners insurance may not provide the full coverage you need to pay for costly replacement items. Limitations can apply to individual items and categories of items. When the value of a collection is high, additional high value assets insurance can be needed to adequately cover its worth. 
 
How High Value Assets Insurance Can Benefit You 
While standard homeowners insurance has limits on the amount of coverage available for individual personal items, your policy can be tailored to cover your high value property. High value assets insurance can protect your valuable personal property in ways that standard homeowners insurance cannot. Coverage for high value assets can be provided for all risks, including breakage and theft. It is important to understand the full value of items and protect what you own. High value assets insurance can be used to provide full coverage for a wide range of items, including: 
 
  • Antiques 
  • Artwork 
  • Cameras 
  • Collections: stamps, coins, wine, figurines 
  • Electronics 
  • Fine jewelry, watches 
  • Firearms, guns 
  • Furs 
  • Golf equipment 
  • Memorabilia 
  • Musical instruments 
  • Silver, silverware 
 
Many people own valuable property and are unaware of just how much it is worth. Maybe you did not even purchase your keepsakes; they were inherited or given to you. Even if you purchased a valuable item, its value can fluctuate over time. A credible appraiser can be helpful. 
Please make an Inventory of Your Valuable Assets 
A thorough and accurate assessment of your valuable property today can make handling a claim a much more efficient process should the need ever arise. First, compile a list of all of your valuable possessions. Make a detailed list of everything valuable you own, take photographs of the items and store the list somewhere outside of your home in a safe deposit box or at a friend or relative’s residence. 
 
Record all valuable items as you go through your part of your house room to room, including the basement and garage. List the name of the item and a description as well as brand name if applicable, the date purchased and any appraisals. This same process can also be used to provide an overall home inventory for your regular homeowners insurance that includes more standard possessions. 
 
Once you have completed your home inventory taking note of high value items, a yearly assessment can update changes in your possessions and their value. Updated information about your possessions can keep your high value asset coverage fitted to your changing needs. 
 
Insurance Protection Brings Peace of Mind 
High value assets insurance offers coverage when broader protection is required. It can be reassuring to know that your most valuable possessions have full coverage in the event of unexpected loss due to fire, theft or damage. 
 
Learn More about How to Protect Your Valuable Property 
Don’t make assumptions about how your high value assets are insured. Contact Maine Insurance Agency today to assess your high value asset risk and form a comprehensive insurance plan. Our greatest priority is to make sure that you have the right insurance coverage for all of your property.