Rollo Insurance Blog
Buying your first home is a time of great excitement and immense responsibility. Every new homeowner should be aware of the various aspects that come along with owning a property, including home insurance. Let's review some of the things any new homeowner should know.
1. Insurance Is a Necessity
According to Comfy Living, 85% of homeowners in the U.S. have insured their homes, and there is good reason for it! Whether it's your first home, a vacation property, or an investment rental, home insurance is a must. It's essential for protecting your investment and covering potential damage. It can help cover the cost of repairs if you experience a natural disaster or robbery and provide liability protection if someone becomes injured on your property. This can give you peace of mind as a new homeowner.
2. Shop Around for the Best Rates
Every home insurance company is different, and the rates you receive will depend on where you live and your personal needs. At Rollo Insurance of Dripping Springs, we do all of the research for you by getting quotes from different companies, and comparing them to find the best deal. Don't be afraid to ask questions and find out more about the coverage you're getting. As a new homeowner, it pays to let us shop around to get you the best rates.
3. Homeownership Has Additional Expenses
Even if you pay for your home in cash and don't need a mortgage, homeownership will still eat into your pockets. Plan for repairs and maintenance, insurance payments, taxes, and utilities. As a new homeowner, you'll want to keep your budget in mind at all times and ensure you're prepared to cover these costs. Also, bear in mind that it's possible to lose a paid-off home due to unpaid property taxes.
4. Get to Know Your Neighbors
Getting to know your neighbors is a great way for new homeowners to build a sense of community. Fostering good relationships with your neighbors makes it easier to keep an eye out for each other's properties and watch out for strangers. Such positive relations are important if you ever plan to be away from home for a while.
5. Home Maintenance Is Key
A well-maintained home requires regular upkeep and preventative maintenance. This work includes checking and replacing HVAC filters, caulking around windows to keep out drafts, ensuring gutters are properly draining, and checking for water leaks. Taking care of the smaller issues now can help prevent more serious problems in the future.
Owning a home for the first time is a rite of passage, and it can be both exciting and intimidating. Knowing the facts and being prepared for the responsibilities of homeownership will help ensure a successful experience. If you're in need of home insurance for your new property, contact Rollo Insurance today to learn more about our policies.