There’s no denying that purchasing a home can be incredibly overwhelming. For many of us, it’s probably one of the biggest investments we’ll ever make, so ensuring that all the ducks are in a row is imperative to your family’s financial future and success. But have no fear, because as long as you do your homework and know what to look for, you’ll be all right. Remember though, don’t forget about your CT homeowners insurance! It can end up saving you big time!
We are going to help you out here for today and tomorrow for those who are looking to purchase their first home and may not be as knowledgeable about this process as others. Below are the first set of tips that you should be aware:
1. Compare coverage and rates. You’ve heard us say this a hundred times… shop around for your coverage, it can end up saving you a bunch of money. Furthermore, make sure you have all of your bases covered in terms of insurance coverage. What’s that mean? Well if you’re looking to move to an area prone to flooding, make sure you get flood insurance as well.
2. Utilize escrow for both mortgage and insurance payments. This will allow you to simply right one check, and it gives the bank the peace of mind in knowing that their investment in you is not a risky one. Here’s a helpful tips as well: most closings require the first years payment of insurance coverage, so have that in mind before you sign on the dotted line.
Come back to us tomorrow as we wrap up this discussion and talk about the different types of CT home insurance policies, as well as unique characteristics of the policies themselves.