First-Time Homebuyer's Guide to Home Insurance
Congratulations on buying your first home! Here's what you need to know about protecting your investment with homeowners insurance.
When to Get Home Insurance
Before Closing
Timeline
How Much Coverage Do You Need?
Dwelling Coverage
This is NOT your home's purchase price. Calculate:
Personal Property
Liability
Understanding Your Policy
What's Covered
What's NOT Covered
Common First-Time Buyer Mistakes
1. Insuring for Purchase Price
Your coverage should equal rebuilding cost, not what you paid.
2. Skipping Flood Insurance
Standard policies don't cover floods. Check FEMA maps for your risk.
3. Not Documenting Belongings
Create a home inventory with photos and receipts.
4. Choosing Lowest Price Only
Cheap insurance may have coverage gaps or poor claims service.
5. Forgetting About Discounts
Ask about new home, security, bundling discounts.