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In the market for a new home? What insurance needs should you consider?

House for sale

While Mother Nature may be playing some tricks on us, Spring is officially here. That means many of us are in the market for a new home. Homes for sale are popping up left and right in my neighborhood. Maybe that’s because homes listed around this time of year sell around 9 days faster and for nearly 1% more than the average listing.*

So are you in the market for a new home? When you decide to make the big purchase, it’s a good time to consider the best insurance options for your new investment. This is where you live – where you want to raise your family and send your kids to school, or where you want to retire and have sleepovers with the grand kids.

With more than 30 years of experience, I have learned some tips that may be helpful when purchasing insurance for your new home.

•Make sure you fully understand your water damage coverage. Your homeowners policy is more likely to cover water damage that is sudden and accidental, like an upstairs bathroom leak that penetrates the ceiling. However, most policies won’t cover the source of the damage (like a leaky washing machine that causes floor damage). It’s also important to know your homeowners policy will also likely not cover damage resulting from unresolved maintenance issues, such as an ongoing leaky faucet. And perhaps most importantly, flood insurance is not covered by a typical homeowners insurance policy. However, there are options. You may be able to purchase backup coverage, or specific flood insurance if you live in a high-risk area.

•Limitations of jewelry or special item coverage are hard to understand – especially when an heirloom piece or a prized collection is of such value to you. It’s important to know that most standard homeowners insurance policies only cover lost or damaged jewelry in the case of a “listed peril” such as theft or fire – and only if that item is claimed and documented as a belonging. Be sure to take a full audit of your prized possessions and speak to your insurance agent about how you can best protect these investments. They likely carry great sentimental value that you can’t afford to part with.

Of course – we are here to ask you the questions that you may not have thought of – all in the spirit of protecting your major investments of property and valuables. As always, feel free to reach out with any questions – and good luck with the Spring home shopping!