When you decide you to buy your first home, homeowners insurance may not be the first thing you think about. However, most mortgage lenders require you to have homeowners insurance before they will approve your loan. There are a few things you should know about homeowners insurance.

Certain losses are excluded from most homeowners insurance policies. Among other things, standard homeowners insurance policies don’t cover floods or earthquakes. Although earthquake coverage can generally be added to the policy, if you want coverage for flood, you will need separate policy.  And, if you are in a flood zone, your mortgage lender may require you to purchase flood insurance.

We all know that our credit score is important for many things. Did you know it can also affect your homeowners insurance premium? Some states have banned this practice; however, in most cases your credit score can affect your insurance premium. The better your credit rating, the lower your premium. So while you’re spiffing up your credit rating to get a good deal on your mortgage loan, you should maintain a good rating to save money on your homeowners insurance.

Home insurance is designed to protect you against damage that is sudden and accidental and not all damages are covered by homeowners insurance. If the damage that occurred to your home is due to your failure to properly maintain your home, your claim may be denied. When it comes to home maintenance, don’t be a procrastinator!

While you are living in your new home, you will acquire new valuables, personal possessions, and may do some home improvements. The standard policy has limitations for certain types of property so you should always check with us to make sure you are properly covered. Enjoy your new home, you deserve it! If you have any questions regarding homeowners insurance, please contact Babineau Insurance Agency at (978) 345-4303 or online at www.babineauinsurance.com.

Source: https://www.hsh.com/first-time-homebuyer/facts-about-home-insurance.html