Homeowners Insurance Centennial Colorado
When shopping for homeowners insurance in Centennial, or most any other area for that matter, there's much more to consider than how much your coverage will cost. You need to buy the right type of policy AND be sure to get the proper coverage. For instance, the needs of a buyer of a condo or townhome will differ from the needs and costs of homeowners insurance for a single family homeowner. We, as the lender, require that you have sufficient insurance to cover exposure determined only by the amount of your loan. You, on the other hand, may desire increased coverage on your home and you may want to consider provisions for personal valuables such as jewelry, your computer equipment and other possessions. That is why it's so important to take time to visit with your agent or homeowners insurance company about your personal situation.
When you apply for homeowners insurance, the insurance agent will sometimes ask you about your current occupation and employment history, marital status, previous addresses, date of birth and Social Security number. It is standard for the insurer to check your criminal, credit, and insurance history to see if you are a "good risk." The homeowners insurance company also will look at your "loss history" to see what kinds of home insurance claims you've made in the past.
In addition to gathering personal information, the insurer will need information about the home. The age of your home, the materials used to build it, where it's located, square footage, and the number of rooms all play a role. How do you heat your home? What's the overall condition of the house? How many people live in your home? How close is your home to the nearest fire station and fire hydrant?
Lastly, your homeowners insurance agent will need to determine how much it would cost to replace your home. Once you have decided what type of homeowners insurance policy best fits your needs, if special coverage is required for personal items that may not be covered under the basic policy, and what deductible you are comfortable with, your insurance agent will be able to give you a quote. Typically, the premium for the first year plus three months escrow for the following year will be included in the amount of money you are asked to bring to the closing of your new home.
Be sure to shop around when looking for the right homeowners insurance company as rates do vary widely. For instance, some companies offer discounts when you have both your home and auto insurance policies with them or have been insured by them for several years. Larger deductibles will also have a huge effect on your premium. Other discounts may be offered if you don't smoke, or if you qualify for senior rates. And remember, it's always a good idea to check the financial ratings of the companies with AM Best or Standard and Poor's. Let me know if you need a couple of recommendations of agents in your area.
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
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