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Home Insurance for First Time Buyers

Are you in the market for a new home or condominium? As part of that process, don’t forget that you’ll need to get homeowners insurance. Finding the right policy can be a challenge, especially for a first-time buyer.

Unless you are paying cash for your new home, you will be getting a mortgage and most lenders require you to have homeowner’s insurance. Some lenders even require that it is lumped in and paid for as part of your mortgage. Homeowners insurance can cover damage to the interior and exterior of your home and can also protect you if someone gets hurt on your property.

Before picking your policy, you first need to determine what homeowner’s insurance covers in most circumstances. With MAPFRE Insurance, a home policy will usually cover:

  • Structural Property protection: This is to repair or replace the structure of your home as well as additional structures on your property such as detached garages, sheds, etc. in the event of storms, fire, lightning, structural failures and falling objects. Things covered would usually include items such as the roof, walls and floors of your home.
  • Personal Property protection: This covers the replacement of personal items in your home in the event that they are stolen or become damaged during structural issues as listed above. Things covered would include items such as electronic devices, clothing and furniture.
  • Liability protection: This protects you if another person claims that you (or other insureds on your policy) are legally responsible for bodily injuries or property damage they have sustained. Things covered would include events such as visitors getting injured while on your property, your dog biting the mailman or you injuring someone in a place away from the home while not in a vehicle.
  • Coverage for high value items: This covers the replacement of specific high value items that are lost, stolen or become damaged during structural issues as listed above. Things covered would include expensive items such as jewelry, artwork and furs.
  • Home systems protection and service line coverage: This covers the repair or replacement of critical systems in your homes. Things covered would include home systems such as heating and air systems, electrical panels, central vacuums and elevators as well exterior and underground service lines such as water and electrical.

What wouldn’t typically be covered by your homeowner’s policy?

  • General wear and tear
  • Damage from lack of maintenance
  • Damage caused by remodeling your home

Once you know what is usually covered under your policy, MAPFRE Insurance will recommend an appropriate amount of coverage based on the type of structure you have as well as a few personal parameters.

If you purchase a condominium, some condo associations could carry insurance. However, it’s always recommended that you have a separate condo insurance policy. With MAPFRE, the Unit-Owners policy generally covers fixtures, alterations, additions, structures owned by the insured; personal property; additional living and loss of rent.

If you’re looking for a way to save money (and who isn’t?), we recommend you bundle your policies. For instance, when your home or condo is insured with MAPFRE, you could receive an additional discount on your Massachusetts car insurance policy. If you insure your boat or have an Umbrella policy with MAPFRE, you could save even more.

Make sure you have the right homeowner’s coverage for your property by getting a fast, free quote today from MAPFRE to see how much you could save!

Please Note:This content is not intended to describe any specific coverage offered by MAPFRE Insurance. No coverage is provided, bound or guaranteed by this article. Available coverages, credits and discounts vary from state to state and are subject to eligibility criteria and policy terms/conditions, which will control in the event of conflict between this article and your insurance policy. For information about your policy, please review your individual policy contract and speak with your insurance representative.

MAPFRE Insurance® is a brand and service mark of MAPFRE U.S.A. Corp. and its affiliates, American Commerce Insurance CompanySM (Cal. COA 4928-8); Citation Insurance CompanySM; The Commerce Insurance CompanySM; Commerce West Insurance CompanySM (Cal. COA 1372-2); and MAPFRE Insurance CompanySM (Cal. COA 3039-5). Not all products available in all states.

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