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Tips for New Home Buyers

Mosaic Insurance, your one-stop insurance agency, offers tips for new homeowners in PrescottBuying your first home? When you’ve found your dream home, plan on spending some time doing necessary paperwork, part of which will likely be arranging financing for your home. Your home is a big investment, and your mortgage company will require some basic coverage which may not be enough. Mosaic Insurance, your local Prescott insurance agents, shares some tips that you need to consider when insuring your home.

Know the Value of Your Home. You don’t want to insure your home for less than it’s worth or pay a higher premium for a house that’s overvalued. Be sure not to confuse replacement cost with the market value. Check with an assessor or builder to determine the most accurate value of your home.

Understand what is covered. Many natural disasters are not covered and standard policies typically have exclusions for landslides, earthquakes and the like. If your home is located in a high-risk hurricane or tornado area, that type of damage may not be covered.

Compare insurance companies. One company might have high premiums and great agents, while another might have great coverage and less than desirable agents. Keep in mind you’ll be dealing with the agent during any claims process, and you may prefer to seek an agent with a strong recommendation from a trusted source.

Safety. In many instances, having a security system that is connected to a local police department or security company can reduce your premiums by 15 to 20 percent. Check with your agent to see if adding deadbolt locks and/or smoke detectors can further reduce your premiums. On the flip side, a swimming pool, trampoline or even certain breeds of dogs can increase your premiums.

Bundle your policies. Ask if your insurance company will provide a discount if you purchase automobile and homeowners insurance as a bundle. In many cases, bundling can lower your premium on both policies.

Use safe materials. If you are considering an addition to your home, use materials like cement or steel-framed structures which are more durable and less likely to pose a fire risk.

Pay off the mortgage. Ask if premiums can be lowered when the mortgage is paid off. Conventional wisdom suggests that you are more likely to keep up the maintenance and repairs on a home that you own, which in turn can mean fewer claims being filed.

Let the professionals at Mosaic Insurance, your one-stop insurance agents in Prescott, help you get the best coverage for your new home! For a free quote, call 928-458-7374.

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