Buying Your First Home? Here’s How to Handle Your Renters Insurance

As a first-time homebuyer, homeownership can throw you lots of curveballs: property maintenance, making repairs, and protecting your most valuable assets. Renters insurance typically provides coverage for a policyholder’s personal belongings but within certain limits. As you embark on a new journey as a homeowner, you’ll have a lot more ground to cover in terms of ensuring that your home’s interior and exterior are protected from unforeseen circumstances.

Canceling Your Renters Insurance Policy

Before you start working with an insurance agent to help write your homeowners insurance policy, connect with your renters insurance provider to cancel your policy. If you pay in advance, you can get a refund for any months you won’t need coverage when you cancel your policy. During the conversation about canceling your policy, you should directly ask about outstanding fees, the status of your premium, and your projected refund.

Taking the Next Step: Shopping for Homeowners Insurance

Buying a home is one of the largest purchases you’ll ever make, and a comprehensive homeowners insurance policy can help you protect your most valuable asset. A knowledgeable team of insurance agents can help you understand the factors impacting your rate, recommend the best bundling options for your needs, and provide an efficient insurance shopping experience.

Key Changes to Your Coverage

Homeowners insurance will provide more thorough protection for your property—renters insurance is limited to coverage of personal belongings inside your residence, such as large appliances, your pets, clothes, and damaged items resulting from a major accident or disaster. Homeowners insurance will provide you peace of mind in that you’ll also be able to include the actual structure on your policy, as well as any personal property inside of the home.

Between closing costs, final inspections, and escrow, some aspects of buying a home can feel like a lot of work. Make getting homeowners insurance easy by working with Insurance Lounge. We’re an independent, no-commission insurance agency, and our goal is to help you find affordable insurance solutions. Complete our quote and buy form today to learn how we can help you find the best coverage for your new home.