Unfortunately, just because you signed the purchase contract it doesn't mean you'll have smooth sailing through your closing. There could be some choppy seas to navigate before you get to your destination. The Home Inspection period is the first of these to get through and 10 days will fly by. So, from an insurance perspective I've put together my 7 Home Insurance Tasks to Complete While in Your Home Inspection Period to help you get to your home closing on time and with as little trepidation as possible.
Follow these 7 tasks and it will be smooth sailing!
| Contact an Insurance Advisor on Day 1
It’s important to begin securing your insurance for your new home early in the process not later. You'll want to discover any issues which may increase your premium or impact qualification for insurance as early as possible so you can address them promptly. Preferably, contact an Independent Agency who'll do the shopping for you among many top insurance carriers. They’ll know which companies have favorable underwriting and pricing for your individual situation.
| Review the CLUE reports
The CLUE report is your guide to the claims that you've had, but with a new home purchase, it's also your guide to know if there has been any home claims in the past 5 years. Yes, there are two CLUE reports. You should request the seller’s CLUE report, but you should also be aware of YOUR report. Your agent will get information on the SUBJECT (that’s you) and the RISK (that’s the property you’re buying). Your past claims matter, and could impact your potential rate or even qualification so this is a must do task during the inspection period.
| Request all tree branches be trimmed back from the roof
This may seem like a strange request but it’s important to do. Many insurance companies will complete a “Drive-by” home inspection (at a minimum) and if the inspector sees branches hanging on the roof many insurance companies will send a notice of cancellation of the insurance policy if the problem isn’t rectified. Don’t go through this needless stress, address the problem early.
| Send your inspection report to your insurance agent
Many more insurance carriers are requesting this report today to grant Home Buyer discounts and or to verify the current condition of the home. Your insurance professional should be reviewing this report with you from an insurance perspective; 99% of agents don’t.
| Bundle your auto and home insurance
Typically, you should have plenty of time to work with your agent to find the best package policy for your situation. Often times there can be hundreds of dollars saved annually by bundling. In addition to that, many insurance companies are moving towards requiring a package policy. It's in your best interest to do so because you have the most discounts and more markets available to you!
| Meet with a William Blount & Associates Insurance Advisor personally to review the final policy selection
Our process requests that we meet with you before creating your proposal. However, you should resist the urge to have your documents mailed to you. After all, your home purchase is probably the single most expensive asset you've ever purchased so why would you want your agent to “Mail it In”. The right professional agent will try to meet with you! Don’t waste this opportunity to have a detailed review of the insurance that may someday be needed after a catastrophic loss.
| Complete a Home Inventory of your stuff while moving
I know it’s a busy time moving but what better time is there to log serial numbers of major electronics or take pictures or video your belongings while packing-unpacking. There are many fantastic online software programs to help you itemize and value your stuff, by room, so you have a permanent record of your inventory. This is an invaluable time saver if you should ever need to provide an inventory to your insurance company. We really like www.knowyourstuff.org.
Thank you to Southwest Premier Insurance Agency for most of the information in this blog!