So, you’ve just bought your first home — congratulations! First-time homeowners rightly tend to have lots of questions. While each situation is unique, and there’s no way to address everything at once, here are a few things we like to highlight when talking with folks who are moving into their first home.
Customize Your Insurance Package
While base-level homeowners insurance is a must, you will need to customize your policy with the coverage options that are relevant to you. If, for example, your home sits on service or utility lines, you are responsible in the case that they are damaged — and thus, being covered will offer a critical safety net. If you have a garage, shed or other structure on your property, they can also be added to your policy. The same goes for electronics, firearms and all types of valuables. To go over all types of personal property insurance and be sure you are choosing the right coverage, talk to your agent. He or she will help you feel confident that no stone is left unturned.
Tackle Home Improvement Projects
When you toured your house, which things stood out as potential “fixer upper” projects? Sometimes they are obvious, and homeowners will address them right away. But if they don’t present an immediate threat or inconvenience to life in your new home, some people will sweep them under the rug.
Take the time to think about which aspects of your home will bother you down the road if not fixed right away. Is the carpeting outdated? Consider replacing it now, before you get settled in and decide it’s too much of a hassle. Did the previous owners leave behind odd lighting fixtures or furniture items that will only get in the way? Take care of them before they fall too low on your priority list. These things might seem insignificant now, but the longer you wait to deal with them, the more they will frustrate you a year from now, or even further down the road.
Develop a Comprehensive Risk Management Plan
Life doesn’t always go our way, but when we prepare for the worst, it won’t feel as daunting or disorienting. There are many ways to help lock in your peace of mind during this time of transition. No matter how safe your neighborhood feels, consider installing a home security system, and never leave your doors unlocked at night. If you live in an area prone to flooding or earthquakes, you may need to buy additional insurance to cover those damages. If there is a known history of pests on your property, talk to a pest management professional about setting up a regular maintenance plan.
Your risk advisors at Warren Weiss are here to help make your new home a place to feel safe, secure, and ready to make your own. Get in touch with us to get started.