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The top 5 first-time homeowner tips for insurance

The top 5 first-time homeowner tips for insurance

Posted by Heartland on 9th Jan 2023

Did you know that, in 2020, six percent of insured homes had a claim? Of those claims, almost 98 percent came from property damage.

When you purchase your first home, you might think opting for the cheapest policy will be enough, but you'd be wrong. It takes thorough research and preparation to find the right coverage, but we're here to help you get started.

Read on to learn five of the best first-time homeowner tips for insurance.


The most important thing you can begin with is research. It's essential to understand the things you're getting into before you purchase a home and policy.

A great place to start with this step is the Comprehensive Loss Underwriting Exchange (CLUE) report for the property you're interested in. Here, you'll find the claims and losses on a home for the last seven years. You can also look into things like the neighborhood you're looking at to understand how it might affect your premiums.


When you shop, it's important to insure the home at its replacement cost, not its market value. To figure out the proper coverage, you'll need to know how much it would cost to repair everything on your property.

Speaking with an insurance company can help you figure this out, as they'll know the actual replacement cost, rather than the market value an appraiser would supply you with.

From there, you can work to find the right policy that covers the things you need most.


Not every policy will be perfect, though. When you find your coverage's holes, it's important to fill in the gaps.

Your home will have its own unique needs, and it's important to ensure you're prepared for potential disasters. Typically, this will look like policies specific to the climate you're in. Flood and earthquake coverage isn't often found in a standard plan, so you'll need to purchase extra coverage if you find yourself anticipating any natural disaster events.


Filing a claim is the most important part of recovering from a loss, and there are things you can do to make the entire process easier.

First, you'll need to keep good records.

Whether it's important conversations, receipts from work you have done, or contracts, keep track of it all. It's also smart to keep track of your items and belongings. For this, it's as simple as downloading an app or using a website to take a digital inventory.

From there, set aside time each year to go over your policy. If things change or you think different coverage is necessary, be sure to update your plan accordingly.


When it comes to buying a home, remembering these first-time homeowner tips can help a lot along your journey. Purchasing a homeowner's insurance policy for the first time can be overwhelming, but setting yourself up for success with research and careful planning can help you stay successful.

If you don't know where to start, we're here to help. Contact us today to learn more.