How to Insure a Newly Built Home

Insuring a newly built home is a vital step in financially safeguarding your investment and helping to ensure long-term peace of mind. As you move into your brand-new residence, understanding the nuances of home insurance can help you protect your property from unforeseen events.

Steps to Insure a Newly Built House

The following is a guide to help you navigate the process:

1. Understand the types of coverage. When insuring a newly built home, it’s essential to                        understand the following types of coverage:

1. 1. Dwelling coverage can help financially cover the structure of your home, including walls, roof and foundation.
   2. Personal property coverage can help financially protect your belongings inside the home.
   3. Liability coverage can help cover legal expenses if someone is injured on your property.
   4. Additional living expenses coverage can help cover costs if you need to live elsewhere temporarily due to damage to your home.

2. Assess the value of Your home. Accurately assess the value of your newly built home. This includes the cost of construction, materials and any custom features. An accurate valuation can help ensure you have adequate coverage.

3. Shop around for quotes. Get quotes from multiple insurance providers. Compare the coverage options, premiums and customer reviews. This helps you find the best policy that fits your needs and budget.

4. Consider builder’s warranty. Check if your builder offers a warranty. A builder’s warranty typically covers defects in materials and work for a specified period. This can complement your home insurance policy.

5. Bundle policies. Consider combining your home insurance with other policies, like auto insurance. Many insurance companies offer discounts for bundling, which can help you save money.

6. Review policy exclusions. Carefully review the policy exclusions. Understand what is not covered by your insurance policy to avoid surprises later. Common exclusions might include flood or earthquake damage, which may require separate policies.

7. Maintain your home. Regular upkeep can prevent damage and lower the chances of filing claims. Keeping your home in good condition can help ensure it stays insurable.

Insuring a newly built home involves understanding your coverage options, accurately valuing your property and choosing the right policy. By following these steps, you can protect your investment and enjoy your new home with peace of mind.

Learn More

Contact Ramey Insurance Agency to discuss your homeowners insurance.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.