Home Insurance

Why do I need Living Expenses Coverage with my Home Insurance?

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A home is frequently someone’s most valuable investment and deserves to be protected with home insurance. While most people understand that they need home insurance to cover the structure and value of the home, many people neglect important additions that they might need with their home insurance. For example, many people neglect to ask whether or not their home insurance policy covers living expenses. Some people might even wonder what living expenses coverage means. Some of the most important information regarding home insurance and living expenses coverage is below.

Home insurance is important because it provides financial support for people whose homes are damaged or lost for a wide variety of reasons; however, sometimes a home is damaged beyond repair. The home might not be safe to live in due to severe damage of total loss. In this scenario, the individual or family will be forced to live on the road as they search for a new place to go. The price of eating out and staying in a hotel room for an extended period time can cause the bills the pile up quickly. This will place a substantial amount of financial stress on a family. Therefore, people should ensure that their home insurance policy covers living expenses. This is an additional layer of coverage that will provide funds for families forced to stay in a hotel or an apartment for an extended period of time in the event that their home is damaged beyond the point of livability.

Everyone living in Austin, TX should ensure that their home insurance policy includes living expenses. People should contact an experienced insurance agent serving Austin, TX with any questions. The Policy Source will make sure that every family’s most valuable assets are protected.

Steps to buying your first home

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Whether you are buying a home in Austin, TX or the surrounding areas The Policy Source is the place to go for all your insurance needs and even offer great advice. The Policy Sources even offers steps to buying your first home so you can avoid buying mistakes.

The first step is to research the real estate in the areas you are wanting to buy in. See how long the homes stay on the market in certain areas and check the housing trends. Then you should determine how much you can actually afford. Determine what your financial situation is and try not to choose a home that is more than three times their annual household income. Try to save for a down payment. Next, get pre-qualified and pre-approves for credit for a mortgage. This can be a tricky spot, just because a person gets approved for a certain amount does not mean they can really afford it, but that goes back to creating a budget. This step is important to see what your price range is before you start looking.

Then you can find the right real estate agent. You want one who is informed with the housing market and has knowledge of the home buying process. Once you and your realtor find a home you can make an offer. It is smart to check the plumbing, electrical, open windows and doors, traffic, and things that it is near. If these work for you then you can make an offer. Then you will need to get a home inspection to decide if anything needs to be fixed before closing. If things go well you can work with a mortgage banker to select the loan that is right for you.  

The lenders will set up the home to be appraised to make sure it is worth their investment and if so you can then coordinate the paperwork and close the sale. Don’t forget about insurance, so call The Policy Source in the Austin, TX area so we can get you the homeowner’s insurance coverage you need.   

3 Mistakes Homeowners Make When Purchasing Home Insurance

Posted on by agentinsure

Home insurance in Austin, TX is a complex subject, but it is one in which you must understand to ensure you have the coverage you need for your home. Without understanding your home insurance policy, you could be placing your home and your family at risk. At the Policy Source, we’ve noticed many homeowners make similar mistakes when purchasing home insurance.   

Owners Purchase Too Little Home Insurance  

All too often, homeowners purchase the least expensive option for home insurance coverage in Austin, TX. For many homeowners, the least expensive policy will help them maintain their monthly budget. Although a cost-effective policy helps people maintain their budget, it may not help them cover their replacement costs completely if they experience a loss to their home. The best way to avoid this problem is by talking to your agent about your coverage.

Homeowners Choose High Deductibles for Home Insurance  

At the Policy Source, we’ve noticed a lot of clients choosing home insurance policies that have high deductibles. Of course, a home insurance policy with a high deductible will reduce monthly premiums, but if these homeowners don’t have the deductible in savings, just in case they experience a loss, then it places them at a disadvantage.  You can avoid this problem by choosing a deductible you can pay with ease.

Owners Fail to Understand the Home Insurance Policy  

Home insurance from provider to provider isn’t the same. In fact, many home insurance companies determine what they will cover, and it can be different from another provider. Homeowners shouldn’t assume they know exactly what is in their policy without taking the time to dissect their policy.  To avoid this problem, talk to your agent about the details of your policy.

At the Policy Source, we want to ensure you have the home insurance coverage you need to cover you in the event of a loss. If you are just purchasing a home or it’s time to renew your policy, then we encourage you to give us a call today. The longer you wait, the more you jeopardize your home and your family’s lifestyle.