Buying your first home is a huge deal—and it’s one of the biggest decisions you’ll ever make.
Unfortunately, it’s a bit overwhelming, too.
Homeowners Insurance FAQ for First-Time Buyers
You don’t need to buy homeowners insurance before you buy a home, but your lender will most likely require you to purchase it. (That’s how they can protect their investment.)
What Does Homeowners Insurance Cover?
Typically, homeowners insurance covers several things, including:
- The structure of your home
- Your home’s contents
- Other structures on your property, such as sheds or detached garages
If your home is damaged (or worse, destroyed) by a natural disaster, fire, or other event that falls under your homeowners insurance coverage, the insurance will help pay for repair expenses.
Your Home’s Contents
If your belongings are damaged or destroyed, your homeowners insurance may cover repair or replacement. If you have high-value items, like rare art or costly jewelry, there will most likely be some sort of cap on the coverage.
If someone gets hurt on your property, this part of your homeowners insurance policy can kick in and help pay for medical costs, rehabilitation, or funeral costs. In some cases, this coverage can also go toward legal fees if the injured person sues you in court.
Other Structures on Your Property
If something happens to additional structures on your property, such as a shed or detached garage, and it’s covered by your homeowners insurance policy, your insurer will contribute toward repair or replacement.
What Are Covered Perils?
Homeowners insurance varies by provider (and, in some cases, by location). Homeowners insurance can cover (but doesn’t always cover):
- Water Damage
Usually flood and earthquake damage isn’t covered; most people have to purchase additional coverage for these types of natural disasters.
Are You Buying a Home in Grand Junction?
If you’re thinking about buying a home in Grand Junction, Fruita or any of the surrounding communities, we’d love to help you.
Call us at 970-765-4135 or get in touch with us online to tell us what you want from your next house. We’ll help you find it.
In the meantime, feel free to browse our:
- Grand Junction real estate listings
- Fruita real estate listings
- Palisade real estate listings
- Redlands real estate listings
- Clifton real estate listings
- Glade Park real estate listings
- Loma real estate listings
- Whitewater real estate listings