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Insurance for First Time Home Buyers

Hopefully, the title of this article implied that insurance for first time home buyers is different and that compelled you to read.  Unfortunately, I may have slightly mislead you because homeowners insurance for first time home buyers is exactly the same as any other homeowner except for these three items:

  1. You’ve never purchased homeowners insurance before so you have no clue what your doing.
  2. You are eligible for the first time home buyer discount.
  3. You have the opportunity to set up your insurance program correctly right from the start.

Don’t Pretend You Be an Insurance Expert

first time home buyersI love when I come across a first time home buyers that is excited about the process of insurance buying and interested in learning about the insurance program we’re going to place on their new home.

Where we run into trouble is when that proactive home buyer pretends that he knows more about insurance than he really does (I’m not saying you shouldn’t be educated.).

Have you ever heard the phrase, “Just enough knowledge to be dangerous…”?

Many first time home buyers have heard “this” and “that” about homeowners insurance and try to dictate to whoever is handling their insurance what coverages should be included.

If the home buyer is dealing with a direct writer or an agent that isn’t strong or passionate, there are many, many mistakes that can be made.

3 Common First Time Home Buyer Mistakes

  1. Use market value instead of replacement cost for dwelling coverage amount.
  2. Do not max out personal liability coverage.
  3. Do not add proper and necessary endorsements such as water backup and extended replacement cost.

The Rub

No one expects you to know anything about homeowners insurance.

You are buying your first home and that is an exhausting and amazing experience.  Don’t muck up the process by trying to set your insurance policy up yourself.  Contact us at The Murray Group, and we’d be happy to help you build an insurance program.

The independent agency was built to help guide you in making insurance buying decisions.  As a first time home buyer, don’t take on the extra stress of trying to be an insurance professional.  Communicate your needs with an independent agent and let them help you build a quality insurance program.

Thank you


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If you have additional questions regarding insurance or if you would like to discuss and receive a quote for a insurance policy, use the link below:

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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.