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Insurance Article

Homeowners Pay Attention

December 06 2016
Homeowners Insurance

Things new homeowners must consider post acquisition

Buying a new home requires a lot of planning and financial management. At times, there are certain things that are often overlooked by new homeowners when they finally move in. Most of the things on the list may seem obvious, yet it is better to have a planned approach for a complete peace of mind.

Upgrade Your Insurance

Carefully examine your insurance policy and look for any gaps or grey areas which aren’t usually covered. Flood and earthquake, for instance, are not always covered in the policy. Make sure you opt for additional policies or riders for both, if not covered in the existing policy.

Perform a Self-inspection

Inspect the nook and crannies of your new home in broad daylight and look for any pest damage or mould growth. Also look for broken walls, cracked ceilings and hastily done paint jobs. Fixing these problems early on will save you money in the long run. Make a habit of performing a self-inspection at least once a year.

Locate the Main Water Shut-off Valve

It is well documented that water damage is one of the most common of all household insurance claims. A burst or broken pipe can soak your lovely home in a matter of minutes. Make sure everyone in the household knows the location of the main water shut-off valve. It can significantly reduce the chances of damaging your valuables.

Get the Locks Changed

A lot of people including realtors, potential buyers and previous owners get access to the house keys during the sale period. It is advisable to get the locks changed as soon as possible post acquisition to restrict the access of strangers in your new home and avoid incidents of theft.

Setting up Your Appliances and Utilities

Once you are settled in, you should connect all your appliances and get them up and running. You should also make sure that all these utilities are in your name and keep a check on the warranty status for the same. This will save you costly repairs in the future.

Make a Copy of All Your Important Documents

Owning a new home involves a lot of paperwork. It is your responsibility to keep all home-related documents safe as getting them re-issued can be painful. It’s better to keep them stored in a locker with other valuables and also make sure they are accessible when needed.

Make Sure You Document Everything

All the vital information about your home such as shut-off valves, circuit breakers, emergency exits and others should be written down and stored in a convenient location. Also, taking various pictures of your home at the time of acquisition will help you to restore it to its original state in the future.

Socialise

Once you move into your new home, you should try your best to meet your neighbours and get acquainted with them. You will make some lovely friends to talk and share things. This will keep your stress levels low and provide an added security in the neighbourhood.

Often buyers ignore a home insurance due to a high upfront cost, but it is the best instrument to safeguard your most precious asset. A comprehensive home insurance will protect your home and its contents against natural and manmade calamities and offer you a peace of mind.

Related Article:

Advice for First Time Home Buyers
Protecting Your Home against Flood Damage

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