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Understand the Homeowners Insurance Purchase Process

Understanding the homeowners insurance purchase process
It is important to take the time to select the right homeowners policy with the right coverages for your biggest investment… your home. The up-front time you invest in this decision will bring you greater peace of mind as you build a life in your new home.

1. Contact a Personal Agent: A local agent has the knowledge to help you understand policy details so you can choose policy coverages and limits that are right for you.

2. Obtain an Insurance Quote: Your agent will prepare an insurance proposal Taylor to both your needs and budget.

3. Customize Your Policy to Meet Your Family’s Individual Needs: Add any additional coverages and make adjustments to the proposed coverages to fit your situation. Your home and personal property are unique, so don’t buy a “cookie-cutter” policy.

4. Choose an Insurance Carrier: there are many insurance companies available to choose from. You’ll want to select an insurer with the service, coverages and policy limits that meet your needs. Keep in mind that you are entering a long-term relationship with your insurance carrier, and you should feel confident that it will be able to meet your needs. Ask if the insured gives a discount for ensuring your auto and home together.

5. Decide How You Will Pay the Premium: A. Pay through your mortgage company. Add your premium to your monthly mortgage payment. B. Prepayment: pay the entire premium before the policy starts. C. Payment Plan: divide the annual premium into smaller periodic payments.

6. Complete the Insurers New Business Application.

7. Send the Evidence of Insurance to Your Loan Mortgage Company.

If you have any questions regarding the content of this article or any other insurance related need, please contact Norm today at 952-929-8922, or at norm@normfosterinsurance.com.

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Norm Foster Insurance
Norm Foster, LUTCF • Agent
16372 Kenrick Ave, Suite 130
Lakeville, MN 55044
Phone: (952) 929-8922
Fax: (952) 223-2233