Today we are featuring a guest post by Jessica Hartley of Gillman Insurance sharing their advice for first home buyers. It contains some great advice! Happy reading,
Ayelet Gilad
Congratulations, you’re purchasing your first home!
You’ll finally be able to paint your kitchen the standout color you’ve dreamed about, make a new key without duplicating a copy for your landlord, and proudly answer “Yes!” to the question, “Are You a Homeowner?”
While it’s easy to get swept up in the excitement of this first-time purchase, the process can become very overwhelming when it comes to working with your Real Estate Agent, Mortgage Broker, Banker, Attorney and a Georgia Home Insurance agent.
As a result, your metro Atlanta home insurance problem solvers at Gillman Insurance share a few tips to help with the process. After all, we aim to make every insurance experience as painless and problem-free as possible!
1. Look for a 5-Star an Independent Agency
When consumers shop for the best value of airfare, they’re likely to look at more than one airline. The same applies to insurance. Much like the airline negotiators that represent multiple airlines and present online shoppers with the “best deal” available, an independent agent can offer the same advantage.
Independent agencies represent multiple insurance carriers, so instead of trying to sell you one policy from one carrier (crafting “your needs” to match the policy), they have the flexibility to shop the market and find your match (crafting the policy to match your needs).
When choosing an independent agency, take a look at online reviews. More and more, customer reviews are playing a vital part in purchase decisions and can act as a great indicator as to whether or not a particular agency will be there when you need it.
2. Look for VALUE, in addition low rates
Insurance isn’t an “apples to apples” game when it comes to comparing Home insurance coverage. Homeowners are flooded with the mass-media idea that “low price” indicates great value—but this is a dangerous misconception. At the end of the day, you want low price AND the right coverage. After all, you purchase insurance to protect you. If there’s no depth of legitimate coverage, you’ll end up paying for protection that won’t actually protect you, which makes no sense at all.
3. Be aware of Replacement Value Vs. Market Value
Using “Market Value” as a home value indicator when securing home insurance is a big mistake. Unfortunately, market value reflects depreciation and/or the original cost of building your home—oftentimes by means of low-cost, bulk-supplies and labor purchased by a construction company. Thus, it’s important to use “replacement value” when insuring your home if you’re looking for a policy that will get you back to where you were before a loss occurred.
4. Understand your Home and Personal Insurance Options
– Homeowners Insurance: a form of property insurance that is designed to protect your home against damages to the house itself, and/or possessions inside the home. Home insurance also typically provides liability coverage against accidents. While this insurance covers most scenarios where loss could occur, some events are excluded such as earthquakes, floods, etc. It’s important you speak with your agent to determine if these additional coverages are suggested for your situation.
– Auto Insurance: a form of protection designed to cover losses resulting from owning and operating an automobile. Losses may involve damage you cause as a result of accident to people or property and/or medical expenses incurred due to an accident.
– Inland marine or “floaters” Insurance: this policy is designed to cover personal property deemed to be easily movable. If the owner’s property is lost, damaged or destroyed, this policy would cover the reimbursement. Examples of moveable property include electronics, jewelry, furniture or antiques.
– Umbrella Coverage: a liability insurance policy that protects the assest and future income of the policy holder above and beyond the standard limits of his/her primary policies. It is distinguished from excess insurance, because it only goes into effect when all underlying policies are exhausted.
– Life Insurance: a coverage plan is essentially a contract between the owner and insurer, stating that the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual’s death or other event (such as terminal illness).
– Disability-income insurance: a form of insurance that protects the beneficiary’s earned income against the risk that disability will make working (and thus earning income) impossible. This coverage includes paid sick leave, short-term disability benefits and long-term disability benefits.
5. Take Advantage of Multi-Policy Discounts
You can save upwards of 40% on your personal insurance premiums by combining your personal insurance policies, including home, auto, umbrella, inland marine and more. In addition to getting better value for premium paid, you’ll start building a good insurance history by keeping your policies in one place—which can be leveraged when your agent negotiates your coverage and rates.
Most importantly, find a reliable agent that you trust! Your agent should act as your right arm when it comes to securing the best value of coverage for less, and keeping your policies in-line with your life changes along the way.
Request your FREE coverage assessment by contacting Gillman insurance Problem Solvers today! We make it easier to secure the most reliable coverage for less—just fill our Georgia Home Insurance online form or call 678.297.7977 to speak with a specialist!
Please Note: The content of this blog is provided for informational purposes only. It is not intended nor should it be viewed as legal advice. No one should act or refrain from acting on the basis of any information in this website without seeking the appropriate professional counsel on his or her particular circumstances. Additionally, no one should secure or dismiss insurance coverage on the basis of any information in this website without seeking an appropriate professional counsel on his or her particular circumstances. Although every effort is made to provide accurate and useful information, Gillman insurance Problem Solvers and any third party contributor(s) assumes no legal liability for the accuracy, completeness, or usefulness of any information disclosed on this site.
Ayelet Gilad 