Buying a new house can be an exciting adventure. Studies reveal that purchasing a house is the largest investment that most Americans will ever make in their lifetime. Taking the steps necessary to protect your new home is not just a smart idea, but something that is required by the mortgage company. However, the home insurance in Fall River that is mandated by most lenders for Massachusetts homeowners insurance might not offer all of the coverage that you need to protect your interests. These minimum policies are designed to protect the lender from anticipated loss due to common weather-related incidents, fires, and vandalism. Your best bet is to work with a reputable insurance agency in Fall River that can match you up with Fall River homeowners insurance that will meet all of your needs and requirements.
Create a Homeowners Binder
One of the best things that you can do to keep track of everything related to the purchase and ongoing maintenance of your home is to create a homeowners binder. Some prefer to do this with a mobile-based APP or computer program, but it is also a good idea to have a three-ring binder where you can keep all of the paperwork that you receive when you first buy a new home. Important documents, insurance paperwork, mortgage company contact information, guides and warranties for appliances, receipts for moving expenses, and home improvement projects – they should all be collected into one easy-to-find binder for future reference. Some of these costs can be deducted on itemized forms for income tax reporting, while others should be kept so you can be eligible for repairs or replacement on covered products or services.
Report Any Upgrades to Your Agent
The best way to ensure that you have comprehensive home insurance in Fall River that is designed to protect everything in your home is to communicate with your insurance agent. Paul Sullivan Insurance Agency in Fall River will update your file if you make significant replacements to any of the systems within your home, such as putting on a new roof, updating attic insulation, add-on a new room, or replace worn countertops with modern materials. If you had to file a claim for any reason in the future and your contract showed you had French tile countertops, but you upgraded them to more costly granite, you will get compensated for the cheaper material simply because you did not report the change. Many agencies recommend at least an annual conversation with a local agent to go over changes to your home, lifestyle, and needs for the best possible Massachusetts homeowners insurance policy.
Get Annual Inspections of Your Home
One way to prevent small issues becoming big and expensive problems is to schedule annual inspections of your home. Consider signing on for annual contracts to protect things like your roof, HVAC system, plumbing, electrical, insulation, and anything else that applies specifically to your home. Fall River homeowners should get regular inspections of chimneys, fireplaces, and other heat sources prior to the start of fall and again at the end of the winter season. This will help to ensure that everything is properly and safely maintained for the safety of you and your family, as well as for the integrity of your home. Home insurance in Fall River might be impacted if you are found to be neglectful of preventive maintenance, inspections, and repairs. You should also make visual checks between inspections on your own for any signs of roof leaks, foundation issues, basement leaks and flooding, HVAC performance issues, and strains on the electrical system.
Create an Emergency Fund
One way to make sure that you are ready for any eventuality with regard to home repairs is to establish an emergency fund. This might be challenging at the beginning, especially after having to put a big down payment on the home, cover closing costs, and start up a quality Massachusetts homeowners insurance policy, but it is a very smart idea. If you have issues with your home that require immediate attention, it might be difficult to pay for if you don’t have an emergency fund. Fall River homeowners should have a minimum of $1,000 available for emergency repairs and services to reduce the stress associated with urgent home renovations and replacements. The more you can set aside, the easier it will be to just write a check when leaks happen, or appliances break down without impacting your household budget.
Get a FREE Quote for Fall River Homeowners Insurance
Paul Sullivan Insurance Agency in Fall River can provide you with a FREE quote for Massachusetts homeowners insurance when you call our agents at 508-678-9611. We can answer any questions you might have about home insurance in Fall River and the surrounding Southcoast area, schedule an appointment to speak with one of our agents in person, or go over your existing policy. Protect your new home and maximize the return on your investment when you get home insurance that is designed to cover your unique needs and requirements.