By Eastern Insurance
Eastern Insurance Group LLC is a wholly owned subsidiary of Eastern Bank. Insurance products: Not insured by FDIC or any federal government agency. Not deposits of or guaranteed by any bank. You are free to select coverage from an insurance provider of your choosing. Eastern Bank will not require that you obtain insurance coverage from our affiliate, Eastern Insurance, or from a particular insurer/agent. Eastern Bank does, however, reserve the right to approve or disapprove an insurer based on reasonable standards, such as financial soundness and required coverage.
Shopping for a new home is an exciting time that involves many significant financial considerations. When determining a budget, it is important to include insurance premiums as part of your monthly or annual costs.
At Eastern Insurance, we strive to make our clients’ lives as simple as possible during potentially stressful times. Below, we have compiled some of our top tips to help you avoid financial surprises, and hopefully save some money on your insurance costs.
Discover the Flood Zone
You may know that flood damage is not covered by a standard homeowners policy. What you may not know is that if your new home is in a high-risk flood plain you may be required to have flood insurance, a potentially costly policy. Once you’re serious about a house, talk to an insurance agent experienced with flood insurance. They’ll be able to identify your new home’s flood plain and give you an idea of how much a flood insurance policy would be.
Consider Coastal Locations
If your new house is close to a river or the ocean, it may not be eligible to be insured by many standard home insurance carriers. A quick call to a knowledgeable insurance agent will help you determine your future home’s insurance flexibility.
Know the Ins and Outs - Literally
Knowing the ins and outs of your future home will help you negotiate a sales price and help your insurance agent get you the lowest insurance premium. Ask the seller or realtor when the roof, water heater, and heating/cooling systems were installed or last replaced. Check to see if the homeowners have invested in additional insulation to help prevent ice dams, or if they’ve installed water shut-off systems in case of a burst pipe. Know if the house has updated electrical systems and what materials were used to build it. While many of these details may not seem important, they could have a significant impact on your insurance premium.
Have a Detailed Discussion
A good friend will want to hear all about your new home, and so will a good insurance agent! Tell your agent all about the custom cabinetry, the beautiful marble countertops, the finished basement, the fantastic in-ground pool, and the high potential to create a she-shed out of the storage shack in the yard. Knowing about what makes your new home special helps us protect every piece of your big investment.
Think About the Big Picture
Buying a new house is a great time to talk to your insurance agent about what’s going on with the rest of your life. Everything from new relationships, to new hobbies, to new businesses could have an impact on your insurance needs. At Eastern Insurance, we also want to help you save whenever possible, so talk to us about opportunities to bundle and save with your auto insurance, and let us know if you are an Eastern Bank customer for exclusive insurance savings.
Best wishes in finding your perfect home!
For more information on Eastern Insurance, please visit www.easterninsurance.com/ebmortgage to learn how we can serve your insurance needs.
This article and any information contained herein is intended for informational purposes only and should not be construed as legal advice. The publisher takes great efforts to ensure the accuracy of information contained in this article. However, we will not be responsible for errors or omissions or any damages, howsoever caused, that result from its use. Seek competent legal counsel for advice on any legal matter.