The Best Home Insurance for First-Time Homebuyers

Need Help Understanding Insurance Terms?

Happy Couple Unpacks Boxes in their First-Time Home Purchase

How Do You Decide on What the Best Home Insurance is for You if You’ve Never Owned a Property Before?

Keep on reading to find out what you need to know to make an informed decision that ensures your newest asset is covered.


Of course, becoming a new owner can be overwhelming. Not only do you do your best to find a new home, pack your personal belongings and move into a new space, but now you also need to make sure your home is secured. Homeowners insurance can ensure that you’re protected from property loss, theft, natural disasters among other risks. However, if you are buying a house for the first time, how do you know which house insurance is right for you? This article will help you complete the key steps to protect your home.

There are countless home insurance companies out there, and it’s hard to know which one is right for you. Although standard policies exist for standard home insurance, the possibilities for additional insurance seem endless. From package options to additional auto insurance and personal property coverage, first-time homebuyers should have a lot to do when considering insurance options, home insurance rates, and additional surcharges.

Policyholders should be able to live in their new home with peace of mind because they have the necessary liability coverage to ensure their insurance covers such a large investment. Instead of going through countless insurance reviews, read on for the information you need to get a home insurance quote, average cost of homeowner’s insurance, etc.

Ovation is here to help you find the best homeowners insurance policies and other insurance products, and provide you with home insurance that fits your budget. Customer satisfaction is very important to us, and we hope that all buyers have a property insurance policy that suits them.

How Much Will Home Insurance Cost Me?

Buying a home is certainly no small purchase! But it is for this reason that getting home insurance is extra buying a home is not a trivial matter! But it’s for this reason that getting home insurance is especially important – you want to make sure your newest and possibly largest assets are protected. It’s worth paying your deductible to get the liability coverage you need. The deductible is the amount of out-of-pocket expenses you assume for an insured loss. Property damage caused by vandalism or natural disasters, theft (if you insure your personal belongings), or other unexpected circumstances can result in insured losses. When an accident or disaster occurs, the deductible will be reduced from your total claim.

The average price of homeowners insurance depends on many variables. Every insurance company is different, but the cost will vary primarily based on your home, location, and financial history. See below the average annual premiums from some of the best home insurance companies in the United States. It is important to note that family insurance policies can be complex and must be tailored to each individual and their circumstances and liability insurance needs. So these figures are just rough estimates. From highest to lowest, please refer to the following insurance companies and their average annual premium costs:

  • Farmers – $2,027
  • Liberty Mutual – $1,830
  • Nationwide – $1,737
  • USAA – $1,736
  • Travelers – $1,709
  • Allstate – $1,635
  • State Farm – $1,501
  • Amica – $1,128
  • Erie – $897

Although these numbers may make buying a home insurance policy look overwhelming, be sure to ask your insurance agent about your payment plan options. Usually, it can be automatically deducted from your salary in regular monthly installments.

If you need more support, there are several homebuyer programs that can provide more resources. The purpose of these programs is to help low- and middle-income Americans buy their first homes and eventually acquire new assets. Some are sponsored by federal agencies, such as the U.S. Department of Housing and Urban Development. It’s important to note that these programs work differently from traditional banks or mortgage lenders, but they can still benefit potential first-home buyers by offering other loans or grants. There are various programs, and some may serve different groups, such as public housing residents, Native Americans, veterans, etc. Be sure to check the specific programs in each state, as different assemblies may be available in each location.

The most important thing is to always prioritize coverage over price. This may be a pill that is difficult to swallow, but buying a house is not a small investment. This is an important financial decision and an asset for life. Homeowners insurance is a necessity and relatively inexpensive relative to the total cost of your home. An insurance policy not only protects your home from damage but also protects you from paying any personal liability expenses out of pocket. It may be tempting to cut insurance to save money, but it is recommended that you obtain the necessary insurance for risky situations.

What Do I Need to Do to Get a Homeowners Insurance Quote?

It is important to have the correct information to obtain an accurate quote. It may take some time for you to prepare, but it pays to get a reliable number so you know what will happen when you insure your new home for a long time.

You will need to provide:

Some personal information on your financial history and insurance claims history.
Be sure to provide an honest and correct telling of your credit score and previous insurance clMake sure to provide honest and correct information about your credit score and past insurance claims. The insurance company will always verify this through a soft credit check, so please do not change the numbers regarding your financial strength. Getting an accurate estimate is better than providing false information that may affect your insurance premiums. Keep in mind that rates vary from state to state, and each state allows insurance companies to consider different variables and factors when determining home and auto insurance.

Details on the kind of coverage you need and how much.
There are coverage limits, so it is important to be clear in your inquiry. This requires a clear understanding of your assets, including high-value personal items and potential replacement costs. Although theft can be reduced by installing a security system, consider replacement value and consider getting replacement cost protection. Most lenders will explain each type of coverage to you, but try to prepare ahead of time considering how much responsibility you have to bear.

The location of your new home.
Since homeowners insurance policies vary from state to state, insurance companies can use your address to collect basic information about your home. Some places face higher risks of natural disasters. Therefore, it may be worth considering investing in additional earthquake, hurricane, or flood insurance. If your new home is located in an area more likely to be affected by disasters, additional insurance may be a necessity. Dwelling coverage is included in the policy to ensure that if your house must be rebuilt or repaired after being damaged by a natural disaster, you don’t have to pay for it out of your pocket. In this case, your property, including connected structures such as attached garages, will be covered. Your exact address can also provide them with key details about your home, such as the age of the roof, but it is also a good idea to know beforehand. The physical structure of your property is important in determining your potential premiums.

Additional information on safety features.
As for the physical structure of your home, it’s also helpful to know what other features are installed to protect you or may have an impact on others. This can include fire alarms, carbon monoxide detectors, home security systems, and sprinklers. These characteristics can also determine whether you need to invest in additional life insurance.

Is There Anything Else I Should Know About Property Insurance?

For first-time buyers, making such a large investment is often a big problem. This may be your first exemption from renters insurance. Therefore, not only do you need to ensure that your house is protected from any disaster, but you may also not want to be liable for personal liability claims in the event of an accident on your property. Here are some other tips and tricks to keep in mind when buying home insurance:

Be sure to understand the different types of coverage and know what and how much you need. Although a homeowner’s insurance policy can be a neat package, some insurance companies may include exclusions. It is for this reason that you need to educate yourself about the different types of coverage included in your policy and understand where it is and is not covered. You may need to purchase additional insurance as a backup. First, understand the difference between dwelling coverage, other structures coverage, personal property coverage, personal liability insurance, additional living expenses, and medical payments to others.

Consider combining multiple insurance policies in a bundleYou can save money and get discounts by bundling multiple insurance policies with the same company. If you need car insurance, life insurance, or other insurance policies in addition to homeowners insurance, it’s worth talking to an agent to understand what your bundling options are. Owning all these services from the same company as your homeowner’s insurance may result in a discount for each policy.

Treat your high-value personal belongings as assets that need to be insured. Some insurance companies do not cover certain items because they are of high value and require personal insurance. This is a way for insurance companies to limit liability and impose exclusions. Some common restrictions are gold, jewelry, guns, and electronics. These expensive personal items can reach the maximum reimbursement of the homeowner’s insurance policy and may require additional guarantees or separate insurance policies. This can be done by adding personal property endorsements or scheduled endorsements.

Buying Your First Homeowners Insurance Policy

Now that you have all the information you need to find home insurance quotes, it is important to compare these rates carefully. Ovation can help you find the best homeowners insurance company to meet your new home needs and all types of insurance to ensure you don’t pay out of pocket in the event of an emergency.

Request Your Proposal Here

Are you ready to save time, aggravation, and money? The team at Ovation Insurance is here and ready to make the process as painless as possible. We look forward to meeting you!

Call Email Claims Payments