Your Essential Home Insurance Checklist

Congratulations on buying your first home! Between inspections, appraisals, and mountains of paperwork, insurance can feel like just another box to check. But getting the right coverage before closing is one of the most important steps in the process.

When to Start Shopping for Home Insurance

Start getting quotes at least 30 days before your closing date. Here's why:

• Your lender will require proof of insurance before funding the loan
• Some carriers need time to inspect the property or verify information
• Shopping early gives you time to compare and negotiate

The First-Time Buyer Insurance Checklist

1. Determine your dwelling coverage amount — This should equal the replacement cost of your home (not the purchase price). Replacement cost is what it would take to rebuild your home from scratch at today's construction prices.
2. Review your personal property — Make a rough inventory of your belongings. Standard policies cover 50–70% of dwelling coverage for personal property.
3. Check your flood zone status — Visit FEMA's flood map service or ask your agent. If you're in a flood zone, you'll need a separate flood policy.
4. Understand your deductible options — Higher deductibles mean lower premiums, but make sure you can afford the out-of-pocket cost if you need to file a claim.
5. Ask about bundling — If you have auto insurance, bundling can save 10–20%.
6. Review liability limits — Standard $100K liability may not be enough. Consider at least $300K or adding an umbrella policy.
7. Document your home's features — New roof? Updated electrical? Security system? These features can earn significant discounts.
8. Get your insurance binder — Your lender needs this document at or before closing. It proves you have active coverage.

Common First-Time Buyer Mistakes

• Insuring for the purchase price — Your land has value but doesn't need to be insured. Dwelling coverage should reflect rebuild cost only.
• Skipping flood insurance outside flood zones — Over 20% of flood claims come from non-flood-zone properties.
• Choosing the cheapest policy — The lowest premium often means the least coverage. Understand what you're giving up.
• Not reading the exclusions — Every policy has exclusions. Know what's NOT covered.

How Much Will You Pay?

First-time buyers in the CSRA typically pay between $1,000 and $2,200 per year for home insurance, depending on the home's age, location, and coverage level. Your annual premium is usually divided into monthly escrow payments added to your mortgage.

Get Help From a Local Expert

As a first-time buyer, you deserve an agent who will walk you through every option without pressure. Download our coverage checklist or connect with our team for a free consultation. We'll make sure you're properly protected before you get those keys.