You probably set up homeowners’ insurance while you were processing your mortgage paperwork, which is great. But your address can affect your car insurance as well, so make sure to check in with your insurance company to confirm that your car insurance is sufficient.
Talk to your agent about how your big, new asset affects your other insurance products — many agencies offer a bundling discount, so don’t leave money on the table by not bundling all your insurance products.
Do you need flood insurance? Even if FEMA doesn’t require it, it might be a good idea to add it, since floods are the most common natural disaster in the U.S. and cause thousands of dollars in damage every year.
And what about earthquake insurance? If you’re on the West Coast, don’t make the mistake of thinking your homeowners’ policy will cover you in an earthquake — it won’t. The California Earthquake Authority has a premium calculator on their site, although you do have to purchase insurance through a participating insurance company.
Do you need to document your belongings for your new homeowners’ insurance policy? Homeowners’ policies contain a section about insuring the contents of your home, and it’s a good idea to create a home inventory so you know what level of insurance you need. If you’re unsure of where to start, ask your agent about the best way to do this — and make sure you store the documentation somewhere safe.