Your insurance checklist after buying a home
Homeownership brings new insurance requirements and new opportunities to optimize coverage.
What changes with your insurance
Buying a home triggers several mandatory insurance requirements and new coverage decisions. Your lender requires homeowners insurance before closing. If you are in a flood zone, the lender may require separate flood insurance. Renters insurance should be canceled once you move in. Your auto insurance does not change, but your personal liability exposure increases significantly with property ownership — an umbrella policy becomes worth considering. Review your life insurance as well, since a mortgage creates a significant new debt obligation.
What you might be overpaying for
- !
Insuring land value in your dwelling coverage
You only need to insure the rebuild cost, not the land. This is often 40-60% less than market value.
- !
Skipping security discounts
A burglar alarm and deadbolts can reduce your premium 5-15%. Ask your insurer what credits are available.
Frequently asked questions
Frequently asked questions
This is an estimate for informational purposes only based on national and state averages. Actual rates vary by insurer and individual circumstances. For an accurate quote, contact a licensed insurance agent.
Relevant calculators
Home Insurance Calculator
Estimate your homeowners insurance cost based on your home value, state, and coverage level.
Use calculator →Flood Insurance Estimator
Find out if you need flood insurance and what it will cost in your flood zone.
Use calculator →Umbrella Insurance Calculator
Calculate whether you need an umbrella policy now that you own property.
Use calculator →