When you are looking to invest in a home insurance policy for the first time, there are many important details that need to be taken into account which usually ends up overlooked. In order to save you the unnecessary headaches when starting this process it is advised that you start shopping for home insurance as soon as you purchase your home.

Below are the most important tips for first time home insurance buyers which are sure to save you time and money:

How insurable is your home?

This is one of the most important questions for getting a rate for your policy. To find out the insurability of your home your insurance agent will probably ask you the following questions:

• What year was your house built?
• What is the location of your home?
• How old are the electric and plumbing installations?
• What material is your roof made of?
• What is the size of your home in square footage?
• How many claims. If any have been filled until present?

Houses located in extremely rural areas which do not have access to a fire department or fire hydrants on the street are sometimes subject to refusal from insurance companies.

Deductibles

In case you have a higher deductible on your home insurance policy, you can save quite a bit of money. Usually, insurance companies give discounts starting at $500 deductible which can increase along with your increase of the deductible amount. In the case of the majority insurance companies, you can receive a deductible up to $10,000. However, before opting for a higher deductible it is advised to make sure with your lender, as most mortgage companies offer deductibles up to only $1,000.

Try to find a discount

Don’t miss out on additional credits for which you qualify for. For example, if you are over 50 years of age, you are possibly able to receive a discount of up to 10%. These kinds of discounts usually go by the names of senior or mature policyholder discounts. Common ways of receiving policy discounts are by purchasing more than one policy through the same insurance company. If you were to purchase both home and car insurance you will definitely be given a generous discount. Simply search for the best deal on the web as these discounts vary from company to company.

What your home insurance does not cover

Standard home insurance policies usually have exclusions. These are most commonly connected to natural disasters such as earthquakes, sinkholes and landslides, as well as other unforeseeable events such as; nuclear hazards, war, governmental action, flooding, faulty installations and poor workmanship and maintenance. Damages inflicted by wind such as windstorms and tornadoes are usually covered, but some insurance companies are unwilling to exclude them in areas with high risk of these kinds of natural disasters. Damage caused by water is a little more complex. The rule used most commonly is that water which comes from above (from rainfall or from an apartment above you for example) is covered, whereas water which comes from below (from sewage or from the ground floor of a house or apartment) is not covered. Additional coverage is suggested if you live in an area which is considered to be at a high risk of natural disasters.