It’s exciting to move into a new home, but don’t forget that house-hunting isn’t all fun and games. You also have to brace yourself for all the responsibilities that come with buying a home, such as getting an adequate home insurance policy for your new house.
As a helpful reminder, here are some costly home insurance mistakes to avoid, especially if you’re a new homeowner.
1. Setting an unrealistic budget
It’s easy to get caught up in all the superb listings when you’re busy house-hunting, but don’t forget to do a reality check every now and then. Always make sure that you’re living within your means. Setting an unrealistic budget, be it for buying a preowned property or building a new house, will only put you in a world of headaches later down the road. Even if you’ll be putting most of the amount of the mortgage, you also have to think about all the costs that come with a more expensive house. This includes monthly expenses like electricity, taxes, and of course, insurance. Continue reading