Owning a first home is a significant milestone for most people, but it’s essential not to overlook the responsibilities that come with it. One essential step you shouldn’t skip in the homebuying process is finding the best homeowners insurance policy for your needs. But when’s the right time to get one? Here’s what you should know.

What Is the Ideal Time to Purchase Homeowners Insurance?

Generally, you must acquire homeowners insurance before closing on your house. A good starting point is to research your lender's requirements. After pre-approving the policy, your escrow company will often seek proof of insurance near the closing date.

Once you sign the contract to buy your home, you can start shopping around for quotes so that your policy will be in place by closing day. Remember that it typically takes a month or more after contract signing to complete the purchase. While home insurance is not required by law, your lender usually requires it to safeguard their interests.

Why Do You Need Homeowners Insurance?

It's a good idea to buy insurance whether you're applying for a home loan or not. In the event of an accident or disaster, you don't want to be on the hook for a large out-of-pocket expense. The right policy can cover replacement or repair expenses and avoid straining your finances.

A basic homeowners policy generally provides liability coverage if someone gets hurt on your property or your house is damaged. You can also use your insurance to pay for the cost of lodging when your house is under repair. Other coverage options may also be available, such as paying for the replacement of damaged possessions if they're a covered loss. It’s crucial to understand your policy details to know how much coverage to expect if you file a claim.

To learn more about homeowners insurance or find a policy that fits your budget and needs, contact Simmons Insurance Group of Southeastern Ohio. They've been in business for over 45 years and also offer life, auto, and flood insurance. Their friendly, professional agents are happy to offer you protection against various circumstances. To request a quote, visit their website or call one of their office locations:

Athens—(740) 249-4571

Belpre—(740) 423-7871

Coolville—(740) 667-3111

Marietta—(740) 373-5383

Pomeroy—(740) 992-3381

Racine—(740) 949-3138