Saturday, September 10, 2011

1st Lesson Learned

Getting Homeowner's Insurance isn't going to be as easy as I thought it would be.

As soon as I came home from closing on the house, I set my first priority as getting the house insured. I thought it would be as simple as calling the people I have my car insurance with, telling them what I was interested in doing, answering a million questions, and setting up payments. I was a little scared, though. I live in an area that has been heavily affected by hurricanes and tropical storms. When I saw that "Nate" was in the Gulf of Mexico, I thought that might prevent me from getting a new policy issued. Silly me!

It turns out that if you are an honest person, and you admit that your home needs repairs beyond chipped paint and dirty carpet, they won't insure you. They also refuse to insure you if your roof is close to being 20 years old, regardless of how much life your home inspector believes it has left. Bummer.

So my new home is uninsured. I feel like I'm just tempting fate for something bad to happen. I am going to continue to call other insurance agencies to see what their policy is, but I've got a feeling this is standard for them all. This means on top of all the repairs we knew about, it's possible that I am going to have to get a new roof put on. That was one expense I wasn't counting on having for at least a year.

What was your first lesson learned as a new homeowner?

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