Home Insurance
For First Time Home Buyers

Q: What Are Covered Perils?

The term covered perils describe the events that your insurance policy will reimburse you for in the event you need to file a claim. Some perils a homeowner's policy generally covers include, fire, smoke, windstorms and hail, vandalism, theft, falling objects, and water damage.

New Home, New Adventures, New Home Insurance

Congratulations on the purchase of your new home! It’s a big step and one of the most exciting decisions you’ll ever make. Your new home is more than a building. It’s a safe haven for your family and an investment you need to keep secure. Protecting your new home with the right home buyers insurance policy is a vital step to protect against potential risks.

The experienced agents at LoPriore Insurance can help you understand new homeowners insurance and lay out the options available to you. With access to a wide variety of insurance providers, we can guide and protect you throughout the entire process.

Start Comparing Your
Options Below

Home Insurance
For First Time Home Buyers
Quote Options

In just a few minutes, you can compare quotes from several insurance companies

Request Insurance Quote

For a new home insurance quote, simply complete the form below. We will contact you to discuss coverage options and discounts.

Upload Your
Current Policy

Already have a policy? Easily upload your insurance policy so we can explore and compare true apple-to-apple options.

Talk To An
Agent

Need assistance or have questions? Our agents are happy to help. Please call to discuss your insurance needs.

Massachusetts New Home Insurance
Lopriore Insurance Agency

We understand that buying a home is a big process. There’s a lot to do, and securing homeowner’s insurance can seem like one more chore you need to quickly check off a list. Still, it’s important to remember that the coverage you choose is designed to protect you, your family, your new home, and your possessions. Making a rushed decision could lead to a significant loss in the event of an unexpected and unwanted event. Here are three reasons you should make a careful decision when purchasing home insurance.

Understanding the Importance of
new Home Insurance

Why is new home insurance so important? Let’s break it down and see why it’s a must-have.

What is It?

Home insurance, often called homeowners insurance, is a form of property insurance designed to protect your home and its contents from various risks such as theft, fire, and certain natural disasters. Additionally, it can cover liabilities from injuries that might occur on your property.

Why Do I Need It?

Asset Protection: Your home is likely one of your largest investments. Insurance ensures you can repair, rebuild, or replace if something happens.
Mortgage Requirement: Most lenders mandate home insurance to secure their investment.
Liability Coverage: Protects you financially if someone is injured on your property or by something on it.

Who Is It For?

Homeowners: To protect against loss or damage to the property.
Mortgage Borrowers: As a condition of their home loan.
Landlords: To safeguard their rental properties.

How To Insure My New Home

A new home is a place of fresh beginnings, cherished moments, and newfound dreams. And while it’s a source of immense joy, it also comes with responsibilities, one of which is ensuring its protection. Let’s explore how to get your home insured

Tips for buying New Home Insurance

When purchasing event insurance, it’s essential to ensure that you’re making an informed decision

Ask About Discounts

Insurance providers may offer discounts for safety features like burglar alarms, smoke detectors, or deadbolt locks. There might also be discounts for new homes or being claim-free.

Inventory Your Belongings

Make a detailed list of your personal possessions with estimated values. This will help in determining how much personal property coverage you need.

Inquire About Discounts

Many insurers offer discounts for safety features (e.g., smoke detectors, security systems), bundling policies, or having a new or recently renovated home.

How much does New Home Buyers Insurance Cost?

The cost of home insurance for first-time homebuyers varies widely based on numerous factors. The national average cost of homeowners insurance in the U.S. was about $1,200 per year, but that’s a generalized figure.

Home Age
& Construction

Home Value

Safety Features

Credit Score

Claims History

Deductible Amount

Location of Home

Click On Each Factor
To Learn More

Factors that Affect The Cost Of Home Insurance

For first-time homebuyers, understanding what drives home insurance rates can be crucial for budgeting and making informed decisions. Here are some key factors that insurance companies typically consider when setting premiums for first-time homeowners:

First-Time Homebuyers, Insure and Save Today! Request Your New Home Insurance Quote Today!

Give your new home the superior protection it deserves. As first-time buyers, you can now secure a tailored insurance quote by clicking here. Trust us to guide you through the process and offer a personalized insurance solution that perfectly aligns with your needs as a first-time homeowner.

Get A Quote Now

New Home Insurance Coverage Details

Home insurance typically encompasses several standard coverages to protect homeowners from various risks. Here’s a brief description of these standard coverages:

Standard Coverage

Dwelling Coverage

This is the foundational part of a homeowners insurance policy. It covers the repair or rebuild costs of the physical structure of your home if it's damaged by a covered peril like fire, hail, or wind.

Other Structures Coverage

This covers detached structures on your property, such as garages, sheds, and fences. If a covered peril damages these, this coverage will pay for repairs or replacements.

Personal Property Coverage

This provides for the repair or replacement of personal belongings inside your home, like furniture, clothing, and electronics, if they are stolen, damaged, or destroyed by a covered event.

Loss of Use Coverage

If a covered peril renders your home uninhabitable, this coverage pays for additional living expenses (e.g., hotel bills, meals) incurred while your home is being repaired.

Personal Liability Coverage

If someone is injured on your property or you cause damage to someone else's property, this coverage pays for your legal expenses and any damages you're found liable for.

Medical Payments Coverage

If a guest is injured on your property, irrespective of who's at fault, this coverage pays for their immediate medical expenses up to a certain limit.

Each policy will have a list of covered perils (events like fire, theft, vandalism) and excluded perils. It’s crucial to understand both, so you’re aware of the protections you have and any additional coverage you might need.

Optional Coverages

Optional coverages, often referred to as “endorsements” or “riders,” allow homeowners to enhance their standard home insurance policies. These additions cater to unique needs or specific risks that aren’t covered under the standard policy. For new home insurance buyers, here are some optional coverages to consider.

Extended or Guaranteed Replacement Cost

Provides additional coverage beyond your policy limits to replace or rebuild your home. The "guaranteed" option pays for repairs regardless of the limit, while the "extended" option caps at a certain percentage over the limit.

Scheduled Personal Property

For high-value items like jewelry, artwork, or musical instruments that exceed the personal property coverage limit, this rider offers additional protection.

Ordinance or Law Coverage

Covers additional costs when repairing or rebuilding your home to meet new building codes or ordinances after a covered loss.

Sewer Backup

This covers damage from the backup of sewers or drains, a peril not covered under standard policies.

Flood Insurance

Standard policies typically don't cover flood damage. If you live in a flood-prone area, this coverage is essential..

Earthquake Coverage

Like flood insurance, damage from earthquakes is not typically covered under standard policies. Homes in seismic zones especially benefit from this endorsement.

When considering these optional coverages, it’s crucial to assess your home’s unique risks and your financial situation. A discussion with an insurance agent can provide clarity on which endorsements might be most beneficial for you.

Types of Properties We Insure

From intimate gatherings to grand celebrations, we provide tailored insurance solutions for a diverse range of events to ensure your special moments are always protected. Listed below are some of the Typical Events We Insure.

Single Family Homes

The most common residential property, which is a stand-alone structure intended for one family.

Condominiums

Units within a larger building where the owner typically insures the inside of their unit, while the exterior and common areas are insured by the homeowners association.

Townhouses

Multi-floor residences that share one or two walls with other similar homes. They can resemble single-family homes in some respects but are part of a row of identical houses.

High-Value Homes

Luxury homes with superior features and amenities.

Duplexes/Triplexes

Multi-unit homes where two or three units, respectively, share the same building.

Cottages or Vacation Homes

Secondary homes that people use for vacations or rentals. Given their infrequent occupation, they might have different insurance considerations.

New Construction or Builder's Risk

Homes that are under construction. This insurance covers risks associated with the construction phase, such as theft of materials or damage from incidents at the construction site.

Co-ops

Similar to condos, but instead of owning the unit, residents own shares in the entire building and have a lease for their specific unit.

Modular Homes

Like manufactured homes, they're factory-built but are assembled on-site and tend to be sturdier. They are often insured similarly to traditional homes.

Manufactured/Mobile Homes

Factory-built homes that are then transported to their location. They require a specific type of home insurance due to their unique construction and transportation risks.

Buying your new home is an exciting time and you shouldn’t have to be intimidated by the home insurance process. At LoPriore Insurance Agency, We Make Insurance Easy For You! Rest assured that our experienced local agents are available for every step of your insurance journey and happy to offer advice along the way. To learn more about our policies or to get a quick quote on the insurance you need, get in touch today.

Already Have Insurance Upload Your Policy

Switching Your Insurance Made Easy!

Upload Your Current Insurance Policy to Compare & Save!

What’s The Advantage of Comparing My Insurance Policy?

When you send us a copy of your policy, our team has an opportunity to get a snapshot of your current insurance coverage, discounts, and added riders on your existing insurance policy.

Where Do I Find a Copy of My Insurance Policy?

Insurance companies send you a copy of your insurance policy annually and if any changes to your policy have been made during the year. However, if you are unable to locate your policy, your insurance company or insurance agent should be able to send you a duplicate copy via email, fax, or mail.

What Happens When You Upload Your Policy?

Once we receive your uploaded policy one of our team members begins reviewing your policy. We will then contact you to discuss your coverage options. Every insurance company has different underwriting guidelines and offers different coverages and rates. Be advised while we try our best to quote with the information provided it still may be necessary to obtain additional information from you to prepare the most accurate rate.

Extra Protection, Extra Peace of Mind

Get a no-obligation home insurance quote from LoPriore Insurance to secure comprehensive coverage for your property. Their knowledgeable team customizes solutions to safeguard your home, offering assurance against various risks, allowing you to protect your investment confidently.

Quote Request Form

First Time Home Buyers Insurance FAQs

What is a home insurance binder?

A home insurance binder is a document that provides proof of insurance when you’ve purchased a new insurance policy although the details aren’t finalized. The binder provides all the necessary details of your policy and is valid until you receive the official insurance policy.

Do I have flood coverage?

Most home insurance policies do not include flood coverage. However, you can purchase additional optional coverage to protect you in the event of flood damage.

How can I save money on home buyers insurance?

Discounts are a great way to help you save money on any insurance policy. Purchasing all of your necessary insurance policies at the same insurance agency can make you eligible for a multi-policy discount. Other valuable discounts may include safety discounts, new home discount, and superior construction discount. Additionally, lowering your premiums may include lowering your credit score and installing important safety features in your home.

What's the best way to determine the amount of coverage I need?

Complete a home inventory. Taking photos and listing the value of each of your possessions is the best way to really understand the combined value of the articles you own. Indeed, your insurance agent will use this list to better help you estimate the coverage you need.

What are covered perils?

The term covered perils describes the events that your insurance policy will reimburse you for should you need to file a claim. A homeowner’s policy generally covers fire, smoke, windstorms and hail, vandalism, theft, falling objects, and water damage.

Ready to Get Started?

Get Top Rated Insurance Coverage at the Best Price!

CALL US TODAY

781-438-1375

Home Insurance For First Time Home Buyers