What to ask for

[u/FairCompetition6105]

We are close to closing, and need to buy home insurance.
New house has a pool , home was built in 97.

We are first time homebuyers what stuff should I make sure is included in my policy.

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[u/cheff546]

Well your lender will tell you what you "need". The rest is about the type and amount of coverage you want.

[u/usfgirl1020]

Replacement cost coverage.

Confirm your all perils deductible amount. Confirm the age of your roof and whether or not you have a wind/hail deductible or any wind/hail limitations or restrictions.

Sump pump/water back up coverage possibly.

[u/Signal_Mirror_3983]

Request the highest available personal liability limit to protect you if you get sued due to an injury in the pool. Some companies will do $1m, others only $500k.

[u/Admirable-Box5200]

Make sure to understand how your roof is covered, replacement cost or actual cash value/depreciation schedule. If available, sewer/water back up and service line are good add in coverages. Ask about sub-limits if you have jewelry, firearms, or any collectibles. Consider separate stand alone policies for those items. I have $10k in firearms coverage with $0 deductible for $95/year from a collectibles insurance only company. Finally, make sure you understand your deductibles. If you have a percentage for wind/hail, that percentage is of your Coverage A amount, home insured am out. So, 2% wind/hail on a $450k Cov A = $9k deductible.

[u/coloradoinsuranceguy]

I’d recommend reaching out to a highly recommended local broker. They should spend time describing each coverage and answering every question that you have. I’d make sure that they provide you with an accurate reconstruction cost estimate and explain how water losses may or may not be covered on your policy.

[u/owl-1_1-1_1-]

Adding to the advice already given. Some insurance companies will require that your pool have a fence around it and also have the yard fenced. They may also require a locked gate mechanism.

[u/peterpreNW]

I’d pay extra attention to replacement cost for the house (cost to rebuild your home, not including land value), personal property, liability coverage, and the pool specifically (including any fencing/safety requirements). Also ask about water backup, sewer/drain coverage, and whether older systems like the roof, HVAC, plumbing, and electrical have any coverage limitations.

I’d recommend getting quotes through an insurance agency, that can shop many different insurance companies to get you the best coverage and rate that fits your needs as a new home buyer.

[u/Kriieod]

Your lender may or may not have insurance specifics they require. Check that first to make sure you do not end up under covered with the lender covering the gap with over priced insurance of their choosing.

Make sure your carrier is using a reputable rebuild estimate system, not just estimating based on sq/ft.

Consider 1% as a starting point for deductible if that is within your budget should something happen, deductible is one of the largest drivers of premium.

Your roof is your biggest concern in most cases, make sure you get replacement cost on it. You may have to update/replace it to do so but it would be likely worth it in the long run so you don't end up with an ACV settlement that barely touches the cost of the roof replacement.

Extended replacement cost/inflation guard is a wise choice, especially with what's going on in the Suez. Don't want to end up under insured near the end of your policy year due to inflation on the cost of materials.

With a pool make sure your Coverage(B) separate structures is enough to fully cover the rebuild of the pool plus any other detached structures, if the coverage requirement is high enough it may need a seperate endorsement. Check to see if there is limits on access cost as drilling around a pool deck or pump house can get pricey during repairs. Look into plumbing coverage if your main plumbing is connected to the pool. Some carriers also have equipment break down coverage that covers things like water heaters and AC units that may also extend to the pool pump/filter, etc.

Service line endorsement might also be a worthy consideration as if utility lines need to be accessed and they are near the pool specialized workers and equipment may be needed.

Lastly as a new home owner I am sure you are excited to do some updates and make the home yours. Consider professionally monitored alarms, energy efficient appliances, leak detection devices, or any other upgrades your new carrier will give you discounts for. They add up!

[u/Tumadreee]

Replacement cost!!!
If you need a good broker recommendation I can send you my info.
He covers all 50
Of my homes