The Real Estate Browser Volume 8, Issue 9 | Page 16

16 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 8 Number 9 www . LynchburgRealEstateBrowser . com

The Path To An Enjoyable “ First Time ” Home Buyers Experience ! Part III

by Al Baughman , AIM , LUTCF , Baughman & Associates
Once the seller accepts your contract , immediately call your mortgage lender and take care of the necessary paperwork . Next , schedule a visit to your reputable insurance professional !
When it comes to insurance , the best advice I can offer is to find a local Independent Agent .
Ask your friends and search for one in the Affiliates Directory of your local Real Estate Association . IA ’ s differ from direct writers , Internet and 1-800 companies , as they represent more than one company . Why more than one ? Companies and policies are not created equal ! As “ one size does not fit all ”, IA ’ s have the ability to better match the client to the appropriate carrier . You may also contact the Bureau of Insurance for a Home Buyers Guide .
Ask your agent if they offer a “ first time home buyers ” orientation . In this orientation , they will discuss how CLUE and Credit affect your rates . They will also obtain the loss history of claims filed on your current residence as well as the property you are purchasing . This report provides loss information by type and amount paid . You will find that writing auto , home and umbrella with the same carrier will result in the most preferred rates .
As you enter into the conversation about coverages , ask about these basics : - Form 3 or better ( All Risk vs Named Perils ) - Expanded Replacement Cost on Dwelling - Replacement Coverage on Personal Property ( All
Risk vs Named Perils ) - Water Backup of Sewers and Drains - Additional Living Expense - Ordinance & Law
- Loss Assessment ( Important if you are in a
Homeowners or Condo Association ) - Extra Mortgage Expense - Liability , Medical Payments and Personal Injury - Special Limits on Money / Coins , Securities /
Stamps , Watercraft , Jewelry / Watches & Furs , Firearms , Debris Removal , Food Spoilage and
Debris Removal
The following coverages are newer to the marketplace and may not be available thru all carriers :
- Earthquake , earth movement , mine subsidence , flood , Home Systems Protection / Service Line Coverage , ID Theft & Fraud .
Now that you have chosen your coverages , how do you plan for the inevitable … a claim ? Catastrophic or not … a claim experience can go one of two ways . If you ’ re prepared , things will go more smoothly than if you are not . At the time of a loss , your adjuster will ask for documentation of items lost or destroyed . A household inventory will be most beneficial in responding to this question .
Your agent may have several tips and options for maintaining one ’ s household inventory . One method may be a hand recorded inventory booklet ( supplemented with pictures ), another an inven-
To schedule your “ First Time Home Buyers ” consultation , call us at 434 316-0030