Property Newbies

tips for new homeowners

Property Newbies

Congratulations! You are about to become a new homeowner. Are you excited? Nervous? Probably a mixture of both. Here are some tips that can help ease the process of home buying for property newbies:

  • Look at your budget and determine how a house fits into it. It is recommended that an individual spends no more than 28% of his or her income on housing.
  • Consider your credit! Your dreams of becoming a homeowner will not be realized if your credit history is less than satisfactory. Review your credit report and call the credit reporting bureau if you spot any mistakes.
  • Don’t count your chickens before they hatch. Perhaps you are expecting to graduate soon or to be promoted. Do not base payments off of an assumed increase in income.
  • Organize your documents. Gather your pay stubs, tax returns, W-2’s, and bank statements.
  • Step back and take a look at the big picture. There is no more landlord to turn to when you’re a homeowner. Think about when you need to buy need appliances or when there’s a plumbing mishap. Those are going to be additional costs that you will be responsible for.
  • Get a CLUE!

The Comprehensive Loss Underwriting Exchange is an exceptional resource for those looking to purchase a property. Being able to look at past claims made on the property can reveal much about that home or business’s history. CLUE is a shared database of insurance claims. Past claims tend to be based more on the property and less on the behavior of previous owners. For example, claims usually result from the integrity of the structure.  It’s important to know exactly what you are investing in! You can request that the seller pulls the report and provide it for you. If you get the report and you see multiple burglary claims or damage that seems to persist, that would be a red flag.

Give us a call or visit us online to see what we can do for you. AWS agents are always here to guide you through the process of covering your new home with the right policy.

No Comments

Post A Comment

Melinda Martin

Account Executive

Melinda began her insurance career in 1985 with Alexander & Alexander where she received her Property & Casualty and Life & Health license. Since then she has worked at various agencies in the New Orleans area and in California as a senior account manager for Employee Benefit Plans.  While in California, she was also the Membership Director for the Burbank Chamber of Commerce. Melinda joined the AWS team in July of 2015.

Michael A. Seeling

Vice President

Graduated from the University of Louisiana at Lafayette with a B.A. in Insurance Risk Management and is a graduate of Archbishop Rummel High School in New Orleans. He joined AWS in October of 2008 and has been awarded the Patient Protection and Affordable Care Act Certification (PPACA). Additionally, he is working towards his Certified Insurance Counselor (CIC), Registered Health Underwriter (RHU), and Registered Employee Benefits Consultant (REBC) designations. He is also a member of the National Association of Health Underwriters (NAHU), National Association of Insurance Financial Advisors (NAIFA), and is an active member of the Fore!Kids foundation.

Black Friday

Don’t miss out on our biggest sale of the year. Get 70% OFF on our selected products.