AS SEEN IN The Property Brothers and The Hanover Share Tips for Homeowners Buying or renovating a home might not be as simple as it looks on TV, but The Property Brothers and The Hanover Insurance Group want everyone to know that it’s within reach. Drew and Jonathan Scott are well known from their hit series “The Property Brothers” in which they help clients create sanctuaries from neglected pieces of real estate. The Hanover is a leading insurer that provides broad and innovative insurance protection to individuals, families and businesses. Keep these simple tips from the Property Brothers and The Hanover in mind, and you’ll start your new home journey with confidence. 1. Be realistic about your finances recommends homeowners are careful “Sit down and really examine your to properly insure that investment. present and future financial situation,” “There is so much to think about says Drew. “If you know that you’re when you insure your home,” Halsey about to have a baby in nine months, said, “We recommend homeowners you should also know that life is going work with experienced independent to get a lot more expensive. Plan agents to be sure they understand accordingly.” their insurance needs and financial to replace your home. Depending on When looking for your new home, exposures, and that they have the right many factors, the market value of a Jonathan warns consumers to avoid coverages in place – just in case.” home could be significantly less than being distracted by bells and whistles. Halsey said homeowners would do what it would cost to replace it, which “It’s easy to say, ‘Well, I love this walk- well to insure their homes at the could inadvertently leave homeowners in closet so much that I can ignore that replacement cost – the cost to rebuild unable to replace their home if there is it’s backed on a nuclear power plant,’” the home from scratch – and not the a total loss.” he jokes. “Approach it like a business. market value. Buying a home is likely the biggest 2. Don’t charge it investment that you’ll ever make.” “Market values fluctuate,” he said. “If your home is heavily damaged, you One of the biggest surprises first-time With this in mind, The Hanover’s Halsey will want insurance to pay what it costs homeowners face is learning that you continued The Property Brothers and The Hanover Share Tips for Homeowners AS SEEN IN USA TODAY Daniel Halsey President, Personal Lines, The Hanover Insurance Group We recommend homeowners work with experienced independent agents to be sure they understand their insurance needs and financial exposures, ‘‘ and that they have the right coverages in place – just in case.” need more money up-front than the advantage of free resources whenever of homeowners are incorporating smart down payment. From closing costs possible. “Create an inspiration board. technology into their homes. “Features to utility adjustments, it takes a lot of Spend several hours on Pinterest or such as Wi-Fi connected locks, water green to acquire the keys to the front Google Images and look at thousands protection systems, advanced security door. Shoppers with excellent credit of images,” he recommends. “Pull and home monitoring systems are may be able to purchase a house on out what speaks to you, whether it finding their ways into new and plastic – but that doesn’t mean that be crown molding or a color palette. updated homes. The good news for they should. Anyone can be good at design - you home buyers is that many insurance just have to look at the right places for companies will offer premium discounts “If you are looking to put your entire your influence.” for this kind of technology.” down payment or a major home renovation on a credit card, you should When helping clients create their Similarly, the concept of optimizing all not be dealing in real estate,” Jonathan dream spaces, the brothers urge of the space in a home has become says. “It’s a terrible idea. People get homeowners to step outside of their very popular. “More and more these low-interest up-front offers, and comfort zones. “Some people think people are finishing unused spaces it’s always a terrible idea.” they know what they want, but most like basements, bonus rooms and people only know what they’ve been sun rooms,” said Halsey. ”While this Beyond the down payment, other exposed to,” Jonathan says. “Drew adds greater functionality and living costs can come as a surprise to new and I have been in real estate for over space, it can also create liability and homeowners. “Especially for first twenty years. We’re constantly doing corresponding loss costs. time home buyers, one of the most research to see what’s trending in overlooked pieces of home ownership Keep in mind, if you create more design and what’s coming down the is the total cost beyond principal finished spaces in your home, you pipeline. You have to make sure that and interest,” Halsey says. “Taxes, may need to consider how insurance you’re not being stubborn.’’ maintenance, insurance and energy are coverage can help protect these areas. just some of the underestimated costs What’s trending in design this year? For example, water backup coverage when considering home ownership.” “Color is back in a big way,” Drew says. can help protect a finished basement “We like to enrich a room with rustic from the risk of water damage.” 3. Be bold with design flair or character pieces. Mixed metals 4. Know (and trust) your lender Most aspects of buying a new home are very popular again, as well.” come with a hefty price tag, which Whether applying for a mortgage on Halsey notes that a significant number is why Jonathan suggests taking a new home or tapping into a home continued The Property Brothers and The Hanover Share Tips for Homeowners AS SEEN IN USA TODAY equity line of credit to fund home not always realistic. “There is value in be detrimental in the long run.” improvement projects, a lender can spending money on professionals - the What are some coverages to consider? help keep you and your family on quality of a professional’s work and According to Halsey, it’s a good idea to track. “A lot of people are afraid to the value of your time,” Jonathan says. think beyond just the walls. talk to lenders, because they think that “Bring in a professional that knows they’re out to trick them, but that’s not what they’re doing.” “When most consumers think of home the case.” Drew explains. “If you’re insurance, they think of protecting Drew adds, “People watch shows like organized and have your tax returns, the structure itself. Many overlook ours on HGTV and then think that your list of assets and debts, and a the fact that home insurance also they know everything it takes to do a letter of employment, it’s very easy and provides liability protection that can be renovation. Understanding all that’s efficient to work with a lender.” invaluable should someone be injured involved isn’t as easy as you’d see in a on your property and incur significant The Property Brothers recently 45-minute TV show.” medical expenses or sue for damages. partnered with Chase, the second- The same goes for insurance It also offers coverage for the contents largest originator of U.S. mortgages, protection. Halsey stresses the of a home, so it’s important to consider to help consumers with their home importance of relying on an expert things like high-end electronics, financing needs. “We partnered with when buying insurance. “Under-insuring furniture, carpeting, jewelry and other Chase because they have the same your home can prove to be financially belongings, which can add up quickly. values we have about helping people devastating, but an independent agent Umbrella insurance is a great option learn more about home ownership,” can help homeowners identify the right to help increase coverage for many says Jonathan. “There are clear coverages for their home. Cheaper homeowners.” synergies between our two brands as very often isn’t better when it comes to we look lo help people find, buy and protecting your home and can be quite fix up their dream home.” costly in the end,” says Halsey. “Don’t 5. Trust the professionals buy an insurance policy on price alone. It can be tempting to find ways to cut Tackling a home renovation on your costs when buying a home, but it can own may seem like a great idea, but it’s Why choose The Hanover for your personal insurance? • 93% of claimants would Whether you have questions about insuring a new home or recommend us to a friend you’re looking to review your current home coverage, an • 2 million individuals and independent agent can help. At The Hanover, we work with businesses worldwide place the best independent agents dedicated to finding you the their trust in The Hanover right protection for the best value to protect the life you love. • 1 total account solution tailored to fit your needs: Visit www.hanover.com to find an Platinum home and auto independent agent near you. insurance • 165+ years of delivering on our promises.