When you buy a home or condo for the first time you will need insurance. Also, when refinancing it is a good idea to get other quotes and to take a fresh look at your homeowner’s policy.
You may also want to purchase an umbrella policy when buying a new home. This will protect you and your assets in case of a law suit or judgment against you and/or your family. An umbrella policy is not very expensive and can give you an extended liability for 1 million or up to 5 million.
With the added asset of a home, you will also need to update your life insurance policy or buy a life policy to cover your mortgage and other outstanding liabilities for your family.