You’ve signed the deed and are now officially a homeowner—congratulations! Owning your own home is a major accomplishment. But ask any veteran homeowner about owning a home and they’ll quickly tell you the journey (and hard work) has only begun. To keep it up to code and to your standards, homeowners insurance is your new best friend.

Check out the process of getting homeowners insurance as a first-time homeowner below.

Knowing What’s Best for Your Home

When it comes to insurance, it’s important to understand the terminology. Some important terms that you will encounter in your search for a homeowners insurance package are:

• Premium: What you pay for your insurance, whether monthly, quarterly or annually.

• Deductible: For certain kinds of coverage, a deductible will be the out-of-pocket expenses you’ll pay in the event of a disaster. The higher the deductible, the lower your premium.

• Limit: A limit is how much the insurance plan will cover for financial damages. Each specific coverage has its own limit.

• Sublimit: If your dwelling coverage is at half a million, a sublimit for the cosmetic damage done to your floors may only be at 10 percent that. So if your floors cost more than 10 percent of your total coverage to repair, you would have to cover the rest out of pocket. The specifics depend on your insurance company.

Knowing these terms will help you navigate through the insurance jargon and estimated quotes so you can choose the best policy for your situation.

Talk to Your Lender

If you took out a loan on your house, your bank or lending company will ask that you sign up for a homeowners insurance plan. Why will you be asked to do this? If anything should happen to your home, whether it’s burgled or damaged after an angry storm, your (and the lending company’s) assets will be protected by the homeowners insurance policy.

Some financial institutions have partnerships with insurance companies or are affiliated with insurance providers. B taking advantage of such a relationship, you can often secure a lower premium rate. This will simplify the insurance process as you can pay your lender the entirety of your monthly mortgage payments alongside your insurance payments.

This is a good option because no matter what insurance provider you choose, paying through your lender will buy you good will and trust, as they can ensure that their investment is protected even in the worst-case scenario.

Alternatively, you can pay for your insurance all at once for the entire mortgage period – so if you’re going to be paying off your house for the next 10, 20, or 30 years, cooperating with both the lender and your insurance company can get you a cheaper single-payment homeowners insurance policy.

Explore Your Options Thoroughly

Insurance and mortgage costs can add up quickly. As a new homeowner, you’ll want to be sure that you’re making the right financial decisions. Before settling on a policy, you will want to speak with at least three different providers. This will help you learn how to get homeowners insurance for a reasonable rate and with quality perks. Comparing rates through aggregate shopping sites will help you get the policy that makes the most sense to you.

Your insurance coverage will depend largely on your location and risk factors. If you live closer to the coast, or in places with low elevation, you’ll most likely need flood insurance and you could be looking at higher premiums. Exploring your discount options and payment solutions are great ways to save money. While paying less per month is an attractive prospect, remember that you don’t want to be left paying for your damages out of pocket if the worst should happen. Homeowners insurance is there to protect you. A happy homeowner is one with homeowners insurance.