What You Need To Know About Insurance Before Buying A Home Or Property With Katie Farthing

Have you ever thought about how much insurance could save you from a disaster—or how fast things could go wrong without it? In this episode I’m joined by Katie Farthing, a State Farm agent who owns her own agency in Lancaster, Kentucky. Katie has decades of experience to bring to the mic to help us talk about the role of insurance in real estate and beyond.

From why you should never leave insurance quotes until the last minute when buying a home to how knowing the age of your roof or plumbing could save you thousands, Katie covers it all. She also shares some crazy stories from her years in the business, including navigating claims after a tornado and the importance of working with a local agent who knows you personally. 

Whether you’re a first time homebuyer, a seasoned property owner or just curious about how to better protect your stuff, this episode is full of tips and info you can’t afford to miss.

Episode Highlights: 

[01:08] The title industry and insurance go hand in hand, because you need both of them when you’re buying a property.

[01:46] Katie was 6 months old when her father started his insurance agency.

[02:10] When home buying, you get a list of things you need to do. Insurance is on the list, but people still wait till the last minute. It’s a good idea to start the quoting process earlier.

[03:01] Agents need a lot of information about the house. They use this information to calculate the replacement cost. Replacement cost and market value can be two different numbers.

[04:34] An insurance agent can also help you get the best information possible.

[05:39] Get an inspection when buying a home.

[06:04] State Farm has a third party that does home inspections. They do an exterior inspection and look for things that are at risk for the insurance company.

[08:28] An older roof could have issues you don’t even know about.

[09:03] Insurance companies may have a list of names of reputable people that they could refer to you.

[09:49] When you have a crisis, you want to call a person. That’s where a good agent comes in.

[10:13] In 2009, there was an ice storm and then a tornado. A tornado hit Katie and her husband’s property. The tornado demolished their tobacco barn.

[11:03] This was her husband’s safe spot, and they also had farming equipment and personal property there.

[12:01] Claims take time. It’s also really confusing, and people will have questions. Katie’s office has a dedicated claim assistant who helps people through the whole claim process.

[12:40] Some agents can also directly write checks.

[13:14] Katie’s mission is to help people. She loves how State Farm is backed by a lot of technology but also has local agents.

[14:03] Having somebody who will stick with you during the whole process even if it takes a year is extremely valuable.

[15:02] Why things aren’t covered also has to be explained.

[15:50] It’s important to meet with your agent every few years. Changes happen. 

[17:10] You don’t have to insure everything you own, but you need to cover what you need to operate your property.

Resources & Links Related to this Episode

• Home – Springdale Title, LLC
• KY Auto & Home Insurance Agent Katie Farthing – State Farm®
• Katie Farthing – Facebook
• (859) 792-1512