6 Tips for Finding the Right Homeowner’s Insurance Policy
Do you have the right homeowner’s insurance? Because if you don’t, you may suddenly find yourself with a bill for thousands of dollars that you don’t have! How would you know if you do or don’t have the right insurance? It’s actually not that difficult to figure out. You can perform a simple self-audit to make sure you have what you need so you don’t have any nasty surprises. Here’s how to analyze your situation:
- Understand Your Home
For starters, you need to know the age of your plumbing and electrical systems, as well as your gas lines and HVAC system. You should also know what materials your home is made of. These factors greatly affect the pricing of your home insurance. In some cases, you might qualify for price breaks. For example, fire-resistant roofing and siding could reduce your costs if wildfires are common in your area.
- Location, Location, Location
Did you know there’s no such thing as hurricane insurance? While you can’t get “hurricane insurance” specifically, you can purchase flood and wind insurance. But be aware that your default homeowner’s insurance policy won’t cover these types of damage. You have to purchase these separately. Also, small things like living near a fire department can actually reduce your costs. On the other hand, if emergency vehicles may have a tough time reaching your home, your costs could increase.
- What Needs Coverage?
Your homeowner’s insurance policy must cover your home, its contents, garage, pools, and fences. Not all policies cover these by default. Most policies actually don’t provide enough coverage. Make sure that yours covers the rebuilding of everything on your property.
- What If You’re Liable for an Injury?
How would you pay for an accident that happens on your property? What if someone slips and falls? What if your dog bites a visitor? Most homeowner’s insurance policies cover up to $100,000 in damages for which you are liable. However, experts recommend $300,000. You can also purchase an affordable umbrella policy to provide up to $1,000,000 in coverage.
- What Valuables Do You Own?
Do you own expensive jewelry, family heirlooms, or a coin collection? Unfortunately, most homeowner’s insurance policies only offer minimal coverage for these at best (usually just a couple thousand dollars or so). If you have possessions like these, you can possibly purchase a “personal articles floater” to provide additional coverage. However, you may also have to get separate insurance to cover them.
- Your Own Financial Situation
You can lower the out-of-pocket deductible your homeowner’s insurance charges when you make a claim by increasing your monthly premium. You can also do the reverse. You simply have to look at your own finances to decide which makes more sense.
Those are the major points to check when determining how much, and what kind, of homeowner’s insurance you need. Now, you can feel more relaxed that you’ll be covered if you experience property damage. If you’re in the market for a new homeowner’s insurance policy, contact Nsure. We’ll help you find a new insurance policy by pulling quotes from the top-rated companies in the nation.
