When you purchase a home, you still need to have provisions for damages that can effectively put you in financial ruin. Homeowners insurance ensures that you’ll be able to get reimbursed when a disastrous event occurs. But not all policies are the same, and neither are the costs for obtaining them. However, with just a few questions in mind, you’ll be able to find the policy that’s the right fit for you.
How Do I Know How Much Coverage To Get?
The best place to start is to assess your home’s current value. Think of how much it would cost to rebuild if it were demolished. Then consider the possessions you have within the home. It’s good to compile a list of your belongings and their costs, so that in the event that they are stolen or damaged, you will be able to buy those items again.
You should also consider your living expenses, as you can get coverage for being in a temporary living situation as your home is being repaired.
If you own hazardous items that cause injury to another person who then wishes to pursue legal action, you may want to consider greater liability coverage.
How Can I Pay The Lowest Rates?
Aside from extensive coverage, you may want to consider the home itself. If you live in a home that is poorly built, it will naturally be at higher risk and be more expensive to insure. That’s also the case for the area surrounding it. It’s important to consider crime rates as well, as this can drive the premiums higher.
The best way to achieve the lowest rates is to get coverage that fits your needs, for a home that is well-built without frequent maintenance issues, and to get a home in a safe area.
What Can I Add To My Coverage?
Homeowners insurance covers certain types of damage to your home, but there are some instances where coverage is non-applicable.
Floods and earthquakes are common examples. If you get flood and/or earthquake insurance, you’ve covered even more bases and you’re able to maintain your home so that you’re ultimately not at a loss.
You may also want to consider adding an umbrella policy to have coverage beyond your policy’s liability limits. This is particularly useful if you own something that can cause injury to someone else, or if you are wealthy and are frequently the target of legal action.
With homeowners insurance, it’s not just about the policy you have, but what complementary add-ons you can have alongside it so that you can have the most comprehensive coverage.
Give All Things Insurance A Call Today!
If you’re about to move into a new home, or looking for the best policy to protect the one you have, consider working with All Things Insurance. At All Things Insurance, we will find you a homeowners policy that meets your needs. Call us today!