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  • Choosing The Right Homeowner Insurance For Your Property

    February 25, 2017 | Blog
  • homeowner insurance

    Having the right homeowners' insurance for your property gives you peace of mind in knowing that in the case accidents occurring and destroying all or part of your home and your belongings, there is a policy that will enable you to reconstruct or get back what you've lost. There are various facets of the insurance industry that most people don't understand which often results in them not having adequate coverage. This may also lead them into choosing a wrong policy that cannot satisfy their needs

    Two main types of policies you can look for when buying homeowner insurance

    Basic policy

    This has named perils in the policy and will only cover any damage if it is caused by one of these events. It is the cheapest type of policy. In case you are looking to save money and still have coverage, this is the one for you.

    Comprehensive policy

    This policy is more expensive but offers a much broader form of coverage. Under this, you can pay extra to be insured against acts of nature, for instance, floods, earthquakes and other events that are not insured by the standard policy. Under the same policy, you can insure your valuables like jewelry, electronics, and artwork. It can also include extra insurance if you have a dog that may injure a person on your property.

    Tips for choosing the right homeowners' insurance for your property

    The first step to finding the right home insurance policy involves doing a lot of research. While this can be time-consuming and not all that interesting, it's an important step to ensure that you pick the right policy to cover everything you need.

    Use the Internet to look at different company websites, and try calling them, even if you don't like talking on the phone. This will help you get a better idea of what the actual customer service experience will be like. Many people go with larger companies just because of name recognition, but the early convenience could become a hassle if you need to speak with a live person.

    Working with a smaller company will also mean that you are assigned a personal representative for your policy and account. Many of the insurance agents at smaller firms have a lot of experience in the industry and will be an invaluable source of information. Ask questions up front, and be honest in your expectations. If they are unable to provide direct answers to your questions, you should probably keep looking.

    Many companies offer free quotes, either on their website or by calling. Once you've narrowed down your list, don't base your decisions solely on pricing. While pricing is important, be sure to consider these key things as well;

    -How each company process claims.
    -Know about their handling of payments; do you have to pay monthly, or every six months?
    -What other customers say about them

    Consider these tips to get the best insurance coverage 

    Once you've decided on a company, there are a few things you want to consider so that you end up with the right type of insurance policy.

    1) Don't under-insure yourself!

    2) Take the time to know exactly what's covered under the policy.
    While most plans cover basic damages due to hazards, theft, and some personal injuries, some don't cover everything.

    3) Find out what it would cost to replace your home in the case of complete destruction totally, and base the policy on that,

    4) Consider having a builder or appraiser to give you an additional estimate besides what the insurance company tells you. If you have valuable art or jewelry, you may need additional coverage beyond the minimum hazard insurance.

    5) If you reside areas prone floods, fire, or earthquakes, ensure you know what is covered and what's not. Many basic policies don't cover damages from these types of natural disasters.

    6) Make sure your homeowner's insurance policy reflects the current value of your home.

    Often, a home insurance policy is purchased upon buying the home and then is never reconsidered when additions or upgrades are made. If your home has undergone any significant remodels or additions, or if you've significantly added to the value of your possessions and home's interior, you need to re-evaluate your home insurance.

    With proper research, you can find the right coverage for your property. Take the time to find the right fit for you to ensure that your most valuable asset is adequately covered.