5 Tips People Should Use When Shopping for Home Insurance
Your home is one of your biggest investments and you want to make sure to protect it with the best home insurance coverage you can afford.
But finding that policy is often more difficult than it should be and paying the right amount is more challenging than meets the eye.
Why?
Often, buyers don’t know what they’re looking for outside of a general policy and, beyond that, they don’t know what questions to ask or how to prepare for the home insurance shopping process.
While there are many nuances to any individual process, we’ve tried to break everything down to give you five general tips you can use to help you while you shop for home insurance policies.
Come Prepared with Questions
When you start the process of shopping for home insurance, you need to make a list of all of the questions you might possibly have about your policy. This can also include any concerns about coverage and the logistics of filing a claim. Basically, you want to cover your bases and make sure you are on the same page with your agent when discussing options for your home.
If you don’t know what your concerns are, or you haven’t considered what to ask beforehand, then you might not be able to make the best choices in terms of policy options and coverage. Broadly speaking, you will want to know what perils are included in your coverage, what the limits on that coverage are going to be, and how the policy covers your losses (whether through the cost to replace the property lost or the cash value of the property in question).
Outlining Deductible Costs
You will want to make a detailed schedule of deductibles and whether you will be able to pay for these costs out of pocket. Why? If you cannot, then you may be hampered in repairing or replacing your home in the event of damage.
Managing your deductibles is often overlooked in favor of a low monthly cost for coverage but this could be a huge mistake when push comes to shove and you need to activate your coverage. Make sure your deductibles are manageable and that you know what they are prior to signing the dotted line.
Coverage for Your Pets
If you are a dog owner, you will want to include your dog as part of your home insurance policy if possible. This is because, in the event of your dog biting someone or otherwise injuring someone on your property, you could be wholly liable if you do not have this coverage on your policy.
Another important point to keep in mind is to consult with your insurance agent about what the potential costs would be should you add a dog to your household in the future. If you did not have a dog when you opened your policy, you will want to amend it to reflect this change in order to protect yourself from liability in the event of an accident.
Additional Coverage
You may need to explore additional coverage options if you own expensive items like artwork or jewelry. For example, if your home comes with a pool, you will want to add liability coverage to your policy to be there in the event of an accident.
Further, if you have made any home improvements or major renovations, you may need special coverage during and after that process. A good tip to keep in mind is that any time you make a change to your house, you probably want to make sure it is covered under your current policy and if not modify it.
Explore Bundling Options to Lower Monthly Premiums
There’s no doubt that insurance is both necessary and expensive but you might be able to substantially lower your home insurance costs if you bundle your policies together such as in a product combining home and auto insurance. There could also be other discounts embedded within individual insurance coverage areas such as discounted rates for making certain home improvements or safe driver discounts on auto insurance.
RESEARCH:
https://www.cooperators.ca/en/Resources/save-money/how-shop-for-home-insurance.aspx
https://www.insureuonline.org/consumer_homeowners_ten_tips.htm
https://www.insuramatch.com/learning-center/6-tips-buying-homeowners-insurance
