How Do I Know If My Insurance Really Has Me Covered?

March 22, 2019 | Blog

Buying and caring for a home is a large investment and you want to be sure that you’re taken care of should the need arise.  There are many homeowner’s insurance companies out there, but they are not all created equal.  Purchasing the right policy with the right company can make a big difference.  Here are a few helpful tips to get you started.

Shop Around

  • Consider getting at least three to four quotes from different home insurance companies.  Be sure to assess coverages, limits, and deductibles. A simple search online will bring up opportunities for quotes and comparisons of companies.  Also, check out customer reviews and see what consumers are saying.
  • If you’re looking to change insurers, it’s fairly easy to do.  Check out Reliable Carriers & Changing My Insurance Policy for more information.

Know Your Coverage & Ask Questions

  • It is important to know what a policy covers or does not cover.  There are many scenarios and possibilities, so you want to ask questions and do your research to make sure you have adequate insurance to cover any possible damages.  Remember that most basic policies have limits so you may need to add extra coverage to be adequately insured.  You will also want to pay attention to things left out of coverage limits, or whether you will be reimbursed purchase price or depreciated value for your home and its contents.
  • Know the value of the items in your home.  Taking a home inventory can help you identify what kind of insurance you will need to cover valuables should they become lost or stolen.  It will also help you decide if you need extra coverage for larger ticket items such as jewelry, art, or heirlooms.

Look At Service

  • Do not make the mistake of sacrificing bare-minimum pricing for adequate protection or service.  You want an insurer that will be quick to handle your claim and provide fair estimates for damages.
  • Insurers with high ratings tend to have the best service in dealing with claims and payouts.  Whether they are accessible 24/7 is also an important item to consider.  Lower-rated insurers tend to have more disputes with damage estimates and lower satisfaction with claim turnaround times.
  • To access reviews, comparables, and ratings, try visiting one of these links.

https://www.valuepenguin.com/best-homeowners-insurance-companies

https://www.thesimpledollar.com/insurance/home/best-home-insurance/

https://www.toptenreviews.com/services/insurance/best-homeowners-insurance/

Look At Ways to Save

  • Many insurers offer discounts for behavior that lowers your risk.  These might include shutter installation, burglar alarms, deadbolt locks, smoke detectors, and waters safety systems.
  • It’s cheaper for insurance companies to service customers with two policies.  They will often offer discounts up to 20% when homeowners link their auto and home insurance.
  • Insurers give better rates to those with good credit history.  Work on boosting your credit score to increase your chances of a better rate.
  • Discounts may also be available to first time home buyers or certain groups of people like those in the military, or senior citizens.

Putting in the time to find a good homeowners policy is worth it.  Having a company that offers the coverage you need along with great support can ease the burden when disaster strikes.  Know your policy, don’t be afraid to ask your agent questions, and switch your policy if you feel your current company is not meeting your expectations.

 

Related Blog Posts:

Determine Which Insurance Policy is Right for You

Getting to Know Your Insurance Policy

Reliable Carriers & Changing My Insurance Policy

 

Additional Resources & References:

https://www.consumerreports.org/cro/homeowners-insurance/buying-guide/index.htm

https://www.esurance.com/info/homeowners/shopping-for-homeowners-insurance

https://money.cnn.com/pf/money-essentials-home-insurance-company/index.html

https://www.valuepenguin.com/best-homeowners-insurance-companies

https://www.thesimpledollar.com/insurance/home/best-home-insurance/

https://www.toptenreviews.com/services/insurance/best-homeowners-insurance/

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