When buying a home for the first time, most new buyers never think about their budget for homeowner’s insurance. Often the homeowner will discover they are unhappy with their current homeowner’s insurance and wish to find a better policy. Whether you are a first time buyer or you want to find a different insurance policy, InsureWise will share a few tips when buying homeowner’s insurance to make sure you get the right policy for you.
Compare Home Insurance Policies
When looking for homeowner’s insurance, do not be in a rush to get the first policy you come across. It is important to compare policies and know what each policy offers. Not all homeowner’s insurance is the same. Often some policies will give you more coverage than others. Even though it may take more time compare the different insurance policies, you will want the right policy for you and that will protect your home.
What is Not Normally Covered By Homeowners Insurance?
When comparing homeowner insurance policies, it is equally important to know what is not covered as much as what is covered. For example, most basic homeowner’s insurance policies will provide coverage for water damage but not flood damage. Oddly enough, water damage and flood damage is defined as two separate coverages. Where one policy may cover other basic exposures such as roof leaks or electrical fire, most insurance policies will not cover damage from pests or mold. When reading though the homeowner’s insurance policy, sometimes household items are not covered either. When talking to a homeowner insurance agent, do not hold back any question you have and clarify any confusion on what may or may not be covered in the policy.
Know Your Insurance Company
There are many different insurance providers or companies that you can choose from. When you are comparing polices among the various companies, you will also want to compare companies as well. You will want to choose a company with good ratings. At times, an insurance company will look for avenues to avoid paying for the damages of theft to your home. In some cases, the company doesn’t have the money to pay up when the time comes. Make sure to invest in an insurance company that has always been able to fulfill their obligations and doesn’t try to look for ways to pay less when you need them most.
Should I Go with a High Deductible for Homeowners Insurance?
When it comes to homeowner’s insurance, do not be scared of a high deductible. Often the best policies will have a higher deductible. If a fire or other catastrophic event has occurred and the entire home and your belonging was wiped out, you will want to have the home rebuilt and your belongings replaced. If you avoid the more expensive deductible, you may find your homeowner insurance isn’t enough. When picking a homeowner’s insurance policy, look at the coverage as well as the deductible. You will see you will get much more with a higher deductible. It is recommended to choose the policy with the highest deductible you can afford.
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These are but a few of the tips we can share about choosing a good homeowner’s insurance policy. If you have more questions or need a great insurance provider, contact InsureWise today or click here to fill out a quick quote form.
