Home insurance not only ensures that the structure of your property and the personal belongings inside your home are protected against things like damage and theft. Homeowner insurance is also a necessity because virtually all mortgage companies require homeowners to have insurance that covers the full or fair value of the property. Without home insurance, you probably will not qualify for a mortgage loan. And should your home suffer extensive damage from natural or manmade events, without adequate insurance in place, you probably will not be able to afford the rebuild.
When looking for a home insurance policy, it is pivotal you compare different insurers and their plans to ensure you get the right cover for your specific situation. Here are four top tips to help you get the best home insurance coverage.
Homeowners in High-risk Areas Should Consider Additional Policies
Standard home insurance policies usually do not include coverage for natural disasters like earthquakes, hurricanes, and floods. If you live in a high-risk area that is prone to natural disasters, you should consider bolstering your home insurance with additional policies or endorsements to ensure you are fully covered. Before an insurance company will agree to insure you, it will most likely demand to do a home inspection of your property. You need to make sure you pass the inspection if you want to be insured in a high-risk area, although if you fail homeowners insurance inspection, all may not be lost as there are steps you can take to correct the problems and then reapply.
Make an Inventory of Your Home’s Contents
Many people forget that home insurance can cover the personal belongings inside their homes as much as it covers the exteriors of their properties. With personal belongings home insurance, the coverage pays to replace or repair items like furniture, clothes, jewelry, electronic devices, and so on. Basically, it can cover virtually all of the contents of your home. To ensure you are getting the best rate for your personal belongings coverage, you need to know how much all of your stuff is worth. So, you need a home inventory. When you keep track of everything you own, you can not only ensure the premium is fair. You can also speed up the process and maximize your claim payment should your belongings be stolen or damaged.
Get to Know Your Home Insurance Deductibles
To make sure you get the best coverage for the best price, get to know your deductibles. The deductible is the amount deducted from a claim check, once you make a successful insurance claim. For instance, if your deductible is $1,000 and the damage is valued at $10,000, you would get a check for $9,000. It is important you carefully read through your home insurance policy as there could be special deductibles hidden away in the fine print. For instance, if flood damage deductibles are at 5% and your home is insured for $200,000, the amount of your claim check would be reduced by $10,000. So, it is crucial you understand deductibles and look through a policy for any hidden deductibles before you sign on the dotted line.
Consider Liability Coverage
While building insurance and personal belongings insurance are the two primary areas of homeowner insurance, you should not overlook liability coverage. When you are covered for liability, if someone sues you over something like an injury they suffered while at your house, you will be covered for the cost of a legal defense, and judgments and settlements. It is a good idea to take out enough liability insurance to cover your assets or the cost of a lawsuit. You can also get adequate liability insurance when you take out an umbrella insurance policy.
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