If you’re trying to get insurance for your home, you may have a few questions. At the top of the list might be how to get home insurance in the first place. It certainly seems like a daunting process with all the fancy words and big numbers. Since your house is so important to you and your family, it’s essential to make sure that it’s protected by the right home insurance. So, to help you out when you get home insurance, we’ve got some tips to keep in mind.
1. Shop around.
It’s not a bad idea to compare some home insurance rates and explore the options that are out there for coverages and policies. If you were buying a new TV, you’d want to check out all the features on different models and do some price comparisons, right? Your home insurance isn’t exactly a new TV, of course, but you can put your shopping skills to good use. Keep in mind that you’re not just looking for the lowest rate – you want to find out what coverage works best for you and go with a quality, secure home insurance option. Making sure your home is fully covered is more important than shaving a few dollars off of your premium.
2. Resist the urge to procrastinate.
If you’re getting a new home, insurance might be the last thing on your mind. Or you might not want to deal with it, so you shoved it into the back of your brain. At any rate, don’t wait until the last minute to get home insurance. Give yourself plenty of time so that you save yourself stress and panic later on – and so you have more time to weigh your options.
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3. Make sure you have enough home insurance.
It’s important to make sure you have enough home insurance to fully protect your home. Ideally, you’d have enough insurance to…
- Completely rebuild your home, like you would have to do if a fire destroyed it
- Replace all of your belongings
- Cover your family’s liability (your legal responsibility if you cause someone bodily harm or property damage)
As we mentioned before, it’s not advisable to skimp on coverage to save money. If you ever do face a significant loss, you’ll be grateful to have high limits of coverage that will protect you.
4. Know what would be covered under the policy and how it works.
You need to understand the coverages being offered and how they would work if you have a claim – for instance, home insurance policies will generally cover fire, but not earthquakes or floods. Find out what perils the policy you’re investigating will cover and consider if you need to add any additional coverages – like flood insurance if you live in an area that’s prone to flooding. Also, investigate the liability coverage and find out how it would protect your family.
5. Plan to add extra coverages as needed.
If you find that you’re going to need some additional insurance for your home, check and see if those coverages are available through the insurance company you’re considering. Ask yourself if your home is in an area prone to flooding, earthquakes, or other natural disasters. Basically, find out what won’t be covered under the policy and ask if you can add on coverages that will fill the gaps you need to fill.
6. Know your home.
The insurance agent who’s helping you with your quote will need a good amount of information about the home, so be prepared to spout off fun facts about your house. They’ll want to know things like…
- The age of the home
- The square footage of the home
- The material the home is made of
- The type of roof it has
- How many claims you’ve had in the past
- And of course, the location
7. Understand what factors affect your home insurance rate.
When you get a home insurance quote, there are many factors that can influence your home insurance rate.
Some of these factors are…
- The material (brick generally costs less than wood frame to insure because it isn’t flammable)
- How close you are to a fire department and fire hydrant and how reliable your local fire department is
- Age of your home (newer homes might be built of sturdier materials and cost less to insure)
- If you have a dog (you’ll want to check how your dog can affect your home insurance)
- If you have a wood-burning stove
- Having a pool or trampoline
8. Don’t forget about discounts.
Make sure you ask about discounts when you’re getting quotes. Discounts are magical and they can help you save money on your home insurance. Different insurance companies offer different discounts, so it definitely doesn’t hurt to see what the insurance company will offer as far as savings.
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For example, having a home security system can help you save money on your home insurance. Other common discounts are having a fire sprinkler system, having deadbolts, and the ever-popular bundling discount. Bundling is when you get your home and auto – or other policies – from the same insurance company.
9. Consider what deductible is right for you.
Your deductible is the amount you agree to pay if you have a claim before the insurance company will step in to cover costs. A typical deductible could be $500 or $1000. Now, selecting a deductible is a bit of a balancing act – the higher your deductible, the lower your premium, and vice versa. So, a higher deductible means you have a lower premium, but it also means that you have to pay more if you have a claim.
When choosing your deductible, you have to consider your disposable income and how much money you could comfortably pay in the event of a claim. You don’t want your deductible to be burdensome or impossible to pay if you have a claim.
10. Don’t forget to do an annual review of your policy.
Once you find the perfect policy, make your payment, and get it bound (insurance speak for making it official), your work isn’t over. It’s important that you review your policy every year to make any necessary changes and check that the coverage you have still fits your needs. Things change, and you might need to adjust your policy accordingly.
If you’re wondering how to get home insurance, we can help. Our team is committed to making insurance as easy as possible. We can help you shop for the best rate and make sure that you have the coverage you need to protect your home. To get home insurance quotes, all you have to do is fill out our online form or give us a call today.