Home Owner Insurance: Do's and Don'ts

Posted by Cesar Sanchez on Friday, December 14, 2018 at 12:10 PM By Cesar Sanchez / December 14, 2018 Comment

For many individuals, their home is the most significant investment they will ever make. In order to protect a residential property from unpredictable losses, homeowners need insurance.

Here are some important factors for getting the best homeowner’s insurance coverage for you home:

GET FULL COVERAGE

Clearly specify to your agent that you want comprehensive insurance coverage for your home. A comprehensive insurance policy offers protection for an array of losses arising unexpected events, including theft, explosions, along with an accident and collision.

However, comprehensive insurance policies are more expensive than basic insurance policies. Even if you have to pay a higher premium, make sure you’re getting full replacement coverage.

DETERMINE THE REPLACEMENT COST OF VALUABLE ITEMS

Valuable items, such as jewelry or art items require a separate coverage. Verify the cost of these items and adjust your insurance coverage accordingly.

SELECT LOWER DEDUCTIBLES OR PREMIUM

Paying a higher deductible can actually work in your favor. Higher deductibles lead to lower premiums. However, you may end up paying a higher premium elevating the cost of your insurance even if you don’t use it. Determine which fits your needs best.

DO NOT DELAY REPORTING LOSSES

Try to report property losses as soon as possible. Delays can cause issues in receiving coverage. Take multiple pictures or videos as proof of the damage.

SHOP AROUND

Last but not least, shop around to receive the best home insurance at a great rate. The more insurance companies you approach, the better. Compare coverage, premium and conditions of multiple home insurance companies. This is the only way you will get home insurance coverage that fits your specific needs and goals.

See the infographic below which supports the what’s been mentioned so far:

Home Insurance