3 Tips to Help You Choose the Right Homeowners Insurance

homeowners insuranceWhen you buy a home, you may be so caught up in the excitement of becoming a homeowner that you forget about one important aspect of owning a home: homeowners insurance. Choosing an insurance policy is crucial to making sure your home, property, and personal belongings are protected in the event of a disaster. But how exactly do you find the right insurance policy? Let’s take a look at a few tips to consider when meeting with insurance providers.

Compare several providers: When you’re looking to protect your personal property, it’s important to not choose the first insurance company you meet with. Instead, you should meet with several insurance companies and compare their offers and policies. The 2016 Consumer Insurance Survey found that 44% of homeowners compare insurance providers to get the best policy and deal when renewing their policy. When you comparison shop, you may find that one insurance agency offers completely different coverage than another. Overall, make sure you explore all of your options before deciding on a homeowners insurance policy.

Choose the right coverage amount: Many homeowners make the mistake of choosing the coverage that only covers the amount they paid for the home. This can be detrimental if homeowners then need to rebuild or repair their home after it’s been damaged. So it’s important to consider finding coverage for the home’s replacement value instead. In doing this, you’ll be able to rest assured that you can afford to rebuild or repair your home if need be.

Fully understand the policy: One of the biggest mistakes you can make when choosing homeowners insurance is deciding on a policy without fully understanding it first. If you’re looking for a policy that protects your home and the property, make sure you’re choosing a policy that doesn’t just cover the structure of the home. When choosing an insurance policy, make sure you completely comprehend exactly what’s covered and what your coverage limitations are. This is an important step to ensure you don’t get blindsided later on if something happens to your home.

Hopefully, these tips will help you feel more confident about choosing an insurance policy. Homeowners insurance is important, so it’s vital that you take your time and choose the right policy for your insurance needs.

Could You Benefit from Bundling Your Insurance?

Bundling Your Insurance

insurance companyTrying to find the right insurance policy can be overwhelming, to say the least. Insurance is something everyone who owns a home or a car should have. But unfortunately, it’s not always easy to find an affordable plan that offers good coverage. This is why many people decide to bundle their insurance plans. Bundling, or buying more than one insurance policy through the same insurance company, can be a great option for a lot of people. But how could you benefit from bundling your insurance?

It saves you money: The most obvious benefit of bundling insurance is saving money. When you bundle insurance, like putting your car insurance and your homeowners insurance together, you can see a decrease in rates for both plans. When you combine policies through the same insurance agency, you’re setting yourself up for some great savings opportunities. Because you’re choosing multiple insurance policies through the same provider, the insurance company is going to reward you for your business. So if you’re looking for an easy way to save on insurance, looking into your bundling options is a great place to start.

It’s more convenient: In 2016 alone, 5.3% of homeowners filed an insurance claim, according to ISO data. Because insurance is something that you’re going to be dealing with a lot — whether it’s making payments or choosing plans — you’re going to want the most convenient option possible. And when you bundle your policies, one of the first things you’re going to notice is how convenient it is to work with just one insurance company. No more trying to remember different payment dates, piles of paperwork, or contact information for all of your different insurance companies. Overall, bundling insurance is a great way to make dealing with insurance policies easier and more convenient.

It avoids coverage gaps: When you have all of your insurance policies through one provider, you’ll have a higher chance of avoiding coverage gaps. When you have to deal with multiple providers, or switch providers due to policy changes, you may find yourself facing a lack of coverage for a period of time. This can be detrimental, especially if something happens during this time. So to avoid having to sacrifice coverage and ensure your personal property is fully protected, working with one provider and bundling your policies could provide to be beneficial.

When you find an insurance company that offers great policies and friendly customer service, consider bundling your plans with them. Bundling can offer convenience, security, and even potential savings.

Insurance News: Homeowners Insurance

homeowners insurance

New Home Purchase & Home Insurance

If you are a first time home buyer, you will need to get home insurance. This is a simple process, but one you need to watch. If you’re not careful you could be paying for home insurance you will not be able to use.
The process for buying home insurance during the purchase is simple, at least I think so. You contact an insurance professional and provide them with personal information along with the appraisal or property inspection. I like the appraisal best because it provides value and details on the home. Remember, home insurance is designed to replace your home exactly in the manor it was at time of loss.

The agent then gets to work on quoting your home insurance. Captive agents will provide one home insurance quote. Independent agents, like me, will look at multiple home insurance quotes. It’s important for your home insurance policy to have the right coverage to replace your home. This is not the purchase price of your home but the replacement price of the home. Home insurance policies have many options so you want to make sure you go through these options to get the protection that meets your needs.

Once you find a home insurance policy, you will notify your lender and/or realtor and provide them with your agents contact information and a copy of the home insurance quote provided. I have seen lenders, escrow offices and realtors go with a completely different agent even though you requested specific agent. The biggest reason they do this is because they are trying to close the file and get you into your home. But your home insurance could be more expensive now or have less coverage or not be binding.

You, the insured of the home insurance policy must agree to the terms and coverage within the policy by signing the home insurance policy application. No signature can result in no coverage.

Protecting your new home with home insurance should be a simple process. Finding the right agent to make sure you have the right policy, protection and price is the first step. Then make sure you review all the documents in the process of purchasing your home. Don’t allow anyone to pressure you into anything.

It’s highly recommended you get a property inspection done regardless of getting an appraisal. Appraisals evaluate the value of the property. Inspections evaluate the issues with the property. You don’t want to move into a new home and have issues your home insurance will not cover. Your insurance agent should have one or two property inspectors if you need one. They are great at saving you on filing a claim on your home insurance.

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Homeowners Insurance Policies

homeowners insurance

Homeowners Insurance Policy

You pay for homeowners insurance policy every year but the insurance company won’t cover you, why? This is a common issue and gives the insurance industry a bad name. The devastation of a loss and the thought of a large repair bill is bad enough, but having your homeowners insurance deny a claim will make anyone mad. So why do home insurance companies deny these claims?

One of the most common claims denied is the roof repair. A large storm comes in and it rains for days and two days in to this week long rain you have water coming in from the ceiling. This is not fun to clean up and gets costly fast. You call your homeowners insurance agent and the home insurance carrier to start a claim. You have been paying for insurance for the last 10 years without a claim so all should be good, right. After the inspections, the roof repair is denied, which is common 70% of the time. You might be getting mad right now just reading this, right.

homeowners insurance roofLets looks at some facts. The home was built in 1979 and has the original roof. In 2016, the roof is 37 years old and most new roofs only have a 20 to 30 year guarantee. The roof has never been inspected nor has any maintenance been performed. This roof may not be covered under the homeowners insurance policy because of these facts. It’s normal wear and tear.

Now lets look at a home with a newer tile roof. The home is 5 years old and the roof looks good, from the ground. The same storm comes in and the same calls go to the homeowners insurance agent and home insurance carrier. What is the issue now? In the course of the last 5 years there has been wind, rain, and earthquakes. All these things and others has an effect on the roof included the building process. If tiles shift or slide they need to be moved back. If a tile breaks, it needs to be replaced. One tile on a tile roof is connected to the next tile and so on. So if one or two are out, this can make a whole section of the roof off. But still why would the homeowners insurance policy not cover the roof. Lack of maintenance.

The roof of your home should be inspected by a professional. There is no required period a roof should be inspected for the homeowners insurance, but once a year to every other year is a good habit to maintain. Just like your homeowners insurance policy should be reviewed at least every other year. Your home changes and so does the required coverage amounts.