Buying a home is a huge investment and protecting that investment with the right insurance policy is critical. That said, there are ways to see if a homeowner’s insurance is tops in terms of coverage and terms.
CONSIDERATIONS IN CHOOSING HOME INSURANCE
When choosing insurance, consider the type of property you own. Home insurance policies differ based on whether you own a house, condo, or apartment. Make sure to get a policy that’s specifically tailored to your type of home.
Another thing to consider is the location of your property. Your home’s location can make a big impact on your premium. If you live in an area that’s prone to natural disasters, you’ll likely pay more for insurance than someone who lives in a safer area.
Consider the value of your property when picking among insurance companies. Most insurers have a cap on how much they can pay for claims. If your home is worth more than the coverage limit, you’ll need to get additional insurance to fully protect your property.
Your personal belongings can also have an impact on your home insurance coverage. Personal belongings with low to average values like furniture and electronics are most likely to be covered by most home insurance policies. But you may need to get additional coverage for high-value items like jewelry or art.
In a nutshell, homeowners should make sure that an insurance policy covers the replacement value of the home and that the deductible is something within financial means. Should standard coverage not cover everything in your home, consider getting additional insurance for special circumstances and/or items to ensure full coverage.
HOW TO FIND TOP HOMEOWNERS INSURANCE
Determine what type of coverage you need
The first step in shopping for a home insurance policy is to determine what type of coverage you need. There are three main types of home insurance coverage: dwelling coverage, personal property coverage, and liability coverage. Dwelling coverage protects your home’s structure, personal property coverage protects your belongings, and liability coverage protects you from lawsuits.
Get quotes from multiple insurance companies
Once you know what type of coverage you need, you can start getting quotes from at least three different insurance companies. That way, you can compare rates and terms and select the one that will benefit you and your home the most.
Compare offered discounts
Insurance companies offer a variety of discounts that can save you money on your premium. Some common discounts provided by top insurers include discounts for bundled policies, safety features, and loyalty programs.
Read the fine print
Once you’ve selected an insurance company, be sure to read the fine print on the contract of terms before signing on the dotted line. Tedious as this process may be, it’s the best way for you to find out what will and won’t be covered by your selected policy.
Finding the top insurance policy that will best suit your home’s requirements can be easy, especially if you have guidance from real estate professionals with extensive experience in the industry and a network of trusted connections. In the communities of New Jersey, there’s one team who can help you out with the nitty-gritty of home-buying, homeownership, and home-selling – our team at Pagnotta Homes. Contact us at 908.436.7947 or reach out via email here.