5 Tips To Consider When Purchasing Homeowners Insurance

If you just purchased a new home, homeowners insurance is extremely important to consider.  With a comprehensive home insurance policy, you know that you have the coverage necessary if something happens to, or even inside, your home.

A comprehensive homeowners insurance policy not only covers your home and the belongings inside of it but can add protection if someone gets hurt or injured in your home.

There are many things to consider when purchasing a new homeowners insurance policy.

Below are some tips to help you find the best homeowners insurance for your particular property:

  1. Coverage options

When you purchase a new homeowners insurance  policy, the coverage is the most important thing to get right!

There are a few different coverage options that you might consider. One coverage option that reimburses you the cash value of your home if there is a loss is called cash value replacement coverage.  There is also another type of coverage called guaranteed replacement coverage that will reimburse you the cost to rebuild your entire home if your home is completed wiped out. 

It just depends on what you are looking for in terms of your coverage. 

  1. Earthquake & Flood Insurance

There are many different supplemental polices that you can add to your existing insurance for even more protection and coverage.

Of course, the extra coverage will cost more, but it can also be very important if you live in an area where natural disasters might occur.

Earthquake insurance

Earthquakes can happen in any state and, therefore, earthquake insurance can be very valuable to you if an earthquake hits.

Earthquake insurance in states like California can help you with any repairs that might be necessary to your home, driveway or even a tool shed or garage that isn’t directly attached to your home.

Flood Insurance

If you live in a state that has a lot of rain like Oregon, flood insurance could certainly be important to you.  All it takes is a huge rain storm and flooding and your house might need a lot of repairs.

  1. Update Your Home Valuation

Having your home valuation updated can be really important when purchasing a new home insurance policy or updating an existing one.  You want to make sure that if you rebuild or renovate your home the coverage you have will be enough today to cover your home in the event that something happens.

  1. Easy and Quick Claims process

When signing up with a new insurance policy, you want to be sure that if something does occur, your company has a good reputation for paying back claims in a timely manner.

The last thing you want is to be waiting for reimbursement for work to be done or claims being denied. The easiest way you can find out is by looking at some online reviews to see if the policy holders are happy with the company and if they pay back claims timely and efficiently.

  1. Get A Few Quotes

Once you figure out the coverage you want, you should always get at least 3 or 4 quotes from different reputable companies.  This can help you to not only get the best price, but lets you gage how their customer service is and how efficiently they answer your questions.

The more you can educate yourself and do your homework about what you want in a homeowners insurance policy, the easier it will be to find the best policy for you and your home.

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