Have you recently purchased a new home? If so, your next step is likely finding the proper home insurance coverage to protect your new space, property, and belongings. Finding the right coverage for a fair price can be daunting, so we created a list of 5 things you should consider when you are in the market for homeowner’s insurance!
1. Home insurance is essential, so it’s helpful to know what coverage you need.
The better your coverage, the less you will have to pay out of your own pocket if disaster strikes. In some cases, your lender decides how much coverage you need and may require you to buy a policy that covers at least the amount of the mortgage. It is important to note that the amount of coverage you buy for your house, contents, and personal property will affect the price you pay. A cheap policy might sound great, but it may not offer the coverage that you need.
2. Consider the deductible.
The deductible is the amount you have to pay out of pocket on each claim and applies only to coverage on your house and personal property. Make sure when choosing a policy that you are comfortable paying the deductible if you make a claim. A policy with a higher deductible will most likely be less expensive. Whereas a more expensive policy will have a lower deductible. There are pros and cons to choosing a higher or a lower deductible, and your insurance agent can help you determine which option is best for you and your needs.
3. Shop around before you buy.
Your lender may suggest a carrier or policy, but you are not required to go with their suggestion. You want to be sure that you know what options are out there before you settle on a home insurance carrier and policy. Crunelle Insurance Agency would love to help you find the best coverage for the best price for your home! We will make sure to find the best policy for you, your needs, and your budget.
4. Ensure that you understand your policy before purchase.
You should be aware that a home insurance policy is a legal contract. It is written so that your rights and responsibilities as well as those of the insurance company are clearly stated. When you purchase home insurance, you will receive a policy that contains the details of this contract, specifics for your coverage, and other information that you may need in the future. It is important that you read that policy and make certain you understand its contents. Keep your policy in a safe place and know the name of your insurer. It is also good to keep your insurance agent’s contact information handy in the event of any questions that they may be able to help answer. We’re here to help!
5. Review your home insurance needs every year.
Make sure to talk to your insurance agent every year to evaluate your home insurance needs. There are many factors or improvements to your home that could change your coverage needs, such as a new addition, remodeling a room, or adding insulation. It’s important that you have adequate coverage in the event that you would have to file a claim, so be sure to touch base with your insurance agent every year to ensure that you are covered. Evaluating your home insurance needs on an annual basis is also helpful to know what your options are and to see if there is any possibility for a better rate.