Homeowners Insurance: Three Tips to Get the Best Coverage
Hurricane Ian reminded us that you never know what could happen or how much the unknown could cost you. Ian may be the costliest storm in Florida history, to the tune of $47 billion in insured losses. That’s why Homeowners insurance is one of the most important investments you can make in your home.
While the weather may be different here in New England, we know that Mother Nature doesn’t discriminate. And that many other risks come with home ownership along with its rewards. Homeowners insurance protects your home and possessions in case of a covered loss, such as fire, wind damage, theft, or severe weather. But with so many different homeowners insurance policies available, it can be challenging to select the policy that is right for you.
Three Tips to Follow When Purchasing Homeowners Insurance:
Shop Around-For the Best Price and Insurance Expertise
Get quotes from multiple insurers. Homeowners insurance premiums vary widely from company to company, so it’s essential to get quotes from several insurers. However, you also need to consider the experience and expertise of the agency you’re working with and the quality and responsiveness of the agency’s customer service.
Evaluate Your Insurance Coverage Needs
It’s crucial to ensure you are appropriately insured for the place you call home. For example, if you own a condo, you’ll need to purchase condo insurance to cover your belongings, which is often not covered under your condo association’s master policy. If you rent, you’ll need to buy renter’s insurance.
The coverage you need will depend on the value of your home and personal belongings. If your home is worth more than the policy limit, you could be at risk of paying out of pocket for repairs in the event of a covered loss. Some policies will also cover the cost of temporary housing if your home is damaged or destroyed. Be sure to ask about discounts for smoke detectors and security systems.
Consider Additional Coverage Options
Depending on many factors, including employment and lifestyle, it may be wise to consider additional options to protect your assets. Umbrella insurance provides extra protection if you are sued or held responsible for damages. It can help to cover costs such as legal fees, settlements, and judgments. While umbrella insurance is not required, it can be a wise purchase and provide you the peace of mind to feel confident about your financial future.
Want to learn more about picking the right homeowners policy? Contact LBP today to get started.