As a homeowner, there’s more than an 85% chance you already have home insurance. If you’re aspiring to own a home or your home is not yet insured, it can be daunting to find the right insurance for you. The average policy cost is $1,445 per year, according to a ValuePenguin study.
With home insurance, you will likely come across many details in your plan, many of which may be unclear. And if you’re going through lists of what home insurance policies generally provide coverage for, good luck. All of this makes you an easy target for marketing professionals and simple slogans. This, of course, only increases stress around insuring your home.
In the long run, investing more time in finding better insurance options in advance can save time and money should you ever have to file a claim. More importantly, it can provide you with much needed peace of mind.
Should You Change Your Home Insurance Provider?
There are many legitimate reasons for switching insurance policy carriers, but it isn’t alway the answer to your problems. You could be hoping to save money by changing the level of your coverage or looking for bundling discounts. Perhaps you feel the customer service could be better. In the worst case, you’ve filed a claim and been denied by your insurer or offered a low payout.
Make sure you carefully read through the details of your plan to find out if there are any penalties for canceling before the policy expires, coverage limit and deductibles, are there any exclusions (additional structures, special circumstances, etc.).
Purchasing New Insurance
So what if you’re moving to a new neighbourhood, city or even state and need to buy home insurance? As part of your research, don’t forget to ask what issues homeowners who live in the area have struggled with both in their homes, and with their insurance providers.
The first thing you’ll need to do is make a list of the specific needs you and your family have. Don’t forget that your home is your temple. Also think about other structures on your property besides the house itself. Think of what could cause damage to someone else’s property, cause medical bills if someone got hurt at your home, and even a place to stay if your home suffers damage.
If insurance really ins’t your forte, you could always hire a professional. In most personal matters, you should not share your personal information with an online agent or on a website. Insurance professionals are valuable help, a resource that probably knows most of the answers to questions you did not even think to ask.
With experienced and trustworthy insurance brokers, like Petra Insurance Brokers, you can be confident that your coverage is exactly what you need for your home.
Ask for Clarification
Insurance policies usually cover interior and exterior damage on some or all buildings, personal assets and any belongings lost or damaged. They can also cover injuries that occur while on the property. Ask for clarification and take your time on making a decision.
Wind and hail damage might be the most common insurance claims, but fire and lightning damage claims are by far the biggest. Water damage and freezing, theft, and all other property damages also cost less. Bodily injury and property damage losses fall somewhere in the middle.
Don’t assume anything. If you’re overwhelmed by the amount of information just let a trusted professional deal with it.
The Typical Insurance Errors
Forbes Advisor made a list of the most common insurance claim mistakes:
- Failing to Read Your Policy
- Not Having the Right Coverage
- Not Having a Home Inventory
- Failing to Maintain Your Property
- Poor Communication
- Waiting to file a claim
- Trying to Tackle a Big Claim Alone
- Not Documenting the Damage
- Cleaning Up Too Fast
- Filing Too Many Claims
Try to avoid these common mistakes when dealing with your insurance claims.
Mention What You’ve Done to Make Your Home Less Vulnerable To Accidents
While negotiating a new policy or making changes to the terms of an existing one, remember to mention all the improvements you’ve already made to your home to make it safer. Not all of them lead to a discount, but will signify that you’re responsible person to do business with.