Tips on Buying Home Insurance

Looking for House Insurance? Protecting your loved ones and belongings is part and parcel of purchasing a home. Doing your research and figuring out what you need and at a fair rate is important. Consider these tips..


Dont Procrastinate-Don't wait! As soon as you put an offer in on a house, start contacting insurance companies right away.


Know Your House- Understanding the age and quality of the roofing, plumbing and other aspects of your home are important to know so you can provide information to insurance agents and receive the most accurate rate for your home. 


Get At Least Three Quotes-  To determine which company will provide you with the best price for your needs search around and get a few quotes to determine who will offer you what covers your needs. 


Figure Out How Much Insurance You Need- The amount of insurance needed is not always based upon the market value of the house, there are things to consider such as the property value and evaluating how much it would cost to rebuild the structure (The cost to rebuild is generaly far below market value of the house).


Decide On A Deductable-  Insurance companies will generaly provide a lower premium if a higher percentage deductable is established. Deductables generaly range from 5 to10% and should an incident occur must be paid before insurance is claimable.


Prepare To Pay For Insurance You May Not Want-  Depending on where you live, you may need to purchase insurance that covers flooding, earthquakes, or any other potencial risks that can harm your home. Although you may be insured for something, policies in place can prevent you from claiming insurance for unintentionaly violating the agreement.  


Choose The Right Policy Option- Different policies protect against different liabilities. A home surrounded by liabilities (pool, trampoline,etc) may require what is known as "Umbrella Policies", usually a small increase in premium that will provide protective coverage should somebody be harmed on your property and decide to sue. 


Take Advantage Of All Applicable Discounts-  Discounts are available for a variety of reasons. Age, location, as well as how you're home is prepared for an incident are all ways to recieve discounts on your premium.


Update Your Policy Every Few Years-  Contact your agent every few years to update your policy. The value of your home may have fluctuated altering the amount of insurance needed, and incase disaster strikes you should always have an up to date policy that coordinates with your needs. 



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Image Source: JB Martin Law


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