Price is often a deciding factor while shopping for homeowner insurance, but price should not be the deciding factor when it comes to protecting your largest investment, your most valuable asset, and most importantly the home for your family. You want an agent that will work for you, while providing great service when you need it most.
Since your home is your most valuable asset and one of your most significant investments, it is imperative you have the best coverage for peace of mind, and for your family. Work with an agent who can give you peace of mind and make sure your family and your investment has the “right” coverage for your situation and at a reasonable price.
There is a lot to consider when purchasing Homeowner Insurance
1. Do you have the right dwelling coverage? For example, right now building materials are going up as much as 30% or more, what does that mean for you should your home need rebuilt or replaced? An agent should help you decide how much coverage you need and whether that coverage meets the requirements, or more, by the lender.
Quote: Insurance companies are adjusting their prices to match home building costs in the event a home is destroyed. Source: Channel 5 in Nashville
2. Content Coverage. It’s not just the structure of a home that needs coverage, the inside contents, personal belongings, need to be insured, too. But how to calculate that amount and determine what is and what is not covered? Work with your agent to make sure your personal belongs are adequately insured in case of loss, theft, fire, etc.
3. Liability Insurance. You are a homeowner and this makes you susceptible to lawsuits for property damage, personal injury, etc. This is crucial insurance to protect your home, your family, and your investment. If you have inadequate Liability Insurance you may have to pay out of pocket more than what you were insured for.
4. Do you need replacement cost? Or Actual Cash Value? What’s the difference? What is best for your situation?
5. Other c overages to consider – Living expenses coverage in case of “loss of use.” Are you covered if you cannot live in your home for a while? Endorsement adds – these fill areas that a normal policy may not cover. Natural disasters – in the PNW we are concerned with earthquake, flood insurance, wind storms, and forest fires – are you covered?
Do you need Home Insurance? The answer is simple – Yes.
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Insurance is something most people don’t even want to think about until they need it the most. But, understanding what is and isn’t covered in your homeowners insurance policy can mean the difference of being able to rebuild your home and replace your personal belongings. Homeowners need to do annual insurance policy “check ups” to make sure they keep up with local building costs, home remodeling and inventories of their personal belongings.