One of the most important things in the lives of many is their home. The home is the largest investment most people will ever make. It is the refuge away from the world and where they go at the end of the day. So, it only seems true that one of the most important decisions any homeowner can make is purchasing homeowner’s insurance.
However this is often not the case as many people will just leave it up to their insurance agent to choose their policy, frequently agreeing to it on price alone. This is unfortunate because often the only time people realize they do not have enough coverage is when it is too late.
Homeowner’s Insurance policies should be carefully selected, with attention to detail. Policies should also not just be chosen once and never reconsidered again. The value of your home will change with time, the inventory inside the home will increase and building material prices fluctuate wildly from one year to the next.
When purchasing a Homeowner’s Insurance policy you need to understand exactly what it covers. This means having protection in the event of vandalism, theft and fire. A separate flood insurance policy should be purchased if your home is in a flood zone or a wind policy if you live somewhere where high winds are known to batter the property.
Make certain you are insured for complete replacement of the property and the contents. Should something devastating like a fire or tornado destroy everything, you need to know you will be able to rebuild back to where you were, not feel like you are starting all over again.
Revisit your policy every couple of years, particularly if you have made improvements to the property. Your agent may need to inspect your home to see that the work was completed correctly or to assess the new value.
While it is tempting to bump up your deductible to keep your payments lower, never raise a deductible to a level that is too high for you to comfortably pay. After an incident occurs, the last thing you will want to deal with is not being able to afford to repair or replace your losses.
Talk to an agent today. If you are uninsured, get the protection you need immediately. If you are covered, have your agent review your policy to be certain you have the right one for your needs. For more information click here.
