If you own a home or condo, having a home insurance policy is required. But once you have it, most folks end up ignoring it after they have it in place.
Yet for most of us, a home is the most valuable asset we’ll own… and it is filled with all the things we’ve collected over a lifetime. A home or condo policy must offer enough coverage to restore the house to its former glory in case it is damaged. But you also have to factor in the value of your belongings as well including antiques, collectibles, jewelry, high tech items, etc.
There’s no magic time to think about home insurance… so check out these tips on how to get the most value in your home owners policy.
- Manage Your Credit
Over the last several years, there’s been a shift in home insurance where your credit matters. For many carriers, the better your credit rating the better your insurance rates. In fact, some carriers won’t accept high-credit risk applicants. So maintaining a solid credit history is really in your favor.
- Let Us Search For You
As an independent insurance agency we write insurance for a number of carriers… so one call to our team is all that’s needed to shop for great rates among multiple carriers. You’ll save time & energy as well.
- Explore Your Deductible
Talk with us about your deductible. The key is to make sure your deductible is something you can afford to pay in case of a serious issue. For a claim on a home insurance policy, one rule of thumb is to have the deductible be high enough that you don’t make a claim for “just anything” that goes wrong with your house. Home insurance really should be reserved for catastrophic situations. The higher the deductible the more you can save… some premiums can be cut by up to 30 percent.
- Check Out Discounts
If you have two or more insurance policies (auto / home for example) with the same carrier, you can save 5% to 15% off the policies. Typically, that will be a less costly approach than cobbling insurance coverage together from various companies. Definitely give us a call to explore your discounts… especially if you happen to have some of your insurance with other carriers.
- Make Sure You Aren’t Over-Insured
Some people think buying more insurance than they need will give them some sort of advantage. It won’t. You simply need an adequate amount of coverage to cover the expense of replacing your home and its belongings. For example, you won’t replace the land, so that doesn’t factor in. Likewise, different areas have different costs of construction so factor that in as well. IMPORTANT: Be careful not to UNDERINSURE your home. The key here is to have a candid conversation with our insurance team so that we can make sure you have the RIGHT protection.
One Final Tip
Many carriers offer extra discounts of 5% or more when you’ve been with them at least 3 to 5 years… so definitely keep that in mind as you evaluate your homeowners policy.Remember, we’re here to help you, so call us today to make sure you are getting the greatest value out of your insurance.