It’s easy to lose sight of what’s really important when you’re shopping around for a home insurance quote. The fact that out of pocket cost is one of the main selling points of a lot of home and auto insurance policies doesn’t help, either. But just remember this: if you’re comparing insurance, price should never be the determining factor. Quality and amount of coverage should be your main focus. But how do you know how much coverage you need?
The biggest part of determining that is to know the value of your home. And we’re not just talking about what it would sell for on the current real estate market or what you paid for it or what you think it’ll be worth in 20 years. We’re talking about what it would cost to rebuild in today’s dollars. You should also take these other factors into consideration:
• What is the total value of your belongings? If you own a lot of expensive electronics or collectible art that could be lost if your home is destroyed, you need adequate coverage for these.
• Your insurer may not be the best person to tell you what your home’s replacement would cost. In order to get an accurate dollar figure, talk to a local construction company instead.
• Consider getting a home appraisal from your mortgage company to help you determine its current market value. Although you should insure yourself for far more, this will at least tell you whether or not you’re underinsured.
Performing a homeowners insurance price comparison is just as easy as comparing auto insurance quotes, as long as you know where to look. Check out www.agentinsure.com to do one or the other, or both at the same time. By combining your home and auto insurance, you could qualify for substantial package savings.