It can be a challenge to find house insurance that covers all of your needs while still matching your budget, and the most efficient way to go about this is to make a homeowners insurance comparison. What follows are some frequently asked questions about homeowners insurance that will help you navigate your homeowners insurance comparison effectively.
How do I know whether the limits of the offered coverage are high enough? It’s impossible to make an accurate prediction of the replacement value of your home five to ten years in the future, or to know exactly how much it will cost to repair the roof if your home is struck by a hurricane in a couple of years. Call your realtor and discuss future replacement and repair costs, and ask him to take the inflated costs of materials and repairs into account.
Should I choose a higher deductible with lower premiums, or higher premiums and a low deductible? This is a highly personal choice and one that depends on your finances and comfort level. If you always have enough cash to pay the higher deductible, that’s an excellent choice, because if you’re lucky, you might not ever have to pay it. But if your finances aren’t quite so generous, choosing higher premiums could save you tense moments wondering where you’ll get the cash in the event of a claim.
Do I need flood insurance? Flood insurance isn’t part of your regular home insurance policy, so if you live in a flood-hazard area, getting a separate flood insurance policy might be a wise precaution.