If you’re a first-time homeowner, you might be a bit intimidated by the prospect of looking for the best homeowner insurance coverage to protect your investment. With all of the different insurance companies out there, it can be confusing to know which coverage options you need and how to get them at the lowest possible rate. What follows are three tips that will help you compare homeowner insurance so you find the policy that’s right for you.
- Find out what the policy covers and for how much you’ll be covered. For example, if you live in an area that’s at risk for tornadoes, you need to check to see how much coverage you have for wind damage.
- Review the policy carefully to see if you need additional insurance for floods or valuable possessions. Homeowners insurance doesn’t typically include flood insurance, so find out how to include that in your policy. In addition, if you have a lot of valuable possessions, such as a collection of antiques or art, find out if the policy offers enough coverage, or if you need additional insurance.
- Rates are always an important point when it comes to insurance. Check the annual and monthly premium amount to see if it’s viable for your situation. Also check the deductible amount to see how much that is. Remember, you always have to pay the deductible amount yourself, so you’ll have to have that money available in the event of a claim before your insurance coverage helps out.
A home is a valuable asset, but it’s also a constant responsibility that at times may require you to compare homeowners insurance. Of course, if you’re like most homeowners, you want to keep your asset in good shape and perform regular maintenance. However, if you’re a first time homeowner, you may not realize that regular upkeep is nearly always a requirement of any homeowners insurance policy. In nearly all cases, failure to properly maintain your property can result in your insurance carrier refusing to cover the costs of damages.
Compare Homeowners Insurance and Maintenance Requirements
When you compare homeowners insurance quotes, the requirement to perform regular maintenance on your home is an important financial aspect to consider. For example, if you don’t have much time to perform your own maintenance such as cleaning the gutters, making sure the chimney is swept, and trimming all trees and shrubs so none damage the exterior of your home—or any passerby—in a storm, you’ll need to factor in the costs of hiring a company to do this for you when you compare homeowners insurance. However, if you love to spend your weekends replacing broken window frames, re-wiring the exterior lighting on the back porch, or paving the drive way, you can likely compare homeowners insurance without adding extra costs for upkeep by professionals.
Make a Smart Choice and Follow Through
It’s vital that you’re honest with yourself when you compare homeowners insurance. It won’t do you any good to choose a low premium and promise to maintain your property yourself if you don’t follow through. When you compare homeowners insurance, add realistic expected maintenance costs to your premium and deductible before choosing your policy.