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UPDATED: Jul 16, 2021
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If you want to find the best homeowners insurance coverage, then start by shopping and comparing several home insurance quotes. The more you know about comparing homeowners insurance quotes, the easier it will be to find the best homeowners insurance policy.
TIP: Make sure your homeowners insurance quotes reflect the details of your home and property, and include any additional coverage that you think you want. The better your home insurance quote, the better you will be able to shop.
Things to Look For When Shopping Homeowners Insurance Quotes
Although there are several details of ahomeowners insurance policy that you need to be familiar with, there are a few highlights that should jump out at you when you shop for home insurance quotes:
- Coverage Limit: How much coverage does the policy offer. Look at the overall coverage limit for your home, and the specific coverage limits for personal property, additional structures, and personal liability.
- Premium Price: Obviously, your monthly home insurance premium payments will be a big factor when you purchase home coverage. However, keep in mind that a little extra in premium can go a long way.
- How Damage is Paid: There are two ways that your home insurance will pay for damages: actual cash value, and replacement cost. Actual cash value factors in depreciation by paying the value of the home or items at the time they were destroyed. Replacement cost pays for the full replacement of the home or item. This is an important distinction! Determine which you’d prefer, and factor that into your decision.
- Company: Before you get a home insurance policy, you should make sure the company is financially strong and has a good reputation. Click here to view company reviews, and focus on homeowners insurance quotes from top rated organizations.
- Deductible: Your home insurance deductible is the amount you’ll need to pay before your policy will kick in. Raising your deductible will reduce your premium rates because you are taking on the risk for smaller claims.
As you begin to get homeowners insurance quotes, identify these important areas and compare potential policies. Find the best home insurance plan for your needs by taking the time to identify what it is you want out of a plan and looking through quotes.
Not All Homeowner Policies are Made Equal
There are a number of standard packaged insurance policies available, but even two policies that seem alike can be very different down the road. The differences often come as a result of how each insurance company packages its policy, and what type of replacement coverage it includes. For example, if you received a homeowner’s insurance quote from two insurance companies that both gave $300,000 limit for replacement of your home at the same premium price, you would think that both companies were equal. However, if Company A offered guaranteed replacement cost built into its policy (replacing your home even if it goes over the coverage limits) and Company B requires that you purchase that as a rider for a nominal annual fee, you would save money in the long run with Company A. Shop around, and look beyond the coverage limits and the price of the policy! Consider what will happen should you need to file a claim as well. Remember that the devil is in the details, so read the quote closely.
Look at All the Home Insurance Coverage Options
Homeowner’s insurance policies cover a variety of things: your home, possessions, property, structures, and more. Each level of coverage has a cap on it which is usually a percentage of the limit assigned to your home. For example, consider the limit on your home contents insurance, which will reimburse you for damages to your personal property in the home. Most insurance companies give at least 50% of your home’s coverage as your personal property amount. In this scenario, if your home coverage was $250,000, you would get $125,000 in personal property coverage as part of the policy. However, there are some insurance companies that give up to as much as 70% of your home coverage for personal property! A company offering 70% of $250,000 would give you $175,000 in personal property coverage. Your online homeowners quote price may be the same, BUT, you are getting $50,000 extra in personal property coverage! Compare the coverage amounts on any homeowner’s insurance quotes you receive. Once you get a policy that gives you the best homeowners insurance for the money, then you can work on increasing the coverage to tailor them to your needs and risk.
Comparing and shopping around is the best option when trying to purchase the best homeowners insurance. Make sure the policy is tailored to your risk and that the homeowner’s insurance quote is giving you the coverage that you need, and always be on the lookout for ways you can save money on your policy. If you would like a free online homeowner’s insurance quote, click here to visit the Free Advice quote center today.