How to Compare Your Homeowner Insurance Quotes and Find the Best Home Insurance Coverage
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UPDATED: Jul 16, 2021
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If you are a homeowner, you want the best home insurance coverage for your home and budget. In order to get the right policy, you need to shop and compare home insurance by obtaining homeowner insurance quotes. You can get online home insurance quotes prior to purchasing a plan, allowing you to look over your options and get the best home insurance available. Consider the following tips when reviewing your homeowner insurance quotes:
- Make sure you compare home coverage offered on both homeowners insurance quotes- This will ensure that you are getting an apples to apples quote. Some carriers may be cheaper, but give you less coverage or value your home to be worth less than you think it is. Make sure each time you request a homeowner insurance quote you are giving the same information about your home’s value, and getting offered the same coverage.
- Compare the additional coverage offerings across homeowners insurance quotes- The limits on coverage for Other Structures, Personal Property and Loss of Use are based on a percentage of your overall home insurance coverage. Some companies give you up to 50% of your overall coverage for home contents insurance, and some give 70%. If you find a homeowner insurance quote that gives you more coverage for the same price, take that into consideration.
- Ask whether the home insurance quotes are written at Actual Cash Value or Replacement Cost- This is one of the most important questions to ask as it pertains to how your company will pay you in the event of a claim. Learn about the difference between replacement cost and actual cash value, and decide which one works for you. Typically, replacement cost is the better option, so if you find a home insurance quote that includes replacement cost for the same price as one that doesn’t, then you may want to take that policy. Make sure you understand how your claims will be paid.
- Look at the deductible for each online home insurance quote you receive- The deductible amount will be taken out of any claim payment before the claim is paid. Standard deductibles are around $1,000 for homeowner’s claims. However, if you get an online home insurance quote with a lower deductible and the same coverage, then that policy can save you money in the event of a loss.
- Look at the limit for home insurance personal liability- Homeowners personal liability coverage will protect you in the event you are sued for damages caused or created by your negligence. If you obtain an online home insurance quote with a low premium, but with a liability coverage amount that is lower than the rest of the quotes, you may want to think hard before choosing this quote. Even a cautious homeowner can be sued for negligence, so personal liability coverage is important. Determine how much you need and make sure all the quotes include that amount.
- Review the coverage limits for medical payments- When you compare homeowners insurance, medical payment coverage can fluctuate. Make sure the coverage is the same on each quote for the per person limit as well as per occurrence limit.< This coverage pays in the even someone is hurt on your property. Unless you constantly have parties or house quests, you can save money by not making this coverage exorbitantly high. Just make sure it is the same for each quote.
- Review any home insurance riders– Check for any riders such as Law and Ordinance Coverage, Water and Sewer Back up or Replacement Cost Coverage that is added in your premium for your online homeowner’s insurance quote.
- Ask about discounts- Once you have selected the best quote, ask about any home insurance discounts that are available. Ask how much of a discount would be available if you added a burglar alarm to the home. Ask if there is a multi-policy discount.
- Compare the companies – Homeowner insurance company ratings tell you the financial strength of your insurance provider, and are a critical step. Click here for the Free Advice reviews site and make sure the companies you are considering are well rated and receive good customer reviews.
When you are ready to get the best home insurance quotes for your needs and budget, click here and get a free online home insurance quote today! Shopping for quotes is critical to getting the right insurance policy, and getting free homeowner insurance quotes is a great place to start.