Nearly 50% of homeowners in 2020 developed a list of their household belongings in case they need to document losses.
Natural disasters, theft, and fires are often to blame when household items go missing or become damaged.
If you want to help protect your belongings, you should consider getting homeowners insurance coverage.
Continue reading to discover the most important factors for choosing homeowners insurance!
1. Compare Customer Service
Choosing homeowners insurance can become confusing with so many options on the market.
By learning more about a company’s customer service, you can get on the right track to finding the best coverage. Once you have narrowed down your companies, review current testimonials to identify if they will be a good choice.
Testimonies are a perfect way to learn about customer service. They are real-life scenarios that customers experienced directly from the company.
Another way to identify if a company has good customer service is by knowing their times of availability. Don’t settle for a company that won’t take care of you— especially in times of need!
2. Look for the Best Coverage
Many people recommend contacting at least 2 to 3 homeowners insurance companies to compare coverage.
By contacting multiple places, you can get a better sense of their offerings and identify who offers the most for the best price. Most insurance providers offer assistance for earthquakes and floods. Double-check your area and company to see if this is offered.
Avoid deciding on insurance based solely on price. Although you may find a cheap price, the coverage may not be full and the service could be lacking. Customer reviews can help you organize all of the details if you are having difficulty. Otherwise, write a list out of what each place offers!
3. Should You Get a Higher Deductible?
Some people opt to get a higher deductible, which helps lower annual costs.
If you are thinking about getting a higher deductible, you must know that you could end up increasing costs over time. Broken windows and minor repairs on the house can quickly add up, leaving you responsible for paying for them until you hit your deductible.
Weigh out the options to see if this is something that you should consider. The downside to the higher deductible is that you will likely pay for more in total. Ask friends or neighbors how they handled their deductibles to see what works best in your area.
4. Ask for Recommendations
If you want to work smarter, and not harder, you should consider asking friends and family about their homeowner’s insurance.
Although homeowner’s insurance is specific to each person’s needs, you can generally get an idea of what to get by asking those who live around you. Homes within proximity deal with similar weather patterns and theft trends.
A quick conversation with your neighbor might be able to reduce a lot of research time for you when choosing coverage. Don’t be afraid to say hi the next time you see them outside and get their input!
5. Shop for the Most Reasonable Price
Did you know that the average cost for homeowners insurance is $1,015 a year in the United States?
Depending on where you live, this rate may increase or decrease. After identifying the national average, you can begin researching insurance for your state. One rule of thumb to follow is that it will cost more if you live in a coastal state.
Don’t immediately jump for the lowest cost when choosing your coverage. Oftentimes, very cheap insurance options don’t include everything you need and could cost you a lot more in the long run.
6. Consider Liability & Medical
Injuries and accidents can happen to anyone, but if it happens on your property, you may end up being held responsible.
Personal liability coverage is a good thing to include, especially if you have dogs. If someone were to get bit by your dog on your property, this will give you protection against costs. Liability will cover other injuries in your home that you would be legally responsible for as well.
Medical homeowners insurance is for small claims. The purpose of this coverage is to receive medical payment reimbursements and any expenses that arise. Typically these medical reimbursement payments are $5,000 or less.
7. Damage & Fire Coverage
Damage can happen at any time, so you must be prepared and protect yourself with insurance.
Common causes of damage include windstorms, theft & vandalism, fire, and more. Getting this coverage will protect your home from physical damage that occurs to the roof, doors, and flooring.
Homes in coastal areas of North Carolina are often covered by damage insurance because of their risks for flooding. A home in the middle of the state, where there is no water, may not have flood insurance due to its location and risk level.
You will also want to consider getting insurance coverage for fires. This coverage will be for all of your personal belongings and expenses from the fire damage. This is including living arrangements in case you had to leave the home.
Choosing Homeowners Insurance With Ease
If you are becoming overwhelmed with choosing homeowners insurance, use the guide to navigate you through the process.
By knowing what types of coverage you will need, especially based on the location and state you reside in, you can determine a lot. Researching online reviews and customer testimonials will also make your job of choosing easier.
Be sure to contact us today about homeowners insurance providers and comparing insurance costs!