When buying a home there are certain requirements that need to be met. You need to be approved for your loan, you need to meet your mortgage requirements and you need homeowners insurance among many others. Homeowners insurance is important because it protects you as the homeowner from having to pay a lot of out-of-pocket costs for unexpected damage or loss to your home or belongings. There are many features and premium options available when purchasing homeowners insurance. Our Shorewest Insurance Associates will guide you through the ins and outs of homeowners insurance and what would work best for you.
Here are nine facts to know about homeowners insurance:
- There are different types of homeowner’s policies. When looking into homeowners insurance, they are pretty standard across the board, however different policies may work better for you and your home than others. That’s why it’s important to have a Shorewest Insurance Associate work with you and your specific needs to get the best coverage.
- Not every type of damage is covered. The standard homeowners insurance will typically cover the structure of your home, your personal belongings, loss of use and liability but it may not cover damage caused by floods, earthquakes or even a leaky faucet that you have neglected. When speaking with your Shorewest Insurance Associate, check if you are in a high flood area and whether you may need to purchase separate insurance for this or other non-standard coverage plans.
- Some belongings may come with coverage limits. Jewelry, watches, furs, silverware, electronics and firearms are among some of the items that generally come with a coverage cap of one to two thousand dollars. If you have items that are upwards of $10,000 you may want to up your coverage.
- Your belongings are covered outside of your home as well. It may be unfortunate but if your laptop is stolen from your car, if you lose a diamond from your wedding band or if you have luggage stolen on vacation among other scenarios, your homeowners insurance will cover a percentage of this loss.
- Make sure that you maintain your home. When making a claim to your homeowners insurance, the company will see how well your property is being maintained. If they find reason that neglect could have caused the issue, they could deny your claim.
- Your credit affects the rate you pay. Our credit history follows us wherever we go including homeowners insurance. Make sure to keep up with your credit to not pay more for insurance!
- There is a deadline to make a claim. If you do need to file a claim for major damage, don’t wait too long! Many standard policies include a 14-day reporting window to make sure that the damage doesn’t get worse over time. If you do miss the claim deadline, you may need to pay out of pocket for the repairs.
- Create your own home inventory. If disaster does strike and you have lost everything in your home, it can be overwhelming to try to remember everything that you owned. Create a printed list or store on your computer of your personal belongings and what you paid for them. If it makes it easier, you could also walk around your home and record a video and verbally disclose what you have in each room. Having good records will help so that your claim doesn’t get denied!
- Don’t miss out on discounts! Bundling your insurance package is a great way to save money. Your Shorewest Insurance Associate can help you bundle your home, auto, life insurance and more into one convenient package!
These facts will get you started on your homeowner’s insurance journey; however it is important to have a professional on your side to make sure you don’t miss out on anything. Shorewest Insurance Associates offers a wide variety of insurance coverage, allowing the independent agents to match a specific plan to meet your needs. They can research a carrier, compare rates across insurance plans, and compile a program to best suit your current situation. Contact them today for an insurance quote or by phone to reach a Shorewest Coordinator at 262-797-6297.