Welcome to Free Advice Friday!
Starting today, and continuing on Friday’s we will offer free insurance advice on any insurance questions that you may have.
This week we are tackling homeowners insurance.
When it comes to homeowners insurance the best thing to do is shop around. Your homeowners policy is one of the most important pieces to buying a home and keeping your most valued asset properly covered. Here are six tips to look for when purchasing a home insurance policy. Make sure you are getting truly comprehensive coverage
Make sure you are getting truly comprehensive coverage
First and foremost, you want a comprehensive perils policy for your homeowners insurance.
A named-perils policy provides coverage ONLY for the select types of damage named in the specific policy. While it does cover the most common issues such as fire and theft, ANYTHING that isn’t explicitly named is omitted.
On the other hand, a comprehensive perils policy covers EVERYTHING with a few specific exceptions. Let’s say you’re trying to blast a particularly nefarious bug with a can of insecticide, but accidentally grab some spray paint instead. With a comprehensive coverage plan, you’re covered. Simply put, a comprehensive plan keeps you truly protected.
Beyond just being covered for more incidents, another reason you want comprehensive is because it makes getting the insurance to cover ANY incident easier. With a named perils policy, you need to first PROVE a named peril did the damage.
The right price
If you notice we didn’t say getting your policy for the best price or the cheapest price. Homeowners insurance is all about finding the policy that fits your needs as a homeowner. At IPG Insurance we do things the right way. We will never sell you a policy or coverage you don’t need. We take the time to sit down with you and go over your coverage line by line to make sure your assets are fully protected.
An Easy to understand deductible
Any good homeowners insurance plan should come with a simple deductible that you feel comfortable paying if you need to. We’ve seen homeowners get into trouble when they sign up for plans, with unreachable deductibles only for disaster to strike and their high-deductible to keep them from the coverage they need — and paid for.
An example of a type of deductible to avoid: some homeowners insurance plans feature separate deductibles for certain types of coverage, like tropical storms. Once again, that kind of plan can leave homeowners paying MORE than their fair share of repair costs. Generally speaking, the best homeowners insurance plans feature simple, easy deductibles — find one like that.
Personal Injury Liability
In addition to paying for home repairs after a catastrophe, your homeowners insurance also keeps you protected from potential personal injury lawsuits.
Most people just assume their homeowners insurance does it. That assumption can be COSTLY if it doesn’t. While including personal injury liability insurance is common enough, sometimes that benefit needs to be endorsed separately. If you don’t know if your homeowners insurance plan includes it for certain, find out now. Accidents do happen — one of the worst follow-ups is getting sued by a friend for an innocent mistake or oversight.
Guaranteed replacement cost on your dwelling
Beyond just being that big investment we’ve talked about, your house is also where you live and where your children grow up. That’s why getting your home replaced regardless of the cost is a must-have in homeowners insurance plans. What this clause will guarantee is that the insurance company will pay to FULLY replace your home regardless of whether that cost exceeds your limits.
Many companies limit the amount they will pay in an emergency and you’re left making up the difference. You shouldn’t have to downgrade or settle for half-completed repairs because your company doesn’t want to 100% stand behind you. Before you buy your policy, make sure that this crucial component is included.
Get a good, local agent you can trust
Nowadays you can get a quick homeowners quote online with just the click of a button on a variety of different websites. While these websites fulfill their purpose of getting you coverage, when a claim happens are you sure you are fully covered?
This is where having a local agent you can trust comes in handy. IPG Insurance has a wealth of knowledge when it comes to writing and maintaining homeowners insurance, and when that day comes when you need to file a claim, we will be right there to answer the call and guide you through the claims process.
Check us out online at https://www.integritypartnersgroup.com/get-a-quote for any questions or give our office a call at 229-430-9107