Insurance

Know the Exact Value of Your Home and How Much Home Insurance You Need

This is simple – find out the most accurate value of your home and assets and the cost to partially or fully repair/replace the structure and contents. Hire a professional to assess your home before you consider the cost of ensuring it.

What it Covers vs What it Doesn’t Cover

Once you have an accurate value for your home, you should compare policies from different companies. Each company will offer a give and take in terms of what is or is not covered. You should consider choosing a policy that covers events or occurrences that are likely in your local area. Water damage is a common occurrence, so be sure to pay extra attention to this area of every policy.

Raise your Deductible

This tip is much easier for some homeowners than others because many owners are often working with a strict budget and seek relief in monthly costs. The downside to a higher deductible is that the homeowner will often absorb the cost for low-to-mid-level cost repairs, which usually total in the hundreds. Know your budget before applying this tip!

Take Inventory of your Possessions and the Dollar Amounts

Compile a list of items in your home, such as furniture, appliances, electronics, and personal items with higher value. This list should be stored in a safe place (safe deposit box or secured safely), often off the premises upon which the items reside.

Look for Multiple Policy Discounts

Many of the major insurance companies offer a discount to customers who purchase other types of insurance with the same company. Think of your automobile insurance company and find out if there is a discount for adding homeowner’s insurance.