5 Tips to Picking the Home Insurance Policy That’s Best for You
Buying a home is the best decision you could ever make. Whether you are buying through a mortgage or paying in cash, it’s important you get a good home insurance policy. This ensures that you never lack a place to lay your head incase a disaster brings your house down. On the other hand, shopping for homeowners insurance is not easy, especially when you are buying a home for the first time. This is because there are so many companies that are always looking for new clients. Here are tips that can help you in picking the right home insurance policy that’s tailored to match with your needs.
Check Online Ratings
It’s obvious you will see many insurance companies advertising their services on the internet. However, don’t forget that sugar coated ads can deceive you. Before you select any company, you should check how it’s rated by other homeowners. The easiest way of digging into the reputation of a company is by scrolling through online reviews. For the best experience, you should only select insurance companies that are top rated. Such companies usually have a good reputation and they command a huge following due to their reliability.
Hunt for Discounts
Since there is stiff competition among home insurance providers, the companies use discounts to attract new homeowners. You should actually capitalize on such discounts to ensure you pay a slashed premium every year. However, majority of insurance companies will only give you a discount if you have remodeled your home to make it resistant to common risks. Some of the features that can make your home qualify for discount include storm shutters, weather safety systems and intruder alarms.
Asses Company’s Financial Status
It’s important you do some background check on an insurance company before signing on the dotted line. As a matter of fact, all insurance companies publish the profits they have made in the dailies. You should therefore find out whether the company is still doing well financially or they are heading south. Entering the company’s name in the search engine will bring everything into light. If they have been downsizing, they may not be able to honor all claims. To be on the safe side, you should select a company that has been growing consistently.
Consider the Rates and Deductibles
Before you enter into an agreement with an insurance company, you should read between the lines. This will help you in knowing what you will be paying every year as premium and the expenses that you are supposed to pay for with your own money. Although a low premium is impressive it might subject you to high deductibles. A high deductible figure means that there are so many issues that are not covered by the home insurance. An ideal package is one that features a high premium and low deductibles.
Fill the Forms with Correct Details
Once you have picked a company, you will be given either hardcopy or electronic forms. With electronic forms, everything is done on the internet. Whatever option you choose, you should make sure you provide the correct details of your home. Giving wrong details can put you on the losing end when filing a claim. This is because the insurance company will compare the details on the forms and what is on the ground. And if there is a disconnect anywhere, the company will not compensate you in any way.
