Below are a number of points that would help you on the best way to insure your home:
- Understand what kind of Insurance cover you have before losses happen!
To do this review the Declarations page (usually the very first page) of your insurance policy. This page provides very insightful information in summary form. After thoroughly going through each of the policy documents, get in touch with your insurance agent for clarification on any aspect of the policy you don’t understand.
- Establish the kind of disaster your policy covers and those that it does not.
While natural disasters such as tornadoes, windstorms and hurricanes are usually covered by renters and standard homeowners policies, earthquakes and floods require that you take separate polices. To get covers for flooding and storms, you can get in touch with the National Flood Insurance Program or contact a number of insurance companies operating privately. However, be prepared to wait for thirty days in case of a flood insurance before the covers go into full effect. So, the earlier you purchase it, the better.
- Take Adequate Insurance Cover
Always ensure you have adequate insurance cover should you have to reconstruct your damaged house or replace your individual items.
In doing this, you need to understand the distinction between the cost of replacement and real cash value coverage. Ask yourself what extra subsistence expenses you will incur and ensure you are covered for these. You may want to secure law and ordinance insurance for rebuilding according to prevailing building codes. Establish the coverage of a Standard Homeowners Policy and the level of homeowners Insurance you actually need. These are all key home insurance concerns that you need to fully address.
And for that eventuality where you have to lodge a claim, ensure that you have a detailed and current inventory of your personal items, all of which should be adequately covered. Skills on how to develop a home inventory will prove very handy in an exercise like this.
If you are living in a rented house, you need to acquire a renters insurance policy.
- Establish what your deductibles are
In most cases, you are required to pay a certain amount of money out of your pocket before an insurance cover takes full effect. This is called a deductible. You should therefore understand the differentiation between standard dollar, wind or hurricane deductibles, and when they are applicable. You can get these details on the declarations page.
- Consider Taking Special Covers
Perhaps you live in a location that has dilapidated infrastructure and you need a special Sewer Backup Cover for any foul-smelling eventuality.
Or perhaps you value your prized artwork, musical instruments, jewelry or antiques. In this case, taking out a special cover for Jewelry and Other Valuables would be a good idea.
So, who is the ideal homeowner insurer? According to Reviews.Com, “The best homeowners insurance providers have the perfect mix of financial strength, coverage options, and customer service”