Things to consider before having homeowners insurance
When you own a house there are a lot of things to take care of. And let’s not forget how accidents can happen even to the most attentive person; and in accidents, household items are ruined… Homeowners insurance is definitely a piece of paper that can make your life easier. But there are a few other things to consider before getting homeowners insurance.
Contact multiple insurance companies
It is important to contact at least three insurance companies before getting homeowners insurance. In this way you can compare coverages and see which one fits you best. There is no rush and no one is forcing you to go with a particular insurance company.
Pay attention to what is covered in the insurance, because some of them don’t include flood coverage and you might have purchase one additionally. The level of coverage is very important and you don’t need to pay more than you need. There are 7 levels of coverage from H0-2 to H0-8 depending on how much you want to be included.
Don’t necessarily go for the cheapest one but make sure there is a balance between price and coverage. Also make sure that they have a great customer service, so in case of disaster you can count on the insurance company’s immediate help.
Understand the details of your policy
It is not enough just to get the right kind of homeowners insurance but you need to understand some insurance terms.
- Premium refers to the price you pay for your insurance annually or monthly.
- Deductible is the amount you have to pay before your insurance kicks in; the higher it is the lower will be the annual premium.
- Liability coverage means that the medical expenses are paid if anyone gets hurt on the property.
- Riders include specific items such as expensive antiques, jewelry and artworks. Also, it can refer to things like heating, ventilation, and air-conditioning systems which are expensive to replace and part of the home. Riders can be included in your overall insurance.
There are many things to understand and pay attention to before getting homeowners insurance. Professionals at Stoneman-Schopf can help you with any additional information about the insurance or purchasing one. Find them in Algoma, Door County, Egg Harbor, Fish Creek, Sister Bay and Sturgeon Bay, WI.