When it comes to choosing homeowners insurance, it’s important to consider factors like coverage options, deductibles, and premiums. You’ll want to find a policy that meets your specific needs and budget. You should also consider getting different quotes from different insurance providers to ensure you’re getting the best deal. Getting insurance in any form is a task that shouldn’t be taken lightly.

What Are YOUR Needs?

First, consider the age and condition of your home. Do you have a newer home with newer appliances, furnace, water heater, roof, etc.? Or is your home older, with older plumbing, heating, electrical, and construction? Your level of coverage may be influenced by the age of your home. Another thing to consider when looking into policies is if you live in a disaster-prone area, for example natural disasters (earthquakes, hurricanes, tornadoes, wildfires, flood zone, etc.). While these events are not always disastrous to your home, you should be prepared in case. Figure out how much money you would be able to put into your home if it did receive damage. Are you willing to pay more for more coverage? Would you be able to replace furniture, clothing, siding, roofing, etc.? Do you have art, jewelry, or other collectibles? These items may require a separate coverage policy apart from standard homeowners’ insurance. Determine which policy would be able to cover the inside and outside of your home. Homeowners insurance not only can cover major disasters, but also minor ones too, for example a common thunderstorm that causes hail or wind damage. 

Is One Insurance Better Than the Other?

Do your research. While one coverage may fit your price range, it may not cover even minor disasters. Home insurance varies depending on where your home is located (for example, in a flood zone), size, and the age of your home. If you already have coverage, research what is new and what has changed in the market (because it WILL fluctuate year after year). Research reviews and ratings for the insurance company and the specific insurance agent who will manage your local policy. Do not necessarily settle for the first company you find.

What are some ways to keep your premiums lower?

If you have a tight budget, here are some tips to use to keep your premium in check:

  • Increasing your deductible
  • Making upgrades to your home
    • Weather-proofing your roof, siding, windows, etc.
  • Staying loyal to your insurance provider
  • Adding basic security measures to the interior
    • Security cameras, smoke detectors, deadbolts, etc.
  • Repairing minor problems to the home
    • Repairing exposed wires, uneven pavement, leaky sinks, etc.

Your home is a valuable asset and if your home has a mortgage loan, most lenders require adequate coverage. When evaluating homeowner insurance options, it is important to take your time and do your research to make an informed decision.  If you have any more questions or would like to learn more about homeowners’ insurance, contact an agent at BankIowa Insurance, LLC here.

Credible Sources:

U.S. News