Home insurance is your safety net that protects you when life doesn’t work out how you hope. It can provide funds for house repairs due to flood, hurricanes, earthquakes and other forces of nature. It’s required when you apply for a mortgage. It softens the blow if someone comes into your home and steals valuables. It gives you, your family and even your pets ample coverage when you have to move to another place due to accidents, home renovations and other reasons.
But you have to choose the right home insurance policy. Here’s how to go about it:
- Insure your assets
- Separate coverages, add-ons and options raise policy cost. But they’re economical in the long term. Consider extended replacement cost, which shoulders 20 to 25 % beyond the coverage limit if a major disaster forces building costs to rise.
- Include inflation protection as a hedge against inevitable increases in homebuilding expenses.
- Opt for contents replacement cost coverage that lets you recover lost possessions, even depreciated, damaged ones.
- Purchase a “floater” to cover expensive items like jewelry, furs, etc.
- Buy sewer coverage that gives protection against sewage backup should your municipality fail to give you this.
- Compute how much you need for home rebuilding
- Have an accurate sum-insured figure to prevent underinsurance and utilize calculators on insurers’ websites. Get a calculator with elemental estimating features that provides an accurate cost per square metre, based on the size of your home and its materials.
- Inquire about discounts. Some home insurers give discounts for installing smoke detectors and shutters that are wind-resistant. You can also get discounts from bundle coverages (getting home and auto insurance from just one agent). Ask your agent about these ways of cutting down the cost of insurance premiums.
- Ask your agent to ensure that you’ve covered all the bases. List down your valuables and take photos. This way, you can replace lost valuables faster.
- Study your excess. Most insurance firms let you adjust your excess. So study the difference between a low excess and a higher premium, and a high excess with a low premium. You can slash premium costs by raising your excess.
- Inquire about supplementary costs. Ask if other costs for rebuilding your home are covered. These supplementary costs could cover moving to another house while you’re renovating your home and taking out debris from the area.
- Tailor fit your insurance to your needs.
- Do you live in a flood-prone area? Purchase flood insurance from the Federal Emergency Management Agency.
- Is your house by the sea? Is it prone to landslides, hail, windstorms and power failures? If so, get a policy that covers damages due to natural and as well as man made causes.
- Does an ordinance in your area require you to pay rebuilding costs for house renovation? If so, you need an add-on for this.
Need more help in getting the right home insurance or looking for a home for sale in Atlanta, GA? The Muller Sales Group is there for you. The team uses the best technologies to serve satisfied clients. Customers find the team responsive, professional and a pleasure to work with. The group has a comprehensive knowledge of the regional market and is known for speed, security, efficiency and respect for the client’s privacy.
Call us at 678.568.9895 or leave a message at robm(at)theMullerSalesGroup(dotted)com. You can also check out the team’s FB page, Zillow and Linkedin accounts, or follow the group on Twitter and Instagram.