Determine your home’s value and how much insurance you need.
The most important thing you need to understand from the start is how much insurance you need. For you to ascertain that, determine the actual value of your home. Should your home be damaged or destroyed, you need to know its replacement cost. Consult a home builder or appraiser to know the truest value of your home.
Understand how your premium is calculated.
It’s important to know that your premium is based on the risk insurers face when they sell you their policy. Risk factors include crime rate, location, living habits, etc. Typically, the higher your risk for insurance, the higher your premium will be.
Know how you can save.
Although there are a lot of risk factors that can drive up the cost of your premium, there are also ways you can reduce your rates. And that is through discounts. Don’t hesitate to ask your agents about all the discounts available to you (even if they don’t mention it).
Make an inventory of your possessions, including their monetary value.
Homeowners insurance provides coverage not only for the structure of your home but your belongings as well. You likely have thousands of dollars in personal possessions in your home. So create a list of your things and their value based on purchase dates and receipts. It would also be wise to keep photographs or videos of your belongings. That way, you’ll have a concrete proof when you file a claim.
Safeguard your inventory list.
Your inventory list should be kept safe. The best way to do this is to keep it in a fire-proof safe (along with the copies of your insurance policy, mortgage, and other important documents of your family). Or better yet, keep it in your bank’s safety deposit box if you have one.
Understand your coverage and determine the need for additional insurance.
People make a mistake of not understanding their coverage fully well. Of course, that’ snot an easy task for reasons like (1) it’s boring and (2) it’s confusing. However, it’s vital to know what exactly you’re covered for so you’d come prepared when filing a claim.
Know that there are certain events that you’re not covered for like floods and earthquake. So you might want to consider getting additional coverage for them.
Be fully aware of how you can file a claim.
The last thing you need after a problem is not knowing who to call for a claim. So, get instructions about the claims process, including the numbers to call and who to contact.
Home insurance is complicated. It’s best to consult agents from independent insurance agencies like Western Pacific Insurance so you can get the most appropriate coverage at the lowest price.
Here at Western Pacific Insurance, we are dedicated to helping you find the best solutions for your insurance needs. We have home insurance products that you can customize according to your budget. Get a free insurance quote from us. Talk to one of our agents by calling (702) 932-3105 or visit us today!