Home buying, for me, has been one of the most exciting events in my young adulthood thus far. Not only was it the largest purchase I’ve made, but it has also been the most rewarding. With homeownership comes a lot more responsibilities than I would have ever imagined. Finding the right homeowners insurance was just one of many. Where to get it? What amount of coverage do I need? Contents, deductibles, coverages… It was so much to take in.
At the time I bought my house, I was not in the insurance business yet. I learned very quickly how fortunate I was to have an agent who did most of the work for me. I voiced my needs and my agent filled out the apps, shopped around and told me, based on my purchase and lifestyle, the best coverages for me.
Independent agencies have access to several different markets and you as the insured only have to make one phone call. If you have auto insurance, most companies provide a multi policy discount for carrying several policies with the same company. This is a good place to start.
So you know who to call, but what do you need? A homes insurance value is based on the cost to rebuild your home. It is not the market value. If you do not know, your agent can get the insurance value by gathering data about your house, such as building supplies, size and rooms with construction details, and plugging it into an estimator. Personal property value is calculated as a percentage of your homes insurance value. Make sure to check the limits for certain items. For example, your policy may only insure up to $5000 in jewelry. If you have more valuable possessions, you will need to know to add that coverage on.
The best advice I can give is to read what is included/excluded in your policy. You can endorse your policy with any additional coverages you may need. Get educated on the topic. Ask questions. And most importantly, find an agent that you can trust. Like I always say, “May things always go your way. But it’s good to be prepared if they don’t”. Preparation is everything.