How to find the best homeowners insurance
Have you noticed how hard it’s been lately to find good insurance packages?
Well, we have. And we know it’s a hard time for homeowners afflicted with natural disasters to find great and affordable insurance.
That’s why we’ve compiled a list of the top 3 things to look for when it comes to insurance plans to help educate our home buyers and owners. Understanding your policy is important, and making sure you stay fully prepared in your time of need is exactly what we aim to provide.
Let’s hop right into it.
1. What does your policy ACTUALLY cover?
You’ve probably heard this one a bunch, but it’s the single most important factor of a policy that you need to be aware of. Nowadays, you can insure almost anything, which also means things come with a lot of risk. The more you understand your risk, the better off you can handle any incoming policy lingo people throw at you.
Take this for example. This is from an insurance company’s website showcasing the coverage their homeowner’s policy entails. Notice they don’t list any specific perils they cover, and that’s where you have to read the fine print.
This seems like a long list of risks, but in reality, if you’re in a high-risk flood or earthquake zone, you wouldn’t be covered in the case of a disaster. That’s because those perils aren’t covered under their typical homeowners policy, in which case you should have bundled or gotten another policy that covered said risks.
You can learn more about the risk of your property here.
2. How does my insurance company respond to emergencies?
One good way to gauge customer loyalty is to understand how your insurance company responds to things like natural disasters, break-ins, and critical moments in your life where you may need more assistance.
Does your carrier offer prevention services? Some insurance companies may have embedded wildfire protection or alarms/notifications that help in cases of evacuation. They may even have partnerships with surveillance companies to make sure you get the information you need to make an informed decision.
Does your carrier respond to concerns and issues in a timely manner? Read reviews online, understand the customer sentiment, and make a decision based on what you truly value. If your insurance company doesn’t value your word or attempts to settle claims in a low-stress environment, they will likely not respond well in a higher-stress environment. Take these things into consideration, especially if you live in a high-risk area that requires extra care.
3. What discounts exist for my policy?
If you as the homeowner can be rewarded for taking responsibility and reducing your risk, that’s something you should know about! In a time where insurance is becoming more and more expensive and unattainable, anything that creates more affordability is a win in our book.
You can start by checking with your agent or broker to see if they know of any discounts. Many times, they can help you take advantage of perks set up by the carrier and are often more knowledgable about what is likely to be accepted or not.
Then, you can take pictures and videos of the property and submit them either through your carrier or through a Faura provider. That way, it’s all packaged up, neatly accepted, and can be approved in a couple of clicks. If your insurance company doesn’t have a Faura provider, simply talk to a service representative and submit through them, most likely through an email or text operating system.
Discounts can knock off 10, 20, up to 50% of your premium in the most extreme cases, which amounts to hundreds of dollars every year in savings. Becoming aware of these possibilities is an easy way to save time and money.
Happy shopping!
