It is easy to have blinders on when looking for home insurance quotes. Sometimes, while spending many hours looking for policies, among a pile of different quotes, shoppers can end up confining their selection to price and deciding on the cheapest quote. They do not consider the actual value of the policies they have reviewed compared to all the other policies they have looked at. Purchasing cheap insurance isn’t always the best way to make sure you are getting the best policy to fit your home and your family’s needs. Instead you must assess all facets of the policy, from coverage to deductibles, and the cost in order to get the best deal.
Here are 5 points you should review before you commit:
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- Dwelling amount: The amount of the dwelling coverage is the amount you would receive for the actual structure of your home. This includes your house and any other attached structure—like an attached garage.
- Contents amount: The house itself isn’t the only part of your property with worth. The objects you fill your home with are also important, both financially and emotionally. Contents coverage is what you are insured for on damages to your belongings like your furniture, electronics, clothing, etc.
- Loss of use: If your home was damaged in an insurable event and you were unable to live in it until renovations were finished, how would you pay for temporary living arrangements? Loss of use in a home insurance policy pays a practical amount for temporary housing.
- Covered perils: Perils are the possible insurable incidents that could happen and that are covered under your policy. The fewer covered perils your policy has, the fewer insurable incidents you have coverage for.
- Calculation of home value: Insurance adjusters help insurance companies ascertain just how much damage was done to a property and how much they need to pay you for that damage. In your homeowners insurance policy you will find that the company either verifies your home value for damages by using replacement value or actual cash value. Actual cash value takes into account the value of your house before the event. The goal here is to revert you back to your previous state, before the insurable incident. Replacement value gives you enough to replace your home disregarding the depreciation. That means you may get enough to buy a similar home, even if your individual house was not worth the same amount.