Practical homeowners insurance advice
You’ve probably heard it before: buying a home is quite possibility the single largest financial transaction of your lifetime, so give it the attention it deserves. Something else you should give attention to is your home insurance policy. Your home insurance policy is quite possibly the second largest financial investment you’ll make of your lifetime. You’ll want your home to be protected in case anything happens to it. Here’s some practical homeowners insurance advice to ensure their castle is adequately protected.
Confirm your home’s replacement value
The flooding in Alberta and the forest fires in Fort McMurray are just two examples of weather-related events. With climate-change in full force, severe weather is on the rise. As such, it’s important to be prepared. Some practical homeowners insurance advice is to confirm your home’s replacement value. Find out if your home insurance policy includes guaranteed replacement cost coverage. With guaranteed replacement cost coverage, your policy pays to replace your home without any reduction for depreciation. Guaranteed replacement cost coverage takes the guess work out of estimating how much your property is worth year to year. If you underestimate your home’s value, you’re still covered with guaranteed replacement cost coverage for the increase in value – phew!
Review your home insurance policy
When your home insurance policy comes up for renewal, get in the habit of reviewing it. Likewise, when there’s a major life event, such as the birth of a child, take the time to review your home insurance policy to ensure it’s still adequate. Many homeowners simply sign their renewal notice without taking the time to shop around. By doing this, you could be leaving hundreds or thousands of dollars on the table in potential savings. There might be a better home insurance policy out there with lower premiums, but you won’t know unless you take the time to shop around. With a home insurance comparison website like HUB Insurance Hunter, it’s easier than ever to shop around for the best policy.
Take the time to read the fine print
We know shopping around for home insurance isn’t the most interesting thing in the word, but it’s one of those necessary evils, such as brushing your teeth or filing your taxes. Some practical homeowners insurance advice is to read the fine print of policies when shopping around. Make sure you’re comparing apples to apples when in search of a home insurance policy.
Many homeowners shop for the home insurance policy with the lowest monthly premiums. While the lowest home insurance premiums may be the best home insurance policy, that’s often not the case. You often get what you pay for, as the saying goes. Although the premiums could be low, you’re probably receiving less coverage. Take the time to read the fine print and make sure the coverage is sufficient in the event you need to make a claim. What’s the point of paying for home insurance if it won’t protect you when you need it most?