6 Things to Look for When Choosing a Home Insurance Policy

Home insurance offers the protection you need when the unexpected happens, but only if you choose the right policy. Need a little help finding the best home insurance policy for your home? Here are five things to look for.

1. Know Your Coverage

Before you decide on a home insurance policy, make sure you have a solid understanding of the coverage you are and aren't getting. Some policies may not cover certain types of damage, or they may not offer as much coverage as you'd like for personal property. It's important to thoroughly read over the terms and conditions of a policy to see what is and isn't covered.

2. Check Ratings

Do some research on insurance company ratings and compare some of the companies that you're considering purchasing coverage from. You can find ratings based on the current financial standing of insurance providers, which tells you whether or not a particular provider has kept up with paying claims. If a company has a lot of bad reviews, this is a sign that you should look elsewhere for your insurance.

3. Consider Your Deductible

Your deductible is the amount of money you have to pay when you file an insurance claim. In other words, you'll need to pay out of pocket for repairs that cost less than your deductible. While opting for a low deductible can be tempting to make sure you're covered, you can save money by choosing a higher deductible. A deductible of $2,500 is a good number for many homeowners.

4. Look for Discounts

Home insurance providers offer a wide range of discounts, from military discounts to discounts for bundling. Before you choose an insurance policy, make sure you ask your agent about any discounts you may qualify for, as they can significantly reduce your monthly premium.

5. Look Into Liability Protection

Did you know you can be held liable for injuries and other incidents that occur on your property? Liability insurance provides protection in the event that you're sued for some type of injury. Liability coverage is especially important for people who have potentially dangerous structures like pools and people with a high net worth.

6. Consider an Umbrella Policy

For less than $25 a month, you can get $1 million in coverage that extends across your home and auto policies -- sometimes with broader (ie. less restrictive) coverage than you have with individual policies. Note that an umbrella policy only covers what’s already included in your home and auto policies. If something is excluded in your home or auto policy, it will likely be excluded in the umbrella policy as well.

The U.S. homeowners' market has a $105.7 billion value, according to Country Living. This fact emphasizes the importance of protecting your home. Home insurance helps you protect your investment as well as your personal property, so you can enjoy total peace of mind. If you're looking for a home insurance policy that will offer you the coverage you need, contact Rollo Insurance today for a free quote.