Your house is so much more than a building. It is where your family lives. It is also probably the largest and most important investment you ever will make in your lifetime. Protecting your home means protecting your finances, your nest egg, and your loved ones.
That is why it is important for you to look for the home insurance policies that best protect your property and family. And, while it may be tempting to save some money by cutting corners, it certainly isn’t the wisest move.
To tell the truth, you will be much more grateful in the event of an emergency if you are completely covered for any losses that may incur. After all, a safety net that saves you hundreds of thousands of dollars is definitely worth a few extra bucks a month.
With these points in mind, here are some ways to protect your family with the best home insurance policy.
Simple Deductibles
When it comes to home insurance plans, you should always opt for one that has an easy deductible that you wouldn’t mind paying if you really had to.
Some homeowners have had the misfortune of signing up for less expensive plans that had unreachable deductibles and were unlucky enough to find themselves in the midst of a fire or natural disaster.
They were then unable to get proper reimbursement for their losses, even though they certainly were paying their premiums.
Another thing to keep in mind is to shop for plans with a sole deductible. Believe it or not, there are several plans that feature different deductibles for specific types of coverage.
For example, hurricane damage may have a higher deductible than water damage. This type of policy is not really helpful when comes to covering multiple home repairs at once following a major incident.
Comprehensive Coverage
More than anything, purchasing a comprehensive home policy is your best bet for protecting your home and family in every conceivable way.
Most home insurance policies are what is known as “named perils policies,” which means that they only cover whatever is specifically named in your policy as applicable.
Most of the time, these plans are designed to cover common issues, such as theft or fire, but they do not extend to matters or situations that aren’t referred to by their particular names in the policy.
Conversely, if you get a truly comprehensive policy, it should cover anything you can imagine, with perhaps a few minor exceptions.
Comprehensive home insurance policies can cover anything from a cracked window to items stolen in a burglary, and everything in between. This is definitely a win for any conscientious homeowner.
Also, comprehensive policies will give you the advantage of getting insurance coverage much easier, since you won’t have to spend time proving that your incident meets the criteria for a particular covered “peril.”
Since your comprehensive policy covers everything, you’ll know you have nothing to worry about.
Including “Acts of God”
While nearly all home insurance policies cover damage that has been caused in conjunction with a natural disaster, known in insurance jargon as “acts of God,” including tornadoes, lightning, winter storms, and hurricanes, floods and earthquakes are not usually included on that list.
This may be because these events don’t typically occur in all areas, and where they are more common, separate policies are required.
So, if your area is prone to earthquakes, like in San Francisco, or flooding, like in New Orleans, be sure to get extra coverage.
Dwelling Replacement Costs
As stated above, your home is where you intend to raise your family, and it is an investment beyond any other you may make.
That means that you must get a home insurance plan that includes the total replacement costs of a devastating house and its surrounding property, regardless of how expensive it may be.
Having a clause that clearly states this will guarantee that, if your home needs to be completely replaced, the insurance company will fully pay for it, even if the total cost exceeds your policy limits.
How much should your condo or home insurance cost? It may not be as much as you think. Be sure to explore your options and thoroughly investigate the terms of your coverage to ensure you are adequately protecting your family’s investments.
Also, be sure to adopt a home insurance plan that not only covers your dwelling unit, but also other existing structures on your property. These structures may include fences, detached garages, and tool sheds.
Protection of Personal Property
A good home insurance plan shouldn’t just cover damage to your actual home. Like renter’s insurance, it should also cover the items that you keep inside your home.
For example, if your furniture has been destroyed in a fire, or your stereo system was stolen from your bedroom, a personal property clause in your policy should have you covered for any repairs or replacements. As a matter of fact, when customers think of theft coverage in general, it usually fits under this banner.
You may also consider purchasing extended insurance coverage on high-ticket items, such as antiques, artwork, and jewelry, which may have values that exceed your coverage limits on your personal property.
Liability Coverage
While everything discussed above is certainly critical, your homeowners’ insurance policy should take care of much more than home damage and theft.
It should also protect you from being sued in a personal injury case if someone were to become sick or injured while on your property or in your home.
The thing is, however, that many folks assume that this type of coverage is always included, but your policy may not include liability, and thinking that it does without checking first can be a costly mistake.
So, if you don’t know if you already have personal liability coverage, it is something that you should look into right away. It is always better to be safe than sorry.
After all, accidents are much more common than people realize, and you certainly don’t want to be sued due to a simple oversight or an unfortunate mistake.
In conclusion, in order to protect yourself and your loved ones, you need to know what to look for when shopping around for the best home insurance plans.
This means knowing exactly what you want to be included in your home insurance policy and making sure that you have the blanket coverage that you need.
