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Choosing the Right Home Insurance

When a family owns a home or for anyone in the market to purchase one, a common oversight is not carrying the right type or correct coverage amount of home insurance. Most people are eager to settle into the home and therefore, the minimum insurance required by law would be purchased or maintained. Unfortunately, when disaster strikes, the homeowner quickly discovers that the coverage being paid for was not adequate to take care of damage done.

Obviously, with money being so tight in today’s economy, this would not be the right time for the homeowner to find that everything he or she had worked so hard for was a complete loss simply because the wrong home insurance was in place. The key to peace of mind would be for the homeowner to spend time researching options online but also planning and working closely with a qualified insurance company or agent.

The first and most important step would be for the homeowner to find a highly respected insurance company/agent. The goal would be to work with a professional that has years of experience specifically to home insurance. People buying a home that do not have a current insurance company could check with the local Better Business Bureau, ask family members, friends, or coworkers for references, research several insurance company’s financials to determine the level of stability, and look for home insurance companies that offer a guarantee for services rendered. Obviously, the homeowner needs an insurance company known for outstanding service and customer support.

Another important factor in choosing the right company for home insurance would be based on availability. After all, if a crisis were to strike, the homeowner needs to know they can get in touch with the company agent in a timely manner for quick resolution. Of course, the agent should be able to provide the homeowner with the right coverage for home insurance but at a fair price. Typically, reputable companies work hard to make sure customers get what they need but also do not pay for coverage that would never be used.

For homeowner’s insurance, the policy would cover certain portions of the home to include the home’s structure, as well as structures attached or detached to include garage, storage shed, and barn. The policy would be designed to cover the cost of rebuilding the home/structures if damaged or destroyed due to tornado, fire, etc. However, policies cover different perils. As an example, if the homeowner lived in an area prone to hurricanes, the basic policy might not cover this particular disaster but additional coverage specifically for hurricanes could be purchased and added to the home insurance policy.

Because there are so many different types of coverage for home insurance, people need to shop around for the best pricing but they also need to make sure at minimum, the policy would cover situations such as:

  • Fire, windstorms, tornados, hail, smoke damage, vandalism, and any other damage to the home
  • Flooding or earthquakes would need to be a part of the home insurance policy for people living in areas where these types of acts of God occur. Most often, these perils would not be covered with a standard policy but coverage could be added.
  • Even the contents of the home should have the appropriate home insurance coverage so items stolen or damaged to include appliances, furniture, power tools, electronics, etc would be covered. However, certain personal belongings would need to be covered under a special policy, which includes items such as firearms, jewelry, artwork, and antiques.
  • Finally, home insurance would cover injury to someone while on the property resulting from the homeowner’s negligence or family member's negligence. Injury resulting from a dog bite would not be covered unless the homeowner had a special policy connected to the home insurance specific to this type of accident.
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