You are looking for a house. What’s the first thing you should look into? A specific number of rooms? Aesthetic qualities? Location?
While these are all important things to consider, acquiring homeowners insurance should be at the top of your list. This is true whether you’re looking for your first house or your tenth house.Sadly, not everyone knows the importance of this type of insurance. Here are a few reasons why homeowners insurance is so important:
- Protects your home: Your house is one of your greatest assets. That’s why you should acquire homeowners insurance that will protect your house and everything in it. Things happen all the time that you can’t control. You need to protect yourself against such disasters.
- Protects your family: Not only will homeowners insurance protect your home, it protects your family. If you don’t have insurance, you could end of having to spend all of your savings on costly repairs. Insurance will protect your savings and allow your family to continue living comfortably.
- Protects your peace of mind: Homeowners insurance protects your peace of mind. It allows you to enjoy your life without worrying that something will happen to your house. When disaster does strike, you can rest assured that insurance will help you pick up the pieces.
- Protects you against lawsuits: Insurance will help protect you against accidents that happen to other people in your home. Did someone fall down your stairs and break their arm? Did your animal bite a non-family member? Most insurance policies will provide some coverage for accidents that occur under your roof.
- Protects you legally: Are you are borrowing money to purchase your house? Most lenders require that you purchase some type of homeowners insurance. They want to cover themselves if something uncontrollable happens.
Here is what you need to know about your homeowners insurance:
- How much coverage you have? Most insurance companies will have a bottom amount you can purchase. However, the more money you put down, the more coverage you will acquire. You need to make sure that your house and all of your belongings are covered. You may have to buy more coverage if you own a lot of expensive belongings. We suggest that you undergo a home inventory to make sure that you purchase the right amount of coverage. You will gain so much more in the future.
- What kind of coverage you have? Standard coverage should include natural disasters, fires, theft, vandalism, water damage, falling trees, accident liability, etc. If your insurance won’t cover your basic needs, don’t settle with them. You need to know what your homeowners insurance will and will not cover. That way when disaster strikes, you won’t panic or make a mistake concerning your insurance.
- What will it cost? This seems like such a simple detail, but many people have been blindsided with payments. You don’t want to lose your homeowners insurance over something so silly. Make sure that you know how much your insurance costs and when you need to pay it, and then put it on the calendar to make sure that you don’t forget. We also suggest that you ask how much it would cost to rebuild your house. This cost will be separate from your home inventory. It’s important to know what you should expect if something happens to your house.
- What is the claims history of your home? If you’ve never had to make a claim, you have a clean slate. However, your house might not have a clean slate. This can help you determine what type and extent of insurance that you need. For instance, if the previous owner had sewage problems, you probably want to make sure that your insurance covers water damage. Claims history will also tell you if you live in an area that deals with repeated natural disasters.
- How will future claims be handled? It’s important that you understand how any claims will be handled. This will also tell you how reliable your insurance company is. How fast can they process claims? Will certain claims take longer than normal? Are they available 24/7? Who will deal directly with your claims? Your insurance company should be able to provide adequate answers to these questions and any others you have.
The professionals at SOGO are ready and willing to help you find the right Home Owners Insurance for your family. Contact us now to find out about the services we offer.