Shopping For Homeowners Insurance

After months of searching, you're ready to make a deal on the perfect house for you and your family. It’s got all the features you were looking for: a fenced-in yard with room for the kids to play, granite countertops, and a spare room for guests or a home gym. But there’s still a lot to think about — and one more requirement to cross off your list. You need to purchase homeowners insurance to protect your investment. So what can you expect, and how should you go about finding the right policy?

What Determines Your Rate?

Multiple factors affect how much you’ll pay to insure your home. Location is important — both climate-related risks and your neighborhood’s crime rate will affect your premium. Your individual coverage needs, such as higher limits for contents, will also dictate the final price. Other factors focus on the home itself, such as the property value and the age and condition of the home, as well as its construction. And if you have extra features like a pool or detached structure, you’ll need coverage for those too.

 Your financial status can also affect your rate. A lower credit score or a history of insurance claims, for example, can lead to a higher premium. Given the complex nature of these and other factors, it can be helpful to work with an experienced We Insure agent who can offer guidance throughout the process.

Policy Must-Haves

The ideal policy for you has to provide the amount of coverage you need without any gaps that could leave you exposed or underinsured in the event of a loss. And while flood coverage is important for everyone (because if it can rain, it can flood), if you live in a flood zone, flood insurance is a need. And make sure your policy provides the right amount of protection for your dwelling and belongings:

·       Replacement cost value — reimburses you to repair, replace or rebuild at today’s prices.

·       Actual cash value — reimbursement based on items’ depreciated value.

·       Market value — reimburses for the price a home would fetch on the open market.

Certain policy add-ons can provide even further coverage, so it’s important to review options carefully. Finally, make sure you can afford your deductible in the event of a claim.

Your Agent Matters

Finding the right coverage can be complicated, which is why working with a knowledgeable agent can be instrumental in securing a policy that fits your needs. They can help explain and compare options and save you money by seeking out available discounts and bundling coverage. You should be able to rely on your agent to answer questions as a policyholder and to walk you through the claims process if there’s ever a need.

We Insure Checks All the Boxes

Your home is more than just a place to live; it's also an investment in your financial future — and having the right homeowners policy is essential to protecting that investment. Whether you’re buying your very first house, relocating, or purchasing a vacation home, we can help you navigate the insurance process and secure a policy that meets your needs and budget.

We Insure offers a wide range of coverage options through our relationships with top providers. Our trained, knowledgeable agents are there to help you find the right protection, answer questions, and insure what matters most to you. Contact your local We Insure agent today to get started on securing the best coverage — so you can focus on turning your new house into a home.

Source:

https://www.usnews.com/insurance/homeowners-insurance/actual-cash-value-vs-replacement-cost