Owning a home is a huge investment and having homeowner’s insurance is one way in which you protect your investment. Insurance is an essential part of making sure that you are prepared for any unfortunate event that may happen to you, your home, or individuals who are visiting or working on your property.
Insurance is often easy to achieve, as you have already had an inspection performed on the home to secure financing for the house itself. Most homes that are on the market are already in insurable condition. If you are however purchasing a fixer-upper or have a home that you already own on which you need insurance, there are several areas you must be concerned with to obtain affordable, quality homeowner’s insurance coverage.
The rates of homeowner’s insurance are determined by insurance companies who look at the potential risks present in the home and on the property. If risks are present, the costs of the insurance policy premiums can be higher. To get the best rates possible, you need to understand what the insurance companies look at and how to fix any issues to make your home and property less of a risk in the minds of insurance providers.
Many factors play into the cost of an insurance plan. The first factor is the value of the home itself. Knowing what it could cost to rebuild the house is an important part of knowing if your insurance coverage is the right plan for you. If you don’t know the real value of your home or what it may cost to rebuild the house in the event of a devastating event like a fire or destructive storm, then you won’t know if the insurance company is providing you with an accurate and sufficient policy.
The cost of replacing or rebuilding your home will be different from the price that you paid for the house. The replacement value of your home also includes the personal belongings contained in the house and on the property. You must have a realistic idea of the value of your personal possessions as well and see that the figure factors into the policy in some way.
Good coverage is that which provides you with just enough money to replace your home if something should happen. Insuring your house for a larger than necessary dollar amount will result in higher insurance premiums. Anything you can do to lower your insurance premiums is a good thing, and there are several ways to make your home safer and more insurable in the eyes of insurance companies. All these improvements will allow you to secure coverage for a lower rate.
Insurance companies look at all aspects of your home to determine your insurance policy rates. They will us at Beatty Inspection Services to inspect the home inside and out. We will also survey the property and take note of any external issues that may exist, as the potential for visitors to be injured while on your property can significantly affect the cost of the insurance coverage for the house.
Contact us today for a consultation.