It’s safe to assume that purchasing a house is usually the most significant investment in one’s lifetime, which calls for finding efficient ways to protect your new home adequately. With a plethora of real estate insurance organizations, it can be challenging to choose an insurance partner that can best meet your needs. Here are several important things to know before you sign a contract, and even more.
Factors affecting the cost of the policy
Before we go further, let’s take a look at factors that are involved in determining the cost of your policy:
- age of the home
- type of construction
- fire-protection class
- location of the property
- construction costs
4 helpful tips on your homeowner’s insurance policy
1. Shop around
Research before you decide on the provider and plan. You can buy insurance by yourself or reach out to professional real estate agents in Hartford CT if you prefer getting expert assistance. Shortlist companies and get a couple of quotes to compare coverages, limits, premiums, and deductibles. Also, don’t shy away from available discounts — you can often save some cash by being a loyal customer of the insurance organization.
2. Know what the policy of your choice does and doesn’t cover
Keep in mind that in most cases, homeowners insurance covers only the most common exposures, for instance, electrical fires, water damage, and roof leaks. That said, you might need special coverage for fine art, guns, antiques, etc. What is more, if you live in a flood plain or an area prone to earthquakes, consider getting that kind of damage covered, too.
3. Set a high deductible
When considering your insurance policy, make sure you choose as high a deductible as you can afford. It can save you cost in the long run. According to top realtors from FastExpert, it’s wise to pick a deductible of $2,500 and file a claim only for something which is worth more than that.
4. Be smart with your insurance
Once you have homeowners insurance, wisely approach choosing which claims to file. Remember that if you can afford to pay for property losses, it’s better not to involve your insurance provider and deal with them yourself.
Most popular coverages in Hartford
While dwelling and personal belongings coverage are included in the basic policy, Hartford residents tend to select the following additional options:
- personal liability
- additional living expenses
- guaranteed replacement costs
- scheduled high-value items (collectibles, jewelry, etc.)