When researching homeowner’s insurance policies, it is important that you consider what various policies cost, as you will want to find a policy that meets your needs but has a premium and deductible that you can afford. Here are a few things that you should take into consideration when trying to choose an insurance policy for your new home.
When considering the overall cost of a homeowner’s insurance policy, it is important that you take into account how high of a deductible you are willing to have. Choosing the right deductible can be difficult for many homeowners; if you set your deductible too high, then you may have to pay a lot out of pocket on a claim before your insurance will pay for anything. However, if you set your deductible too low, then your monthly premium may skyrocket.
Ultimately, you will need to find a balance based on how much you are willing to spend on your premium each month while taking into account how much you will be able to afford in the way of out-of-pocket costs should you need to file a claim down-the-road. You do not want to make the mistake of choosing a deductible so high that you will not be able to afford to pay the required out-of-pocket costs.
Know What’s Covered
When looking at insurance policies, it is important that you take your time and read through each policy thoroughly to make sure that you know exactly what a policy covers. Homeowners often make the mistake of not understanding their policy fully, and they are subsequently taken by surprise when something is not covered. A common mistake homeowners make is not taking out a sufficient policy to cover all of the items in their home.
However, it is important that you choose a policy that will not only cover your home’s structure, but that will also help you to replace your belongings as well. Otherwise, you may be surprised to learn just how much it will cost to replace your clothes, furniture, and/or appliances if your home is broken into or damaged in a fire. This will likely require additional coverage, making it important that you find out what your policy includes.
Knowing what a home insurance policy covers, and how much it costs, can help you to ensure that you are choosing a policy that protects you down-the-road while fitting within your budget. Look out for our next post as we discuss supplemental coverage that you may want to consider adding to your homeowner’s insurance policy, or feel free to contact us for help in choosing the right policy to meet your needs.
If you would to like to discuss your options for homeowner’s insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
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Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.