One of the most important types of insurance you can have when you own a home is homeowners insurance. Protecting you, your family, and your belongings relies on having a homeowners insurance policy that provides adequate coverage. It’s also important that your policy is affordable and comprehensive. Here are our expert tips on picking the right homeowners insurance policy.
When Do I Need a Policy?
You can start shopping for a homeowners insurance policy as soon as 30 days before you close on your home. The sooner you’re able to get a policy, the better -- not only because you have more time to shop around, but also because not having insurance before closing could delay the entire closing process. Being proactive with your homeowners insurance policy also allows more time for the insurer to underwrite (sign and accept liability under an insurance policy, guaranteeing payment in the case loss or damage occurs) your home which means you’ll have a much better idea of what you’ll need for your home to be adequately insured.
What Will My Policy Cover?
Homeowners insurance covers your home and all of the contents within your home in the case of a natural disaster, fire or theft. It also offers liability coverage in the case an accident or injury to someone happens on your property and they decide to take you to court. This is why it’s essential to make sure you have enough coverage. If there’s damage to your home, and you did not properly evaluate the true value of your possessions, you could end up losing a lot of money that your insurance should have covered for you.
Condo and Renters Insurance
For those who own a condo, while you may not own the building you live in, you’re still responsible for any damages that happen to your unit. Condo insurance offers important coverage given that there are so many other factors at play when you live in a building with other people. This is also why any time you make updates to your condo, you should also update your insurance to reflect the value of your additions.
When it comes to renters insurance, even if you aren’t a homeowner, it’s crucial that you have insurance to cover the cost of your belongings in the case of an accident. Renters insurance can be as low as $15 a month, and it will pay for you to replace any of your belongings that were damaged (if you properly assessed the value of your belongings).
Homeowners insurance is something that is essential to all homeowners, but no matter where you live, having insurance offers security that is essential to our livelihoods. If you’re interested in meeting with an expert who can make getting homeowners insurance a simple process, contact us.