Finding Better Insurance For Your Family

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Finding Better Insurance For Your Family

About a year ago I realized the insurance plan that my family currently had wasn't sufficient for our needs. It seemed like whenever anyone got hurt, we really struggled to pay the bill. Fortunately, a friend of mine recommended a better insurance plan that they had used before. We applied, and we were pleased when we were accepted. Our premiums were reasonable, and the coverage was amazing. I know we have benefited greatly from the new insurance. This blog is for anyone out there that is struggling to choose insurance or to select add-on options for their plan.


First Time Home Buyers: Tips For Purchasing Home Owners Insurance

Purchasing your first home is typically a very exciting event. But, once you find the perfect house, have your offer accepted, and enter escrow, you will then need to take the necessary steps to buy homeowners insurance. A homeowners insurance policy is a type of insurance that protects you (and your mortgage holder) in the event that your home is damaged or destroyed or there is a burglary. Buying homeowners insurance is not something that should be done in haste—it is extremely important to buy the right policy to ensure that you are fully protected. If you are a first time home buyer, use the following tips to help you purchase a homeowners insurance policy:

Understand What Size Policy You Need

It is not uncommon for first time home buyers to take the purchase price of their new home into consideration when buying a homeowners insurance policy. It is very important to note that the market value of a house does not dictate the amount of coverage that you need. Instead, you need to think of the cost to rebuild your home in the event of a total loss and the value of your belongings when buying a policy. Since you will still own the land your home is on even if your house is destroyed, the size of your homeowners insurance policy will most likely be a lot less than the market value of your home plus the value of your possessions.

Understand the Deductible

Just like most types of insurance policies, homeowners insurance comes with a deductible. The deductible is the amount of money that you're responsible for paying before your insurance company will cover any cost for damages or stolen belongings. The higher the deductible, the lower your monthly premiums will be. No matter what size deductible you choose, it is always a good idea to keep that amount in a savings account so you have it available in the event that you need to make a claim.

Consider Working with an Insurance Broker

The process of buying your first home and getting to closing can be overwhelming, so it never hurts to get help from a professional. Working with an experienced insurance broker can help ensure that you get the best homeowners insurance policy possible while also staying within your budget. An insurance broker will review your options with you, answer any questions that you may have, and provide your mortgage lender with information about your policy.