Your home will the most expensive purchase you'll ever make, which is why it's so important to have that investment insured. You should consider purchasing coverage beyond the bare minimum because an unforeseen event could make your entire home worthless. Here are 4 things you should consider when getting home insurance.
Your home will not automatically be covered by all natural disasters. One of those that you'll need to ask about is flood insurance, since it's typically an add on that isn't included in a basic policy. By working with a local insurance agent, they can look into where your house is located and find out if there is a risk with it being in a flood zone. While FEMA does provide this information, it can be a bit tricky to navigate the information on your own.
When you are not in an official flood zone, your home still could be at risk for flooding. A heavy storm can cause water to rise up from the street and eventually enter your home through the window wells. If your home isn't covered by flood insurance, you'll be responsible for paying for the damages. Consider this coverage if your home is located at the bottom of a hill or at a dip in the middle of your street.
If you are finding that your annual insurance premium is a bit high, you can make the policy cheaper while keeping all of your coverage. Ask about increasing the size of your deductible. This is the amount you pay before your insurance company starts paying for damages when you make a claim.
Remember to not make your deductible too high though. It should be small enough so that you still have the money on hand to pay for the deductible in case of an emergency.
Many homeowners make the mistake of assuming that their entire home and all of their belongings are covered by their insurance policy. Always look into what kind of extended coverage is offered to understand what areas your insurance may be coming up short. For example, you may need more coverage for personal property items like electronics and jewelry, since the basic policy could have limits on these items.
Home Inventory Documentation
Do you think you could list all of the items inside your home in case there was a house fire? That's exactly what you'll need to do if your home burns to the ground. Ask your agent about documentation you can use to make an official record of your personal property. By taking a day to go around your home and listing all of your belongings, you'll be sure not to miss a thing if you ever need to make a claim for the total loss of your home.
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