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  • The Advice Insurance Team

7 Tips for Finding the Right Insurance Protection for Your Home

Updated: Aug 23, 2018

1. Consider calling an independent insurance agency

Independent insurance agencies are an excellent option for finding the right home insurance. Generally, agencies have access to multiple insurance carriers and can take the time to find an insurance company that offers the best available coverages at the best possible rates.

2. Look for the home insurance with the best coverages at the best rate

The “cheapest home insurance” or “cheap home insurance” are some of the most popular insurance-related searches on Google. While saving money at a particular moment could be a priority, it is essential to understand that getting the best coverages is more important than getting the lowest price. Think about it. It is wiser to have the appropriate insurance policy than to take the risk of facing situations that may jeopardize your financial stability.

3. Know the A.M. Best Rating of the insurance companies you request quotes from

A.M. Best is a recognized provider of financial data in the insurance industry. It assesses the financial strength of insurers and categorizes the ability of companies to maintain their insurance obligations using rating symbols. The symbols used are:

A+ for companies with a superior ability

A- for companies with an excellent ability

B+ for companies with a good ability

B- for companies with a fair ability

Other rating symbols exist to rate companies with marginal, weak and poor financial strength and vulnerable economic conditions.

4. Take the time to understand the coverages

Homeowners insurance covers your home’s replacement cost in the event of a full loss, personal property, loss of use, personal liability, and medical payments.

5. Consider adding additional coverages to your home

Additional coverages are optional and may vary from one insurance company to another. Equipment breakdown, water back-up/sump discharge, foundation coverage, sinkhole collapse, personal injury, identity fraud expense, enhanced personal property, and increment of replacement cost are the additional coverages that may be available to you.

6. Take the time to understand the deductibles

Deductibles are a specified amount of money or percentage that the insured must pay before an insurance company pays for a claim. Please note that increasing the deductible will reduce your premium but it will also increase the amount of the part of the covered loss that you will be responsible for paying in case of a claim.

7. Consider your flood zone, flood risks, and buying flood insurance

Flood insurance is not included in your homeowner’s insurance policy. It is essential that you find your flood zone and determine the risk of floods in your area. We suggest that you speak with your insurance agent and consider buying flood insurance for your home, even if you think you may not need it, every area has a varying level of flood risk.

Protect your current and future finances by finding the right Insurance protection for your home.