Compare Homeowners Insurance to Get the Best Prices
To find the best homeowners insurance, it's necessary to compare homeowners insurance quotes from the finest providers. Your lender will want you to have coverage for the home you're buying, and when you commit your resources to buying a house, you don't want second-rate coverage.
The issue then becomes how you go about your homeowners insurance comparison. Some customers might choose to drive around town to collect offers from homeowners insurance companies. Others might use the phone looking for cheap homeowners insurance, companies and quotes. Still, others might make their homeowners insurance comparison online, researching sites with the best homeowners insurance ratings.
All those ways to compare homeowners insurance have their merit, but they also have potential problems. For one, it's important when you compare homeowners insurance to make sure you're studying similar coverage from each carrier. It can be difficult to remain consistent when you consult each company individually. Plus, the process is time consuming and can be confusing.
The most effective way to compare homeowners insurance might be to find a marketplace website that does it for you. Many will take your information and shop it to companies with the best homeowners insurance ratings to find the carrier that's right for you. In this setup, you'll provide your information once and receive multiple quotes. You also could receive unbiased help from licensed agents to sort through the quotes.
Make Sure Your Homeowners Insurance Comparison Includes Standard Coverage
Most homeowners insurance companies offer standard policies that typically include these types of coverage:
Dwelling:
This is the portion of your policy that you know best. Homeowners insurance covers you if your home is damaged or destroyed by a covered peril. Make sure when you compare homeowners insurance that your dwelling coverage limit is enough to rebuild your house if it is destroyed.
Other Structures:
This pays if other structures such as detached garages or sheds are damaged by a covered peril. The limit is usually established as a percentage of your dwelling coverage.
Personal Property/Contents:
This covers the stuff inside your house and again has limits established as a percentage of your dwelling coverage.
Loss of Use:
This helps reimburse you for living expenses if your home becomes uninhabitable due to a covered peril. Again, the limit is set as a percentage of your dwelling coverage.
Personal Liability:
This coverage helps protect you in case someone is injured on your property and files a lawsuit. It typically has a $100,000 coverage limit, but you can extend coverage to as much as $500,000.
Medical Payments:
This protection is used to help cover medical expenses for a visitor who is injured on your property and does not sue. It typically has a $1,000 coverage limit but again can be extended.
Make sure that any policy you consider has all these types of coverage, and understand your limits.
Your Homeowners Insurance Comparison Shouldn't Stop with Premiums
Premiums are important, but you should also consider homeowners insurance ratings during your comparison of carriers. You don't want to spend money and find you can't count on your homeowners insurance. Ratings from other customers let you know what you can expect if you need to call on your carrier. You'll want information about the claims process and how helpful the provider will be when you need it.
In addition, you should pay attention to how a provider is evaluated by A.M. Best Company. It has been evaluating insurance companies for more than 100 years and its measures of financial strength let you know that a carrier has the stability if a disaster strikes.
