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How do I Choose the Best Home Protection Insurance?

Article Details
  • Written By: Erin J. Hill
  • Edited By: Bronwyn Harris
  • Last Modified Date: 14 October 2017
  • Copyright Protected:
    2003-2017
    Conjecture Corporation
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Choosing the best home protection insurance is a must for any homeowner to protect themselves from damage or burglary. You should choose an insurance provider carefully, as all companies are not created equal. There are several things to consider, so be prepared to ask a lot of questions about your policy and the coverage it will include.

The first step in finding the best home protection insurance is to visit a local insurance agent. There are probably many options in your area, so make a day of visiting various ones around town. An appointment is not usually necessary, but you may wish to call and make sure.

When you meet with an agent, he or she will likely sit you down and discuss the details of your home. You will need to know the square footage, foundation type, the age of the home, type of siding, and other factors dealing with the home’s construction. Some agents may want to make an appointment to come and see the home or they may wish to hire an appraiser to determine your home’s market value. Not all agents will require this, although you will likely have to allow a photograph to be taken of the outside.

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Once the home’s general information has been taken down, your home protection insurance agent will enter it into a computer. The software most agents use will probably be able to calculate the amount for which your home is insurable. Your agent will then print this information out and show you the monetary values for your potential policy. He or she can walk you through step by step on how much you would receive in the event of a fire, roof damage, wind damage, burglary, or another disaster.

Some home protection insurance policies include extras. For instance, some companies offer free housing for those whose homes are temporarily uninhabitable. This may include rent for another property, furniture to replace anything damaged, as well as utilities in some cases.

Be sure to ask about any aspects of your policy you are unsure about. You should also ensure you are covered for additional property and expenses. For example, you will want to have a certain amount of coverage for vehicles belonging to friends or neighbors which may become damaged on your property, or to cover medical bills for anyone injured in your home. If you live in a high-risk area, you should also be sure your home protection insurance policy will cover flood damage.

Once you have visited several agents, compare prices and policies to determine which company offers the best deal. If your car insurance company also offers homeowners insurance, you may consider going with the same business since they may give you a discount on your bill for having multiple policies. Some companies may also check your credit standing or check to ensure you haven’t had a homeowners policy canceled due to nonpayment in the past, so be up front about your financial situation.

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