Homeowner's Insurance
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Shopping for homeowner's insurance? Don't shop just on price alone! Here are four important points to keep in mind as you choose an insurance policy:
- Compare apples to apples: Make sure the quotes you get are using comparable coverage and deductibles.
- Be picky about the insurer: A great, low premium won't do you much good if the company is out of business by the time you file a claim. Check the company's business rating from Moody's, Standard's & Poor and the Better Business Bureau.
- Understand the difference between "actual cash value" and "replacement cost" coverage: A policy designed to reimburse you for the cash value of an item covers only the depreciated value -- what it's worth now, factoring in age and condition. "Replacement cost" coverage, by comparison, costs a little more but will pay for the actual amount needed to replace the damaged property at today's prices.
- Get all the coverage you need, but no more: Underinsuring your property can backfire; many policies have a "coinsurance penalty" that proportionately reduces your payment for a claim if you didn't carry sufficient coverage. On the other hand, it may not make sense to buy earthquake insurance if you live in a non-seismic area or flood insurance if you live on a mountaintop with no foreseeable threat of flooding.
Want to keep your insurance premiums down?Consider these options:
- Choose a higher deductible. By bearing a bit more risk yourself, you may be able to reduce your premiums substantially.
- Ask about "package" deals. You may get a better rate if you insure not only your home but also your cars, boat, or other property with the same company.
- Inquire about discounts. Do you belong to a union, travel assistance program, senior citizens' group or other organization? Are you a non-smoker? Does your home have deadbolts or some other security system installed? Any or all of these factors may help you qualify for a premium discount.
EXTRA TIP: If you have a large amount of equity in your home or own other valuable assets (and especially if you own rental property), consider carrying substantial limits of personal liability coverage. Ask your insurance advisor for additional information and help in choosing policy limits.
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