They say home is where the heart is. But why is that? After all, a home is a structure made of wood, brick, drywall and other building materials. It’s what happens inside that building makes it a home. Newlyweds set up housekeeping, newborns are welcomed, children grow and learn, and families live out their lives. All the creature comforts make a home a memorable place. That’s why comprehensive homeowners insurance is so important. It’ll help put things back together in case of an accident or natural disaster. Here are some things to consider regarding when evaluating homeowner insurance:
Coverage: One of the most common mistakes when purchasing a homeowner insurance is underinsuring the property. Material costs are always changing, usually increasing with the economy. It’s important that a homeowner policy covers the full replacement cost of a home, so it’s a good idea to review the limits of the policy regularly and update as necessary.
Contents. The insurance also needs to include the value or replacement cost of contents in the home. This covers everything from appliances to furniture to dishes. All these things need to be replaced, right? Valuables such as jewelry, collectibles, camera equipment can typically be included in the policy outright or with an endorsement. It is suggested that photos of valuables along with detailed descriptions be maintained in the event of a loss. Doing a video walk through of the home can also be used to document contents.
Flooding. While many policies will cover water damage from a broken water pipe in the home, additional coverage may need to be obtained if the residence is in a flood plain.
Because insurance companies seek to minimize risk, several factors are considered when determining premiums. Here are some that may apply to your members:
- Credit score of the homeowner;
- Location of property;
- Breed of dog that may live in the residence;
- Swimming pools and trampolines or other playground equipment on the property;
- Distance to nearest fire station and whether or not there are fire hydrants on the street;
- Claim history. Even small claims add up and can impact the premium;
- Fireplaces in the home;
- Remodeling projects that increase the value of the property.
As you can see, getting the right homeowner insurance for your members is complicated and time-consuming. That’s where we come in. We’ll work with you to develop an insurance package that provides the coverage your members need with the aggravation you don’t. Our turnkey operation covers everything from development to marketing and servicing your members. It’s a no-brainer. Let’s get started today.