if you are a first time home buyer and live in a subtropical climate that is often prone to hurricanes and severe thunderstorms, purchasing a homeowner's insurance policy can help out tremendously if your home is damaged. The following tips will assist with acquiring a policy that suits your needs.
Consider The Type Of Coverage You Need
Before deciding upon a policy, consider the type of coverage you need. A basic policy will cover the structure of your home, possessions stored inside, and property that surrounds your residence.
A basic policy will also protect you from liabilities associated with injuries that occur on your property. For example, if your neighbor is visiting you and slips and falls while walking up the front steps, your insurance coverage will prevent the injured from being able to sue you. Instead your policy will kick into gear and will cover any medical expenses your neighbor incurs due to their injury.
If you have a lot of valuables in your home, you may want to consider insuring them for a higher amount, since a basic policy will only provide a standard amount of coverage for items. Also, if you live along the coast or near a body of water, purchasing flood insurance can be beneficial. A standard policy won't cover the cost of water damage, but a flood insurance policy that is purchased in addition to a basic policy will provide you with funding to have your home repaired if it is affected by a flood.
Contact insurance agents in your hometown to acquire going rates. Compare rates and inquire about deductibles that you are responsible for paying before an insurance coverage kicks into gear. After obtaining rates, go ahead and sit down with the agent of your choosing to purchase a policy. During this time, do not be afraid to ask questions if you are unsure of what your policy covers, the values that are placed on your possessions, or what to do if your home is damaged.
Maintain Your Home
It is important to maintain your home on a routine basis to prevent damage from occurring that would be a result of your negligence. Basic insurance policies will not cover repairs that are a result of wear and tear or poor maintenance. If you are not a handy person, contact a professional company to have your home's roof, siding, flooring, and walls inspected.
During an appointment, you will be made aware of any areas in need of repairs and may be able to reduce the amount of damage that you encounter in the future if you decide to have the upgrades performed.