Your home is one of your biggest investments, so we understand why you would want to protect it dearly. The best way to do this is to buy a home insurance policy. In most cases, when you are in the process of securing a mortgage, the lender asks to get the house insured not only for your well-being but also to protect your investment. Home insurance also benefits you because if the house gets damaged while you are making the monthly payments, the insurance money will help you renovate your house and keep up with the payments to the lender.
To make it easy for you, we have gathered all the necessary information so that you can design the perfect coverage for yourself:
Choosing Your Coverage
There are different types of home insurance covers, which are as follows:
- Liability Protection: It pays for any medical care and legal costs if someone is hurt on your premises. It also pays for any damage caused by you to another’s property.
- Personal Property Coverage: It pays for any valuable contents stolen from your house or damaged during a robbery.
- Dwelling Coverage: This insurance pays for rebuilding costs and repairs if your property is damaged and the damage is covered. These include smoke, fire, wind, hurricanes, tornadoes, lightning or hail, theft, and vandalism. Additional structures, like fences and garages, are covered as well.
- Loss of Living Expenses: It pays for rent when your house is destroyed by a covered peril, and you are forced to live in an apartment until your house gets rebuilt.
Home insurance policies don’t cover damages caused by floods, sinkholes, earthquakes, and water damage from septic tanks, drains, pumps, and backed-up sewers. These problems have a separate insurance policy under specialized insurance.
Purchasing Home Insurance
We have covered the basics of what you should consider while purchasing home insurance in Boca Raton. Now, let’s talk about the coverage. Look for the lowest price to make sure the monthly premium doesn’t become a burden.
Here’s a checklist of all the things that you need to look into:
Pay a High Deductible: The higher your deductible, the lower your premium. Since claims are seldom filed, around every 8 to 10 years, you will be able to save more over time. This way, your property insurance in Boca Raton will be used at the right time and right place.
Ask About Discounts
- Multi-Policy (Car, home and other policies purchased from the same company)
- Fire Extinguishers
- Smoke Detectors
- Sprinkler Systems
- Fire and Burglar Alarms (Connected to an outside service)
- Retired and 55 Years Old
- Fire-Safe Window Grates and Deadbolt Locks
- Long-Time Policyholder
- Earthquake Retrofitting
- Upgrades to Heating, Plumbing and Electrical Systems
- Wind-Resistant Shutters
Complete Insurance: In case your house gets burned down due to an accidental fire or is destroyed in an insured disaster, you should be able to rebuild the house from top to bottom. With this coverage, you can replace valuable items and have protection from liability if someone sues you or gets injured on your premises.
Additional Coverage
- Building code upgrades
- Inflation-guard
- Possessions Replacement Cost
- Drain and Sewer Back-Ups
- Guaranteed or Extended Replacement Cost for Structures
- Special Riders for Collectibles, Jewelry and Expensive Items
- Umbrella Coverage for the Swimming Pool
Risk of Windstorm, Earthquake and Flood
Damage caused by any of these disasters is not usually covered in a standard insurance policy.
Homeowners must pay a separate premium for flood insurance, which is given through the government’s National Flood Insurance Program (NFIP). For this coverage, residents in the area will have to participate in the program. If your house is located in a coastal area subjected to windstorms, you will have to pay a huge deductible. You will be shelling out thousands of dollars, which is why it’s important to know what price each policy and add-ons carry. As for earthquake insurance, it is given by private companies.
Choosing Your Home Insurance Company
Before finalizing a property insurance agency in Delray Beach, you need to look into a couple of things to ensure you make the right decision. Here’s what your steps should be:
- Take your search online, pick five local agencies, and ask for their quotes. You can even ask family members and friends for any recommendations
- Check out the reviews and ratings of the companies
- Compare the coverage and cost offered by companies and find out which property insurance in Delray Beach offers the most benefits in a reasonable amount.
- Narrow down your list to two insurance companies and meet with their agents to get a sense of their customer service
Then decide, which agency is offering complete coverage in your budget.
Having home insurance does not mean you don’t take care of your house. As a risk manager of your property, you need to ensure it is properly maintained. If you want to make any additions or alternations to the policy, inform your agent immediately. This way, you won’t have to worry about being under-insured or over-insured.
Get in touch with All Risk Insurance Group to get personal, home, car, and commercial insurance from the same carrier. Dial (561) 395-5220 to talk to their insurance agent.