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Your home is one of the largest investments you’ll ever make. For that reason it’s important to make sure it is properly protected for you and your family’s sake. But, have you ever wondered what makes up your home insurance premium or what to look for when selecting an insurer? Let’s take a look at some of those items to keep in mind. First, here are some things to consider that make up your home insurance premium.

  • Where you live affects your home insurance. Some areas of a city or town are more likely to have certain types of claims. For example, some areas of a city may have higher rates of crime. Or homes closer to coast lines or large bodies of water in general may be more likely to have flood and wind damage when storms come.
  • Size, construction type and age have an effect as well. Newer homes might be built with better or stronger materials to comply with updated safety codes. Also keep in mind, large homes generally are more expensive to insure and are more costly to replace.
  • Think about the replacement value of your home. A lot of home insurance policies, especially for newer homes, are designed to pay the costs associated with replacing your home if it becomes damaged. Keep in mind, this isn’t essentially what you paid for your house and it doesn’t include the cost of the land your house was built on.
  • Your personal property value makes a difference. Aside from insuring your home’s physical structure, home insurance pays for property damage inside the home. This includes furniture, electronics, clothes and other valuables. Make sure you make an inventory of your belongings. This will come in handy in the event of a disaster. You will need to be able to remember what you had so you can report what was lost. A good and easy way to inventory your home is by videotaping it once a year. That way you can provide your insurer a visual of what valuables you had in your home. 

Personal liability is included in your premium. In addition to your property being covered, most policies will cover you and your family. This even includes most pets. It also provides coverage for bodily injury to other people or property damage you caused and are responsible for, including any lawsuits that may be the result of these claims.

Now that you know some things that make up home insurance coverage, here are a few things to focus on when looking for an insurer that fits your needs.

  • Look for a company that fits within your comfort zone. Ask yourself these questions. Is the company as accessible enough for you? Will your agent communicate with you the way you want (in person, phone, email, etc.)? Is there a local office for the company and do its agents live in the same community as you? If these factors matter to you, be sure to ask yourself and your potential agent these questions before purchasing a policy.
  • Review the potential insurer’s claims service. If you have an accident, the responsiveness of the agent or company to your needs will be extremely important. Ask if they adjust claims or if they partner with other companies who will do it on their behalf.
  • Inquire about other products the insurer offers. One of the best ways you can save money and easily manage your coverage is to keep all of your policies within a single company. Ask if they sell health insurance, auto insurance, dental insurance, etc in addition to home. You might be able to cover all your needs through the same company and save money too.

You now have a foundation to make a good decision on choosing a company to get a home insurance policy from and a better idea of what makes up the policy. If you still have questions or are ready to begin a conversation about your needs, give us a call at (800) 749-0053 or send us a message.



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