Your home is your castle. For many people, their house is their most valuable asset and the largest portion of their investment portfolio. It’s also where they spend the majority of their time. Our homes often reflect who we are. From the art on the wall to the flowers out front, a house can be a canvas that represents who we are. Given all this and more, you need to closely consider your homeowners’ insurance.

 

Should tragedy strike, such as a hurricane or tornado, you’ll need to have homeowners’ insurance, or you’ll risk losing everything. For many families, losing an uninsured home can amount to losing their life’s savings. Fortunately, there are a wide variety of insurance programs you can use to help protect your home.

 

Let’s go over how you can choose the right insurance program for your house and situation.

 

1. Shop Around

 

Make sure you shop around for home insurance. There are many options out there, and most providers will quickly provide you with a free, personalized quote. Get multiple quotes, but don’t consider just the advertised price.

Dig into the details. Consider deductibles, what’s covered, reviews from customers, and other aspects. This can and will take a bit of time. However, being thorough now will save you from headaches and unexpected surprises elsewhere.

 

2. Consider Coverage Versus Deductible

 

Generally speaking, the more extensive your insurance, the higher the deductible will be. If you insure your house at $300,000 instead of $250,000, you will pay more for that coverage. When you are selecting insurance, you should closely consider how much coverage you need and how high of a deductible you can afford.

 

A big part of this comes down to your emergency savings and how good you are at managing your emergency accounts. If you’re good at setting aside a rainy day fund and making sure that it is always and only used for emergencies, you could consider a higher deductible. If not, you’re probably going to be better off lowering your deductible.

 

 

3. Think Local

 

When selecting home insurance, make sure you consider the local variables that could threaten your home and impact your coverage. For example, if you live in flood-prone areas, flood insurance is a must. Private homeowners’ insurance typically does not offer flood coverage. However, government flood insurance is available.

 

Make sure you understand what your homeowners’ insurance covers. Then, consider your local conditions, and make sure that the homeowners’ insurance you are looking at will cover these risks. Yes, you should read the fine print as well.

 

 

4. Consider the Rebuilding Cost of Your Home

 

When selecting insurance, consider the costs to rebuild your home rather than the costs to originally acquire it. Once you buy a home, you own the land. This land is going to be here after a storm or disaster strikes. You won’t have to buy new land (in most cases). As such, your insurance will not need to cover the land itself, but instead the cost to rebuild your home.

 

5. Consider Making Your Home Disaster Resistance

 

Building a home to be more resistant will help protect you when disaster does strike. Consider strengthening your home by installing storm shudders, building on a hill as a precaution from floods, and installing a reinforced roof.

 

Many insurance providers will actually provide you with a discount if you make your home storm and disaster resistant. Even simple things, like installing more smoke detectors or perhaps even a sprinkler system, can help lower your premium. Talk with potential insurance providers to see what’s available.

 

6. Make Your Home Secure

 

Besides disasters, home insurance will help protect you from a range of other circumstances, such as a robbery. By installing a security system and taking other precautions, you may be able to lower your premiums. As a result, a security system can practically pay for itself over time. Not only will you save money, but you’ll enjoy a little confidence increase.

 

 

7. Approach Home Insurance with Thought

 

As you shop around for homeowners’ insurance, you need to do so in a conscious, deliberate way. Consider all of the factors, read the fine print, and talk to potential insurance providers regarding discounts and other factors. By doing so, you will be able to find good insurance at a low price. This will make the purchasing process a bit more intensive, but it’s wise in the long-run.

 

Another smart thing to do is talk to the experienced agents at Protective Agency. Contact our team at ProtectiveAgency.com or call (877) 739-9367. Our licensed insurance agents will be happy to answer any questions you have