Life is complicated, insurance doesn't have to be.
Buying a home is an exciting, new adventure. One of the many
decisions you will make is how to insure your new home.
Information Institute reports that one in 20 insured homes has a
claim each year. While you never want to file a claim, having the
right coverage is critical to your new investment.
Here’s how you can make sure you’re choosing the best
homeowners insurance coverage for your home.
1. Understand What Homeowners Insurance Provides
It's important to understand homeowners insurance when
selecting your coverages.
Most standard homeowners insurance policies cover:
An Auto-Owners standard Home
policy will also cover:
2. Explore Your Options
One of the important choices you will make when selecting a
policy is your limit of insurance.
New homeowners will often consider their home’s resale value
when deciding their limits of insurance. However, you are
not insuring your home’s resale value.
You want your insurance limit to cover the cost to completely
rebuild your home after a covered loss.
Beyond choosing your limits, you will also have optional
coverages you can add on to your policy. These may include:
out this interactive home tour to see Equipment Breakdown Coverage
3. Choose the Right Insurance Company
Your next step is choosing the right insurance company. We
recommend starting with a
local, independent insurance agent.
When you search for the cheapest insurance option online, you
are most likely missing important details and coverages. A low price
doesn't necessarily mean appropriate coverage.
A local, independent insurance agent represents many
insurance companies. They can provide you with personalized quotes
from any of them based on your needs.
Read: Why Independent Agents?
An agent will help you dig deeper and find out exactly what
is and isn’t covered under each policy you consider. Also, their
success is dependent on representing quality insurance companies.
So, they are very familiar with insurance companies known for
superior customer service.
local, independent insurance agent with our Agency Locator tool.
4. Bundle Your Insurance Policies for Extra Savings
Oftentimes, insurance companies offer multiple-policy
discounts since they sell multiple types of insurance. If you buy
more than one policy from the same insurance company you may qualify
for policy discounts.
So, if you have the option to bundle your policies with one
insurance company, it is usually a good idea.
5. Remember to Look Ahead
Lastly, remember your home insurance needs may change
over time. Your insurance agent is a great resource during changes to
As your home and family change, tell your agent. This will
help make sure you still have the best coverages for your home.
Examples of these changes may include:
Another aspect of your home that may change over time is the
contents inside. It’s a good idea to keep an up-to-date home inventory
to document the items in your home. Several free apps can help you
capture the information quickly.
Choosing the Best Homeowners Insurance for Your
Home Doesn't Have to be Hard
Purchasing your first house and homeowners insurance is not
something to rush through. The advice of your local, independent agent
is a great way to ensure your home is covered properly.
*Products referenced may not be
approved/available in all states. Limitations and conditions
may apply. Premium will be based on benefits chosen and
policy rates available at time of application.
Disclaimer: This article is not expert advice. The
analysis of coverage is in general terms and is superseded
in all respects by the Insuring Agreements, Endorsements,
Exclusions, Terms and Conditions of the Policy. Some of the
coverage mentioned in this material may not be applicable in
all states or may have to be modified to conform to
applicable state law. Some coverages may have been
eliminated or modified since the publishing of this
material. Discounts may not be available in all states.
Limitations and conditions may apply. Premiums will be based on
benefits chosen. Please check with your local Independent
Auto-Owners Insurance Agent for details."
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