4 Tips for Buying A Home Insurance Plan

Owning a property, big or small, has been THE American dream for decades. Even military personnel who frequently move from state to state appreciate the satisfaction of coming home to their own house. But purchasing a home also means you need to scour the market and buy the right home insurance policy.

Home insurance prices are determined by numerous factors, some of which are, in fact, under your control. Even making just a few smart decisions can help you save hundreds of dollars over the course of the year. Check out these hacks that can help you purchase the right home insurance policy at the right price.

Get all the facts

Once you’ve found the ideal place to call home, take a few steps to gather information on its potential insurance costs. Keep in mind that the age of electrical and other systems within the home, as well as the construction materials used to build the house, can affect your premiums. For example, masonry homes or less flammable roofing material can provide an insurance price break in dry areas most susceptible to fire damage.

Know how much insurance you need to get

The value of your home means more than just the price it would fetch you today on the real estate market. If you were to completely rebuild your home, it could cost a great deal more than you realize. Make sure your insurance coverage reflects rebuilding costs, not just what a home is currently worth.

Get additional coverage

High-value items that you own such as jewelry, fine art, and electronics may not be completely covered by your homeowners policy. If you have possessions that are particularly valuable, you may want to purchase a personal articles floater to increase your coverage limits. This kind of policy can replace the item at its current value with no deductible needed.

Pick a suitable deductible

Your level of deductible is a trade-off between how much you’re willing to pay out of pocket and the amount of your monthly premiums. If you are comfortable paying more out of pocket when you need to file a claim, you can lower the amount you need to pay every month by choosing a higher deductible. An agent can help you determine how a higher deductible may allow you to pay lower premiums each month, or vice versa.