What to watch for when getting house insurance?

When you are in the market to buying a home, there are many things that you are doing to prepare and getting house insurance is going to be one of those things. Not everyone is thinking about what to watch for when it comes to getting house insurance but there are a few things you need to be aware of.

  • How much coverage do you need?

The more that you cover, the less you will have to pay if something were to happen. When figuring how much coverage you need, you may want to consider the square footage of you home, local construction costs, the style of your home, how many bedrooms, bathrooms, and any special features in your home. You will also want to make a detailed list of the things you own in order to have a better understanding of how much insurance you will need.

  • What type of coverage?

Knowing the type of coverage that you want is important when getting house insurance. You will want to contact multiple insurance companies to get quotes. You can also compare companies online to find better quotes. Another choice is using an insurance broker. They will be able to help you to find a lower quote and explain the types of coverage that are available. This can help you to better understand which type is going to work best for you.

  • Deductibles

The deductible is something that you will want to make sure you know for your home insurance. This is the amount that will be paid out of pocket when a claim is made. Also keep in mind that a policy with a lower deductible may cost more than a policy with a higher deductible.

  • Shop around

Just like any other insurance, you will want to make sure to shop around for house insurance. We touched on this a bit earlier when talking about what type of coverage. You will not want to go with the very first quote that you receive or the first insurance broker that you find. Make sure that you find a company or broker that you are comfortable with and who you feel best about.

  • Look over your policy

This is extremely important. You will want to read through your policy so that you are aware of what your house insurance covers and that you understand what is in your policy. The last thing you want to do is assume that something is covered by your insurance only to find out that it is not.

These are just a few tips on what to pay attention to when purchasing house insurance. The most important thing is just to be aware of your needs and what you are getting when you do purchase your insurance.

This article was written by Nicole, an intern at Irish Mortgage Brokers and Yes.ie from the USA

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