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INSURANCE AGENCY NETWORK Blog

Things to Remember Before Buying Homeowners Insurance Policies in 2020

5/16/2020

29 Comments

 
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​If you are shopping around for homeowners' insurance policies, there are specific points that you need to remember first. These considerations will make it easier for you to get the best deals out of your insurance without having to spend too much money down the line.
  1. The Cost of Rebuilding
    First, you have to make sure that you would be able to rebuild using your homeowner's insurance. The higher the premium, the better coverage, and payouts you would get once you claim the insurance. The best type of homeowner's insurance to get in this regard would be the HO 3 or Homeowner 3 policy.

    With this policy, you'd be able to pay extra for the features that you have in your house. If you take cash value insurance policies, the company may only have to be for the depreciated market value of your home because of the damage.

    This event might lead to you financially vulnerable in the long run.

  2. Loss of Use
    Secondly, you have to make sure that your rent is covered mainly while doing necessary repairs to your property. You can do this by adding a loss of use clause in your policy. It will cover living expenses on top of your average costs.

    The policyholders usually cap the price at 20% of the total coverage for your house; however, some insurance firms will let you purchase a bit more.

  3. Property Protection
    Another consideration to make when buying homeowners insurance is the value of your belongings. Usually, the price of significant items that you own, such as jewelry, a priceless art collection, and your electronic gadgets, would be added to your property value. The additional items usually amount to 50% of the total property appraisal. 

    Because they are part of the computation, they are subject to be replaced if they incur damages in the future. Note that replaceable items have priced limits as well. Usually, I am so the mounting two at least 1500 to 2500 dollars individually may be insured as part of the property.

    It is essential to document your possessions and have them inventoried. Keep your records in a safety deposit box or somewhere more secure outside of your house.

  4. Financial Issues Due To Medical Emergencies 
    You also have to protect your property against damage due to medical emergencies such as the COVID- 19 pandemic. Since it is a dangerous viral infection that can cause you to stay in your house for extended periods, you would need to have the proper insurance to make sure that the policy covers the cost of living inside your home in case you're not able to work.

    Consult your local insurance agencies for more information regarding coverage against COVID-19 and any other medical emergencies. 

  5. Liability Protection
    Lastly, you have to make sure that you also take liability protection. This feature is essential to have primarily if you work from home or if you have a swimming pool or even a pet. Having liability protection will guard against eventual lawsuits because of the number of assets that might incur damage or theft over time. 

Final Words 
These are just some of the significant points that you need to remember before buying homeowners' insurance. It is essential to do some research before making your final choice. By knowing what to expect in your policies, you will make better financial choices down the road. 

At Insurance Agency Network, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (425) 681-0996. Get your free quote today by CLICKING HERE.
29 Comments
Franklin White link
6/24/2020 03:09:11 pm

Thanks for explaining how you will make better financial decisions later on if you know more about your policies. I think a lot of homeowners just go with the cheapest insurance they can find. This can be bad if it doesn't cover the things they care about most so they should really read into the policy.

Reply
Brian Hastings link
6/26/2020 10:33:19 am

Awesome post! Thanks for sharing the knowledge and keep up the good work.

Reply
kate hansen link
6/29/2020 10:52:47 am

It's good to know that the value of your belongings is something to consider when getting homeowners insurance. My sister and her husband recently moved into their very first home a couple of weeks ago, and she was telling me a couple of nights ago about how they wanted to make sure that they get the right home insurance to help them. I'll make sure to pass this information along to them so that they can know some more tips about getting homeowners insurance.

Reply
Bob Newton link
7/1/2020 08:15:03 am

It's valuable that you mention that homeowners insurance can help cover you financially in case your home or belongings are damaged. I'm thinking about buying my first house soon, so I will probably want to purchase some homeowners insurance. I'm going to search for a good business that can sell me some homeowners insurance.

Reply
Patrick Ross link
7/8/2020 07:37:35 am

I like what you said about getting homeowners insurance that will cover the cost of rebuilding. My sister wants to make sure that she's financially protected in the coming weeks. I'll share this information with her so that she can look into her options for getting the right insurance to help with this.

Reply
Alec Burns link
7/17/2020 08:26:12 am

It's cool that this article points out that homeowners insurance can help you rebuild your home if it is destroyed or damaged. My wife and I are thinking about buying our first house together this year, so we will probably want to purchase some homeowners insurance for it. I'm going to search in our area for a reputable business that can sell us some homeowners insurance.

Reply
Greg Hampton link
7/21/2020 07:14:51 am

I like what you said about getting homeowners' insurance to protect things like your electronics. My sister wants to make sure that her possessions are safe in the coming months. I'll share this information with her so that she can look into her options for professionals who can help her with this.

Reply
emily bennette link
7/24/2020 09:29:59 pm

I liked that you pointed out that it would be smart to try to get some liability protection for your house if you have a swimming pool. My parents want to move into a house that has a swimming pool next spring. It seems like they should get homeowners' insurance that has great liability coverage just to be safe.

Reply
Fred Gibbons link
7/27/2020 08:19:16 am

It's great that this article points out the fact that homeowners insurance can help cover you financially in case your home is destroyed or damaged. I'm thinking about buying a house this year, so I will probably want to purchase some homeowners insurance. I'm going to look in my area for a good business that can sell me some homeowners insurance.

Reply
Kristofer Van Wagner link
8/9/2020 12:41:15 pm

I appreciate that this post underlined that having home insurances will ensure our property is protected. I like that this post mentioned how the insurance will cover natural disasters. Seeing how my brother's home is prone to floods, I will ask him to get home insurance.

Reply
rachel frampton link
8/9/2020 05:49:21 pm

My husband and I are planning to buy a residential house, which is why we're also thinking of buying home insurance. I'm glad you shared this; I'll make sure to add a loss of use clause in my policy. You're also right about the importance of including our jewelry, electronic gadget, and art collection in the policy.

Reply
Hobert Smith link
8/15/2020 10:55:49 am

Amazing post! I'm glad that you have shared such essential information. Looking forward for more such articles particularly on insurance for contents of home.

Reply
Kristofer Van Wagner link
9/7/2020 01:06:57 pm

I appreciate that this post shared that home insurance can cover home renovations. My wife and I just bought a new house. I will insist on applying for home insurance.

Reply
megan alder link
9/21/2020 01:07:18 pm

I like that you mainly recommend making sure you will be able to rebuild in case of a total loss, and also get to know about the additional property protection. My cousin is trying to find her first house, and she´s also looking for advice to buy home insurance. I could imagine how important it is to get home insurance so you´re money is well invested so I will let her know what you said.

Reply
pittsburgh financial advisor link
9/27/2020 09:42:57 pm

Hello, thank you for sharing this article it will be really helpful for me to understand about things to remember before buying homeowners insurance policies in 2020. I appreciate your step for choosing this topic. Great article!! You have done a good research I must say, thank you very much for sharing this article.

Reply
Erika Brady link
10/2/2020 08:26:57 am

It's great that this article explains that it's important to keep your home protected from any damage caused by the COVID-19 pandemic and other medical emergencies. Knowing the different coverage options would be important to ensure you get the best policy for your home. After figuring out what coverage you want, you might want to go online to research insurance agencies to learn about the policies and services they offer to figure out which one would be best to work with to get the protection you want.

Reply
Jonathan Hansen link
10/16/2020 11:40:23 am

Thank you for elaborating on how homeowners insurance can help cover your financial losses if your house gets unexpectedly damaged. My wife and I are thinking about buying our first house this year, so we'll want to make sure that we get some good homeowners insurance for it. I'm going to see if there's a good business in our area that can sell us some homeowners insurance.

Reply
megan alder link
10/23/2020 09:24:59 am

My husband and I just bought a new home and we are looking for advice to choose the right homeowners insurance. It's interesting to know what are the different homeowner insurance types. We will definitely talk about this, and we'll make the best decision based on what we can afford.

Reply
Conrad O'Connor link
10/26/2020 11:21:33 am

It's interesting that this article points out that having homeowners insurance can help protect you against potential lawsuits due to incidents that may happen on your property. My wife and I are thinking about buying a house soon, so we'll want to make sure that we buy some homeowners insurance for it. I'm going to see if there's a good business in our area that can sell us some homeowners insurance.

Reply
kate hansen link
10/27/2020 10:13:17 am

It's good to know that liability protection is something to make sure that you have. My sister and her husband recently moved into their very first home a couple of weeks ago, and she was telling me last night about how she has been wanting to know more tips about getting insurance for it. I'll make sure to pass these tips along to her so that she can know more information about getting homeowners insurance.

Reply
Bob Newton link
10/28/2020 01:05:28 pm

Thank you for highlighting the fact that homeowners insurance can help cover your rebuilding costs if your home gets damaged or destroyed. I'm thinking about buying my first house soon, so I'll need to make sure that I buy some homeowners insurance for it. I'm going to look for a good business in my area that can help me get some homeowners insurance.

Reply
Taylor Hicken link
11/11/2020 06:00:20 pm

I liked it when you mentioned including property protection for your home insurance policy in order to ensure that the value of your belongings can be recovered if anything happens to them. My sister just told me that her house is finally ready after being under construction for almost a year and she just can't wait to move in with her family. I will suggest to her getting homeowner insurance in order to protect her property in case of any unwanted circumstances.

Reply
Shaylee Packer link
12/1/2020 07:52:40 am

I didn't realize you could add a loss of use benefit to your homeowners insurance. We recently purchased a home that will need a major renovation before we can move in. I will have to mention this option to my husband, and see what his thoughts are.

Reply
Bob link
12/17/2020 03:30:14 pm

I like your insurance tips. I need lower premiums. I'll have to consider getting a policy that is cheaper.

Reply
Kristofer Van Wagner link
1/4/2021 01:08:48 am

I am happy that this post encouraged us to apply for home insurance as it protects from liability. My wife and I are planning to buy a house for our kids. I will make a point to ensure that the house is also comes with home insurance.

Reply
Chris Pederson link
1/4/2021 12:29:25 pm

I'm glad insurance companies are addressing COVID-19. You said that I should consult with a local agent about it first. I figured COVID-19 is different everywhere so it depends on where you live.

Reply
Kristofer Van Wagner link
1/12/2021 10:01:54 pm

I do agree that it is important for us to consider our financial situation when planning to get homeowners insurance. The other day my wife asked if it would be a good idea for her to apply for insurance. I will definitely remember this tip and pass it along to my wife.

Reply
Super Visa Insurance link
1/12/2021 11:28:47 pm

This is really appreciated that you have presented this data over here, I love all the information shared. It will be very helpful to understand about under financial stress watch out for loans that ask for loans that ask for a fee upfront. Great post to share, thanks for publishing this here!!

Reply
Charlotte Fleet link
1/14/2021 03:32:55 pm

My husband is considering getting homeowners insurance for our house and family. I appreciate what you said about considering the value of your belongings in your home when you buy homeowners insurance. I will be sure to remind my husband to do this when he officially decides to get homeowners insurance.

Reply



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