If you are looking to purchase your first home insurance policy or switch up your home insurance policy, you may be comparing various policies. When comparing policies, you are likely to look at the price of the policy, the amount of the deductible, and the amount of coverage that the policy provides. While these are all important factors to consider, there are a few other factors that are also important to compare. This will help you find the right home insurance policy for your needs. Here are a few of the lesser known factors to look at and compare as you go about purchasing a new home insurance policy.
Detached Structures
Your home insurance policy will cover your home, as well as any structures that are attached to the home, such as an attached garage. But what may not always be covered are detached structures. This includes items such as a pool house, a gazebo, a barn, or a detached garage. Every policy will have a list of detached structures that are covered and that are not covered. Always carefully look through this list and ensure the structures that are located on your property are covered under the home insurance policy you are considering purchasing.
Coverage Sub-Limits
Another factor to carefully look at and compare when you are looking to purchase a new home insurance policy are coverage sub-limits. Most people make the mistake of assuming that all of their property is covered if it is under the value of their personal property coverage limits. For example, if your personal property coverage limit is $100,000, you may think that covers all of your personal property. But, most policies have coverage sub-limits. They may limit your jewelry coverage to only $5,000 or art coverage to $2,000, unless you specify the exact items you have and their value when buying the insurance policy. Always review these special limits to see what may or may not be covered by your policy.
The Exclusion List
Lastly, carefully compare what is covered or excluded under various home insurance policies. Most home insurance policies cover fire and theft. Most exclude flooding and hurricanes. But other elements, such as sewer back-up and mold, may be covered under one policy, but denied under another. Always read the exclusion list, as a cheaper insurance policy may not really be cheaper if it has more exclusions.
Buying a home insurance policy can be challenging. You have to carefully examine many different parts of the policy to find a policy that works for you. If you are in the market for a home insurance policy, contact an insurance agent or broker today to get help finding the best policy for your needs.
For more information, reach out to companies like Accurate Insurance Services.
