Things to Consider Before Buying Home Insurance

Whether you’re a new homeowner or are shopping around for home insurance quotes from a new provider, it’s important to research the best deal and the most comprehensive coverage.

Below, we’ve put together some essential things to check before committing to a new home insurance policy.

The Extent of the Coverage

Even the most basic home insurance plans should cover a small number of standard claims, including:

Perils

Peril coverage can vary, but it should always include weather-related damage such as lightning strikes, hail, wind and fallen objects due to earthquakes, etc. It should also cover your dwelling in the event of aircraft or vehicle impact, explosions, smoke and fire.

Since home insurance policies can vary by the insurance provider, it’s important to take a close look at your policy and understand what it includes in its perils section. “All Perils” should cover everything listed here; however, in some cases, policies only offer partial coverage.

Personal Liability

If somebody is injured on your property, you could be responsible for their medical and legal costs. Personal liability coverage protects you up to a maximum amount against these potential costs.

We recommend looking for insurance policies that offer, at minimum, $300,000 worth of coverage when it comes to personal liability. Anything less might leave you at risk of paying a lot of money in the event of an accident on your property.

Contents

Contents coverage protects your possessions against theft, damage and vandalism. Everything under your roof is usually covered, including furniture, clothing, electronics and sports equipment.

Consider taking stock of the items in your home and getting a rough estimate of the monetary worth of your belongings. That will allow you to compare it against the home insurance quotes you receive.

The average home insurance cost is around $80 per month (or $960 annually), but this can go up or down depending on the type of dwelling you have, whether or not your basement is furnished and other factors like past claims. A home insurance calculator can help you estimate how much insurance you need.

The Damages Covered Against Accidental Damages

Accidental damage coverage is typically taken out on contents or dwelling insurance. It can cover incidents such as:

• Damage to furniture (i.e., red wine spilled on a brand-new carpet)
• Broken electronics (if the break is physical and not due to a malfunction)
• Damage to items in your yard
• Broken window glass
• Damage to your locks

Deductibles

The average cost of a home insurance policy deductible is $1000. Consider the potential claims you may need to make in the future and how much you would be willing to pay to cover those costs.

You may be able to adjust your average home insurance cost to lessen the deductible – in which case your coverage will probably go down -– or increase it, which will provide you with more coverage in the event of an accident.

What Isn’t Covered

Your home insurance policy may not include additional coverage options such as earthquake and water damage, and maintenance issues.

Earthquakes and Water Damage

Depending on where you live, earthquake coverage may not be something you need to worry about. However, it’s crucial to consider all adverse weather events that could negatively affect or damage your home based on your location and check if they are included in your policy.

Furthermore, water damage caused by flooding, sump pump or sewer backups may not be included and must be appended as an add-on to your insurance policy.

Maintenance Issues

Sometimes, things like insect damage, bird or rodent problems, rust, mold, rot and general wear and tear are not covered by insurance policies. If you need to fix or upgrade parts of your home that have been affected by these things, keep in mind that your policy may not cover it.

Contact Us 

If you are interested in getting a home insurance quote or have more questions about the home insurance process, get in touch with TSO Adjustment Service today.

You can reach us by phone at 215-886-7440 or book an appointment online.