Shopping around is half the battle when it comes to getting the right home insurance policy at the right price. While the quote is certainly a crucial factor in the process, it’s important to get down to the essence of a policy. Here are six questions you should pose to every insurer you consider.
What are the Deductibles?
When it comes to homeowners insurance in Texas quotes can’t be put in context without the deductible, which is how much you have to pay out of pocket for any claim. A high deductible can lower your premiums but place financial burden on you when damages occur. A low deductible is nice when you make a claim but can increase your annual insurance costs considerably.
Do I Get Replacement Cost or Market Value?
Consider a scenario in which a bad storm has damaged shingles and flashing and caused a leak on a roof that’s five years old. If your policy gives you replacement cost, then the insurer will pay the cost to repair the damage minus the deductible. If your policy gives you market value, the insurer will calculate how much to give you based on the current depreciated value of your roof.
What Ancillary Coverage is Included?
When comparing homeowners insurance Texas quotes, understand your benefits beyond the obvious aspects of damage, theft, liability and so forth. For instance, many policies include shelter coverage, which means that if storm damage makes your home unlivable, your insurance will cover food and board and other necessities.
What Discounts are Available?
Most insurers offer discounts, such as a reduced rate for an active security system. Know what discounts are available. Each provider will be different, and you’ll want to gravitate toward discounts that fit your home and your lifestyle. The highest quote you receive may end up being the best value after you factor in the various discounts that are available to you.
Can I Bundle and Save?
Bundling is a great way to find the lowest homeowners insurance Texas quotes available. Bundled insurance, also called a multi line policy, is when you have multiple policies with the same provider, which results in a discount for each policy. You can usually bundle any type of insurance the insurer offers, including home, auto and life.
Is 24-Hour Claims Service Available?
Whenever you suspect the potential for a valid home insurance claim, you want to file it as soon as possible. You can cancel the claim later without penalty. That’s why having a 24/7 claim service is so important. If a roof leak springs in the middle of the night due to a bad storm, you want to be able to file that claim right away so that the adjuster will be out there at least by morning.
Your home insurance policy is a complex contract, and there’s a lot you need to know in order to appreciate fully how it protects you. It can seem overwhelming at times, but there are numerous additional resources on the Web, including the form up top, that can help you make sense of it.