If you are a first time home buyer, make it a point to invest in a comprehensive home insurance policy. It will protect your loved ones and your home from all perils. While there are many options available, it is important that the homeowner understands his needs and budget before picking a policy.
Following are some factors that one can keep in mind before making the decision:
- Know your home’s value: Ask around real estate agents, if need be, but do be well informed of your home’s worth. This will help you insure your home at its rightmost value. Undervaluing your home may incur losses later on.
- Check what is covered: There are different coverage options offered by homeowners insurance. Read the document carefully and know whether personal possessions, natural calamities, coverage against injury to someone on your property etc. are included.
- Always compare: Since there are many insurance carriers in McAllen, TX, choose the one that has the best reputation. This helps in the time of claiming insurance. Check online for reviews or go on personal recommendations, but it is wise do take time and do proper research.
- Try to reduce premiums: There are some things homeowners can install to reduce the monthly premiums. These may include burglar alarm, smoke detectors and other safety equipment which assure the homeowner’s sincerity towards protecting the property.
- Make the claim on time: Before buying a policy ask about the time allowed to claim coverage and the turnaround time for the company to pay. If you overshoot the time limit mentioned in policy, you may not get all insurance benefits.
- Know what is Replacement Coverage and Market Coverage: While deciding on the kind of coverage, know that replacement coverage implies that the amount paid will be enough to rebuild the same house whereas market coverage is the value of your property at the time of damage. Consider your future liabilities and make this decision accordingly.
- Go for bundling of policies: It makes perfect sense to bundle your other insurance policies with this one as it may make you eligible for discounts or benefits. However do not buy a new policy just because of this reason. Bundle only those policies that you actually need.
- Get done with mortgage: An insurance company may reduce your premium rates if you own the home rather than if you are still paying a mortgage. If it is possible, act on this so that your credibility goes up and insurance costs are reduced.
- For assistance in buying homeowner’s insurance in McAllen, TX, feel free to contact Smith-Reagan Insurance Agency at (956) 399 – 1353.