Your home is your biggest investment. It’s where you have all of your keepsakes and belongings. What would you do if something tragic happened to your house? Would you have the money that you need to replace your things and repair your home? If you’re like most Americans, probably not. That’s where homeowner’s insurance comes in.
Homeowner’s insurance is one of the most important purchases that you’ll ever make. You never know what Mother Nature is going to throw at you. Homeowner’s insurance will ensure that you always have a place to lay your head and that you don’t have to break your bank to make any repairs.
If you’re looking for homeowner’s insurance, you know that it can be a confusing and challenging process. Just about every lender is going to require that you have homeowner’s insurance to protect their loan, which means that you’ll have to have a plan to complete the mortgage process. There are several things that you should know when you’re trying to find the best plan possible.
At Longevity Brokers, it’s our mission to provide the Denver, Colorado area with the best insurance plans possible. We provide our clients with the information and resources that they need to find the best homeowner’s insurance, auto insurance, and even life insurance.
How Much Coverage do you need?
One of the most important decisions that you’ll need to make is how much coverage and the type of coverage that you’ll need to buy. Not having the right kind of policy could be one of the worst mistakes that you ever make. The type of coverage and the amount that you get are going to differ depending on your home and the lender. Some of them are going to have different requirements.
The standard homeowner’s insurance plan is going to protect against a variety of different perils. Everything from fire damage to falling tree branches. Some plans are going to offer additional protection, while others are going to give less coverage.
Decide on a Deductible
Another important thing that you’ll need to decide when you’re looking for the perfect plan is deciding how large of a deductible that your plan is going to have. The deductible is the amount that you’ll have to pay towards the repairs or less before the policy starts paying for their portion. The higher that your deductible is, the cheaper that your monthly premiums are going to be.
There are two types of deductibles that you’ll have to choose from. Some companies use a dollar-amount deductible while others are going to use a percentage-based deductible system. With a dollar-amount deductible, you’re going to pay that preset deductible amount, regardless of how much the repairs cost.
With a percentage-based deductible, on the other hand, you’re going to pay a percentage of the estimated replacement cost of the damages. If you have a 1% deductible on a $250,000, then you’re going to pay around $2,500 if you file a claim. You’ll need to decide which type of deductible is going to be best for you and your home.
In most cases, a dollar amount deductible is going to be a better option, especially if people with more expensive homes. If you want to save money on your homeowner’s insurance plan, you should pick a plan with a higher deductible amount. Raising your deductible to $1,000 or $1,5000 could save you hundreds of dollars every year on your insurance policy.
The best way to ensure that you’re getting the best homeowner’s insurance plan is to compare dozens and dozens of plans before you decide which one is going to work best for you. Every company is different, and all of them are going to offer you different rates depending on the rating systems. If you want to guarantee that you’re getting the lowest premiums, you’ll need to compare dozens and dozens of quotes first.
Because there are so many companies on the market, you could spend weeks contacting different companies to get quotes, and if you’re looking for a policy to complete mortgage requirements, then you’ll want to find the loan as quickly as possible.
Instead of wasting hours and hours calling agents, let one of our independent insurance brokers do all of that hard work for you. Unlike traditional insurance agents, independent brokers work with dozens of highly rated companies across the nation.
At Longevity Brokers, we know which insurance companies are going to offer the best rates and coverage to protect your home. We are here to help you find the best policy and help you decide which type of plan is going to meet your needs the best.
If you’re finding homeowner’s insurance to meet mortgage loan requirements, or you want a better plan than the one that you currently have, please contact one of our agents today. We can connect you with one of the highly rated companies that we work with. Additionally, if you have any questions about the different types of homeowner’s insurance plans or ways that you can save money on your coverage, please contact us today. You can use our contact page, or you can call us at (720) 209-4598.
We that shopping for insurance, regardless of the kind of plan that you’re buying, but that’s why we are here. It’s our mission to ensure that you have all of the plans and coverage that you need.