MONDAY, JANUARY 24, 2022
Your home is an investment that you have worked hard to own and maintain. It should be protected in the same manner. Renewing your homeowner’s insurance is not something to be taken lightly. You want to make sure your homeowner’s insurance protects your home completely. Before you start shopping around for competitive prices, consider the following three tips to ensure you purchase the right type and amount of insurance.
Know What’s Covered in Your Policy
All homeowner’s insurance policies are not created equal. In fact, the type of coverage you get and the coverage limits vary depending on the insurance provider you choose. After experiencing a loss, you do not want to find out that your insurance does not adequately cover your home. Instead, learn about different coverage options in advance to ensure you have complete protection for your home.
Determine Whether You Need Flood Insurance 
Flood insurance covers homeowners who experience a loss due to flooding. Your homeowners insurance may not include flood protection for water damages stemming from external sources. However, you can often add flood coverage onto your policy if you choose. Be aware that flood insurance has a 30-day waiting period before the coverage takes effect.
New Home Buyers Should Order CLUE Reports
If you are interested in purchasing a home in the future, you should order a CLUE report to determine what types of losses the home has been exposed to over the years. A CLUE report will show you all the claims each homeowner made concerning the property, which will help you determine whether you want to purchase the home, what different types of insurance products are most appropriate and how much insurance you need to purchase to thoroughly cover your home's replacement costs.
With so much of your income invested in the purchase of your home, you want to make sure that you have homeowner’s insurance that will allow you to rebuild a home comparable to your existing home. When you take the time to research your options for home insurance, you increase the chances of purchasing a policy that will protect you when you need it most.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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