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4 Tips to Consider When Insuring Your Home
Buying a house is a staple of the American dream, but whether you’re purchasing your very first home or are relocating, it’s important to keep homeowners insurance in mind. Doing so can make moving on after an unfortunate event easier to deal with. What should you consider when shopping for homeowners insurance? The following tips can help you decide on the perfect homeowners insurance plan for the security and peace of mind you and your family need.
Know the Facts
After finding the house of your dreams, gather information about it to determine your potential insurance costs. This information includes:
- The age of electrical wiring
- The age of the plumbing system
- The materials used to build the house
These factors can help indicate the price you’re looking to pay for insurance. A wooden home in areas susceptible to fires can be more expensive to insure, whereas masonry houses will be pricier to insure in areas prone to earthquakes.
Identify the Area
Houses in areas susceptible to storms, floods and fires will cause a significant increase in insurance costs due to the obvious dangers it can be exposed to. Houses a short distance away from police stations or fire departments can potentially cost less to insure.
Understand the Value
Studies show that most homeowners are uninsured due to their lack of insurance at replacement value. The replacement value of a house is the cost that must be paid to rebuild the structure from the ground up. Your home’s replacement value should be updated to reflect the costs for rebuilding it with today’s material prices. While this may see your premium rise with monthly coverage, it can make a huge difference if an unfortunate event occurs.
Find Your Way to Complete Coverage
A standard homeowners policy will protect the structure of your home and some of your valuables, but not all of them. If some of your personal belongings exceed policy limits, you may be interested in a “personal articles floater” for your coverage. A personal articles floater can insure your valuables for their purchase or appraisal prices and can generally protect your items from theft and loss away from home.
Let’s Protect Your Home Today
At Shepard Walton King, we understand how important your home is. Let us help you give it the protection it needs. Don’t let a natural disaster or an unexpected accident take what you worked so hard for away from you. Contact our insurance professionals in McAllen today to learn more about our wide range of services.