Between recent fires in Colorado and unpredictable weather patterns, many homeowners have their work cut out for them when it comes to selecting homeowners insurance. Whether you’re purchasing a new home or comparing options against your current policy, the balance is anything but straightforward: while no one wants to feel they’re overpaying for insurance, the need to be prepared for the worst case scenario is unfortunately top-of-mind for many.
Still, there are ways to balance these two needs and save yourself headaches down the road. Keep these tips for selecting homeowners insurance in mind as you sift through policy options.
Keep a File of Your Home Details
Each time you request a quote for homeowners insurance, you’ll need to answer in-depth questions about your new home. While this may sound straightforward at first glance, some of these questions lie beyond normal common knowledge of a home. You’ll need to report facts like:
Square footage
Building materials
Claims filed for the property in the last 3 years
Custom features and upgrades
Security and fire mitigation system details
You can use the MLS listing to help you answer basic questions like square footage, and you can lean on your real estate team to help you answer additional questions. Especially when you haven’t moved in yet, visualizing whether there are sprinklers, exterior cameras, or any custom finishes can be difficult in the whirlwind of closing on a home!
Instead of chasing down answers every time you seek out a new homeowners insurance quote, keep a document of your answers the first time around so that you can easily reference it and conserve your time and energy while still comparing plenty of quotes.
Compare Multiple Offers
Identifying the best homeowners insurance for your needs can take time. In order to find the right balance of pricing and coverage, compare various offers and choose the best value. In many cases, you’ll be comparing policies that may seem similar at first glance but could have coverage discrepancies in key areas.
Read every policy in full rather than skimming for monthly premiums and coverage limits. What “perils” does it cover? Does it account for the personal property coverage, personal liability coverage, and other coverages that are important to you? Does it leave you vulnerable to any hazards or risk a larger financial problem should an unexpected event happen? The right policy will meet your short-term budget without leaving your long-term finances up to chance.
Work With an Insurance Agent
Especially in light of fires, flooding, and other environmental concerns impacting Colorado, finding sufficient insurance in some areas can prove especially tricky. Whether you want an extra set of eyes on your approach to finding insurance or you’re encountering barriers to meeting your needs due to specific hazards associated with your home, working with an insurance agent can be the best path forward for efficiently comparing offers and getting an inside track to the best deals on the market.
If finding a homeowners insurance agent feels just as daunting as identifying the right policy, reach out to your real estate agent to learn about their recommended partners or referrals for a solid starting point.
At The RC Homes Group, we’re committed to simplifying every step of the real estate process for you — from finding your dream home to getting it safely and affordably insured. If we can answer any questions about homeowners insurance or connect you with one of our trusted referrals, please reach out anytime!
