{"id":15674,"date":"2020-04-06T09:51:02","date_gmt":"2020-04-06T16:51:02","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=15674"},"modified":"2024-03-13T10:21:08","modified_gmt":"2024-03-13T17:21:08","slug":"buyer-what-to-look-for-in-a-home-insurance-policy","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-what-to-look-for-in-a-home-insurance-policy\/","title":{"rendered":"What Should You Look For in a Home Insurance Policy? 9 Items to Cover"},"content":{"rendered":"<p>If you\u2019ve never bought <a href=\"https:\/\/www.homelight.com\/blog\/buyer-how-does-home-insurance-work\/\">home insurance<\/a> before, you might not know for certain what to look for in a home insurance policy \u2014 what makes a policy good, bad, or mediocre, and how can you tell the difference between a great insurance company and a bad one?<\/p>\n<p>There\u2019s a lot to look out for when it comes to shopping for a home insurance policy. Here\u2019s what you need to consider when choosing a home insurance policy so you can make sure your biggest asset is properly protected.<\/p>\n<figure id=\"attachment_15677\" aria-describedby=\"caption-attachment-15677\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-1.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-1-666x381.png\" class=\"attachment-content size-content\" alt=\"An underneath-view of several colored umbrellas.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-1-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-1-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-1-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-1-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-1-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-1-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-1.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-15677\" class=\"wp-caption-text\">Source: (Pixabay \/ Pexels)<\/figcaption><\/figure>\n<h2>A basic homeowner\u2019s insurance policy should cover\u2026<\/h2>\n<h3>Damage to your house<\/h3>\n<p>Your homeowner\u2019s insurance policy should cover damage to the inside and outside of your house. This includes your possessions, so make sure to document them.<\/p>\n<p>\u201cI tell my buyers to take a video or digital photos of the entire interior and exterior of the home and save it somewhere fireproof,\u201d says <a href=\"https:\/\/www.homelight.com\/agents\/dawn-mccurdy-ny-31mc1041767\">Dawn McCurdy<\/a>, an award-winning real estate agent in Albany, New York. \u201cEveryone should really do that. It\u2019s invaluable.\u201d<\/p>\n<p>\u201cWhether you own or rent, there are different packages of home insurance offered to protect your home and belongings,\u201d explains <a href=\"https:\/\/www.ncfbins.com\/chris.clark\">Christopher Clark<\/a>, an insurance agent with Farm Bureau Mutual Insurance Group in Asheville, North Carolina. \u201cEach package protects against a specified number of perils such as fire, windstorm, and theft. Additionally, each package policy usually contains coverage for property damage, additional living expenses, personal liability, and medical payments. Homeowners policies apply to most owner-occupied single-family dwellings and are modified slightly for apartments and condominiums.\u201d<\/p>\n<p>The lowest-level policy, called <a href=\"https:\/\/www.thezebra.com\/homeowners-insurance\/what-is-ho-2-insurance-policy\/\">HO-2<\/a>, covers the following perils:<\/p>\n<ul>\n<li>Fire or lightning<\/li>\n<li>Smoke<\/li>\n<li>Theft<\/li>\n<li>Vandalism<\/li>\n<li>Windstorms and hail<\/li>\n<li>Damage caused by vehicles<\/li>\n<li>Damage from aircraft<\/li>\n<li>Weight of ice, snow, and sleet<\/li>\n<li>Freezing of household systems<\/li>\n<li>Riots<\/li>\n<li>Explosions<\/li>\n<li>Falling objects<\/li>\n<li>Volcanic eruptions<\/li>\n<li>Overflow or discharge of water \u2014 take note, this isn\u2019t the same as flooding!<\/li>\n<li>Damage from artificially generated electrical current<\/li>\n<li>Sudden tearing, cracking, or bulging of your home<\/li>\n<\/ul>\n<h2>The policy should also cover:<\/h2>\n<h3>Personal liability<\/h3>\n<p>Most people know that homeowner\u2019s insurance covers personal liability. \u201cThat\u2019s the slip-and-fall protection,\u201d says McCurdy.<\/p>\n<p>\u201cIf someone slips on ice in your driveway and they sue you for their injury, you\u2019re covered. It\u2019s similar to auto liability.\u201d<\/p>\n<p>McCurdy recommends that homeowners purchase a \u201cmillion-dollar umbrella\u201d in addition to their homeowner\u2019s policy. \u201cIt will cover home and auto, and it\u2019s not very expensive,\u201d she explains. McCurdy says she has personal experience that illustrates why this coverage is so important. \u201cSomeone had a dog in one of my rentals, and their friend came over, and the dog bit them. They sued for quite a bit of money, and I was covered under my homeowner\u2019s insurance policy.\u201d<\/p>\n<h3>Additional living expenses<\/h3>\n<p>Your policy should cover additional living expenses, meaning that you will be provided with compensation should you find yourself in a situation where you must live outside of your home while it is being repaired or rebuilt.<\/p>\n<figure id=\"attachment_15679\" aria-describedby=\"caption-attachment-15679\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-22.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-22-666x381.png\" class=\"attachment-content size-content\" alt=\"A living room that you could get a home insurance policy for.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-22-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-22-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-22-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-22-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-22-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-22-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-22.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-15679\" class=\"wp-caption-text\">Source: (Curtis Adams \/ Pexels)<\/figcaption><\/figure>\n<h2>In addition, you\u2019ll want to consider a homeowner\u2019s insurance policy with:<\/h2>\n<h3>The necessary level of coverage<\/h3>\n<p>When you pick a policy, you should have three options to choose from: Actual cash value, replacement cost, or guaranteed\/extended replacement cost.<\/p>\n<p>When you go with the \u201cactual cash value\u201d option, you\u2019ll be reimbursed for the actual cash value of your home and possessions. Keep in mind, the insurance company will detract some value for depreciation depending on the age of your home and the contents inside.<\/p>\n<p>The \u201creplacement cost\u201d option will reimburse you for the cost to replace everything like new. Generally speaking, this is probably the option you\u2019ll want to go with so you can rebuild if the worst happens.<\/p>\n<p>\u201cThis coverage ensures that the homeowner will receive a settlement for enough to repair or replace the home and its contents based on current costs,\u201d explains Clark. \u201cPolicies not providing replacement cost coverage means the homeowner will receive a settlement based on the age and condition of the home and its contents, which will be less than the total amount needed by the homeowner to rebuild.\u201d<\/p>\n<p>McCurdy points out that \u201creplacement cost [coverage] should include demo and debris removal of the existing home,\u201d as well.<\/p>\n<p>Finally, the gold standard of homeowner\u2019s insurance is the \u201cguaranteed\/extended replacement cost\u201d option. This level of coverage gives you an extra cushion above your policy limit (usually 20% to 25%) and might be a good idea in areas where home prices are always going up.<\/p>\n<p>\u201cThis is the most complete coverage for your home,\u201d says Clark, who explains that if your policy contains this endorsement and the limit stated in your policy doesn\u2019t cover your full loss, \u201cThe insurance company will pay the difference, subject to a specified maximum.\u201d<\/p>\n<h3>Do you need additional coverage?<\/h3>\n<p>Do you need additional coverage on top of your standard homeowner\u2019s policy? Natural disasters like earthquakes and floods probably aren\u2019t covered, so if you live in an area that is susceptible to natural disasters such as those, it might be a good idea. McCurdy says a <a href=\"https:\/\/www.homelight.com\/find-real-estate-agents\">good agent<\/a> will know upfront if additional coverage, like flood insurance, is required.<\/p>\n<p>It\u2019s not just catastrophic natural disasters to consider. Clark says that homeowners in his state of North Carolina should make sure their policy includes wind and hail coverage. \u201cIn North Carolina, carriers have the option to exclude wind\/hail coverage,\u201d he says. \u201cTypically, most companies do not provide wind\/hail coverage for properties located within the 18 coastal counties of North Carolina.\u201d In other words, if you want that type of coverage, you\u2019re going to have to seek it out.<\/p>\n<p>Another thing to consider is whether you own expensive items that you want to make sure are protected. For example, do you have expensive jewelry, antiques, or artwork that may require additional coverage? \u201cThis coverage is limited on certain types of property that are especially susceptible to loss,\u201d explains Clark, \u201cSuch as cash, securities, jewelry, furs, manuscripts, and stamp or coin collections.\u201d<\/p>\n<p>Consider if you have any extra liabilities, too. Do you have a pool in your yard? Do you <a href=\"https:\/\/www.homelight.com\/blog\/home-insurance-tips-for-airbnb-owners\/\">rent your basement out on Airbnb<\/a>? These scenarios may necessitate additional coverage.<\/p>\n<figure id=\"attachment_15681\" aria-describedby=\"caption-attachment-15681\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-4.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-4-666x381.png\" class=\"attachment-content size-content\" alt=\"An alarm system on a home that may get you a discount in a home insurance policy.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-4-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-4-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-4-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-4-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-4-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-4-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-4.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-15681\" class=\"wp-caption-text\">Source: (Bernard Hermant \/ Unsplash)<\/figcaption><\/figure>\n<h3>Can you score any discounts?<\/h3>\n<p>Once you\u2019ve selected an insurance provider, it never hurts to ask if there are ways to secure discounts and save money. For example, some homeowner\u2019s policies will let you save money if you have a security system in your home.<\/p>\n<h3>What is your deductible?<\/h3>\n<p>Just like when you go to the doctor \u2014 or if you have a car accident and need repairs &#8212; you\u2019ll have to pay a deductible on your homeowner\u2019s insurance claims. This deductible is the amount you must pay out of pocket before your insurance plan will begin to pay for any damage or destruction. A policy with a higher deductible means you\u2019ll make lower monthly payments (also known as premiums), and a policy with a lower deductible means you\u2019ll make higher monthly payments. You\u2019ll want to study your finances and decide which scenario works best for you \u2014 and if you go with a high-deductible plan, make sure you have savings to cover that deductible in a worst-case scenario.<\/p>\n<h3>Should you bundle your home and auto insurance?<\/h3>\n<p>Many homeowners will bundle their home and auto insurance to receive a discounted rate from their insurance provider. \u201cMost companies offer discounts for bundling homeowner\u2019s insurance with auto insurance these days,\u201d says Clark.<\/p>\n<p>He cautions, however, that many auto insurers don\u2019t actually retain the homeowner\u2019s policy; Instead they broker it to a list of companies.<\/p>\n<blockquote><p>\u201cTypically, they do that at a higher cost and provide a nominal \u2018bundle discount\u2019 on the auto insurance policy held by the consumer.\u201d<\/p><\/blockquote>\n<p>The result, says Clark, is that the consumer may pay a higher net cost thinking they have a bundled discount. \u201cThe easiest way to spot this is if the home and auto insurers are not the same company,\u201d he says.<\/p>\n<h3>Are you working with a reputable company?<\/h3>\n<p>McCurdy says that there are some red flags to watch for when it comes to choosing a reputable insurance company. \u201cIf someone is just dictating a price to you but won\u2019t provide a full report of what you\u2019re being sold, or provide a quote in writing, that\u2019s a red flag,\u201d she says. On the other hand, \u201cA green flag is someone who asks a lot of questions.\u201d<\/p>\n<p>It\u2019s important to check your insurer\u2019s credit rating and find out if there are consumer complaints against the company. When doing some digging to make sure you\u2019re working with a trustworthy company, <a href=\"https:\/\/www.consumerreports.org\/cro\/index.htm\">Consumer Reports<\/a> can be a good resource.<\/p>\n<p>Clark advises making sure the company you choose is domiciled within the United States. Those that aren\u2019t \u201cTend to charge more for the same coverage in order to cover the additional cost of doing business here,\u201d he says. \u201cThat can also make claims handling problematic in the event of a loss. Select a company with offices and claims staff located near the home being insured.\u201d<\/p>\n<figure id=\"attachment_15680\" aria-describedby=\"caption-attachment-15680\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-3.png\" target=\"_blank\"><img decoding=\"async\" width=\"666\" height=\"381\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-3-666x381.png\" class=\"attachment-content size-content\" alt=\"A damaged house with debris around it.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-3-666x381.png 666w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-3-64x37.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-3-128x73.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-3-192x110.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-3-432x247.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-3-500x286.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-3.png 700w\" sizes=\"(max-width: 666px) 100vw, 666px\" \/><\/a><figcaption id=\"caption-attachment-15680\" class=\"wp-caption-text\">Source: (NOAA \/ Unsplash)<\/figcaption><\/figure>\n<h3>What is the claims response like?<\/h3>\n<p>If you find yourself in the position of filing a claim somewhere down the road, you want to make sure that the company you work with has an easy and well-functioning claims process. Your real estate agent should be a good resource and can probably tell you what they know about how different companies respond to big problems.<\/p>\n<p>You\u2019ll also want a clear understanding of who will handle your claims calls and what kind of settlement rate and response time you can expect. Ask these questions upfront, before choosing a provider.<\/p>\n<h3>What is the retention rate at the insurance company?<\/h3>\n<p>A good insurance company will keep a lot of happy customers. Before you choose one to work with, check to see what their customer retention rate is. It\u2019s also a good idea to ask friends and family which insurance companies they recommend, as word-of-mouth referrals are usually spot-on.<\/p>\n<h3>How much does it cost?<\/h3>\n<p>Finally, look at how much your policy will cost you. Remember that price does matter, but it shouldn\u2019t be your first or only consideration.<\/p>\n<p>\u201cMost people are just shopping price,\u201d says McCurdy, who advises against that strategy. \u201cIf you <a href=\"https:\/\/www.homelight.com\/blog\/buyer-how-to-get-home-insurance-quotes\/\">get a couple of quotes<\/a> for the same coverage, they should be pretty close,\u201d she says. If one quote comes in a lot lower, McCurdy says that requires a closer look. \u201cSome companies will quote you for a lower amount of coverage, and that\u2019s why the quote is for less,\u201d she says.<\/p>\n<p>McCurdy also advises making sure that the companies you request quotes from don\u2019t pull a hard credit report. \u201cMost can do a soft pull,\u201d she explains. \u201cHomeowner\u2019s insurance is credit-driven, so your <a href=\"https:\/\/www.homelight.com\/blog\/buyer-why-is-my-home-insurance-so-high\/\">policy may be higher<\/a> because of your credit score.\u201d<\/p>\n<p>Keep these points in mind when shopping for a homeowner\u2019s insurance policy, and you\u2019ll make sure you\u2019re covered should the unexpected happen.<\/p>\n<p><em>Header Image Source: (Curtis Adams \/ Pexels)<\/em><\/p>\n<p><i><span style=\"font-weight: 400;\">All product names, logos, and brands are property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, logos, and brands does not imply endorsement or any affiliation with HomeLight.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve never bought home insurance, you might not know what to look for in a home insurance policy. Here\u2019s the difference between a good and great policy.<\/p>\n","protected":false},"author":163,"featured_media":15676,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[192,660,654],"tags":[],"class_list":["post-15674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-buyers","category-homeowners-insurance","category-homeownership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Should You Look For in a Home Insurance Policy? 9 Items to Cover<\/title>\n<meta name=\"description\" content=\"If you\u2019ve never bought home insurance, you might not know what to look for in a home insurance policy. 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Here\u2019s the difference between a good and great policy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.homelight.com\/blog\/buyer-what-to-look-for-in-a-home-insurance-policy\/\" \/>\n<meta property=\"og:site_name\" content=\"HomeLight Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gohomelight\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-06T16:51:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-13T17:21:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hl-blog.homelight.com\/wp-content\/uploads\/2020\/04\/what-to-look-for-in-a-home-insurance-policy-head.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Kim Dinan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@kimdinan\" \/>\n<meta name=\"twitter:site\" content=\"@gohomelight\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kim Dinan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What Should You Look For in a Home Insurance Policy? 9 Items to Cover","description":"If you\u2019ve never bought home insurance, you might not know what to look for in a home insurance policy. 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