Choosing a homeowners insurance plan is a big decision. This list offers crucial advice for the selection process.
When buying a homeowners insurance policy, you shouldn’t necessarily opt for the cheapest plan. Especially if you live in a high-risk area like many parts of Louisiana, it’s more important to have adequate coverage to protect you in the event of a natural disaster. This list outlines other important considerations to make when shopping for this essential form of insurance.
Get the Right Coverage
When researching different insurance providers, make sure to find out how the company handles claims. A recent survey from Consumer Reports found that, for larger claims over $20,000, clients often disagreed with their insurer’s damage estimates. You’ll want to buy from a company with a reputation for responding well to losses.
When selecting a policy, you need to look at the big picture. Considering all assets and risks ahead of time will help you avoid out of pocket costs resulting from inadequate coverage. If you want to protect against the spike in material and labor costs following a natural disaster, you may need an extended coverage rider. If you have expensive art, jewelry, or other valuables, you may want to purchase a special endorsement or floater to cover their value.
Insurers often give discounts for homes equipped to deal with various risks. Consumer Reports estimates that installing burglar alarms, deadbolt locks, and smoke detectors can garner a 5 percent premium discount. Additionally, a sprinkler system with alarms to notify first responders could result in a 15 to 20 percent discount. Finally, since much of Louisiana is prone to hurricanes or flood damage, consider fortifying your home with wind and rain resistant siding and a code-standard roof to further reduce risks.
Bundle Home and Auto Insurance
Buying home and auto policies from the same insurer saves money. Because bundling benefits insurance companies, they will often offer a 10 to 15 percent discount on the package. Plus, if your home and car both suffer damage in a single instance, you can save money on your deductible if your policies are bundled.
Often, homeowners shop once for insurance and forget about it. Unfortunately, this could result in unexpected costs down the road or inadequate coverage when you need it most. Our team at Darryl Murphy Insurance is your local source for home, auto, and flood protection in Livingston Parish. To find out if your current coverage is right for you, or to see if we can help save you money, give us a call at (225)-698-6789 to receive a complimentary policy review.