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Homeowners Insurance Basics

Your house is probably the biggest financial investment you have ever made, which is why it is important to protect it with the right homeowner’s insurance policy. Whether you are renewing your policy, or investing in a whole new policy, keep these tips in mind to make sure that you choose the right policy for your needs.

  • Know your numbers – knowing how much it would cost to completely rebuild your home after a complete loss will help you decide how much insurance you need to invest in. There are many online calculators that will help you determine the replacement cost of your home, or you can work with your insurance agent to come up with the right number.
  • Create a home inventory – take the time to create a detailed home inventory of all of your assets either with a video or a list. A home inventory will help you decide how much personal property coverage you will need with your home insurance policy.
  • Do not skip on liability coverage – the liability portion of your homeowners insurance policy will provide coverage in case of a lawsuit. If someone is injured while visiting your house, or your dog bites someone while you are out on a walk, you liability coverage will cover any costs if you are sued due to the accident.
  • Choose the right deductible – the deductible of your home insurance policy is the amount that you will have to pay out of pocket before your coverage kicks in. While a higher deductible can help to lower your premiums, it will also mean that you will have to shell out more cash before your insurance will cover any damages. Make sure to choose a deductible that you can afford.

For all of your homeowner’s insurance needs when renewing or buying home insurance, contact The Schwab Agency in Colleyville, Texas.

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