Did you just purchase a new home? Or are you currently trying to find a better policy on your current home? Be sure to educate yourself about different policies, coverages, premiums, deductibles, risk factors, and everything else before you buy home insurance online. Knowing exactly what everything means will help you make the best decision possible.
You’ll also need to gather details about the property itself, if you haven’t already done so. Learn as much as you can about the home itself, its history, when it was built, the number of times it’s been renovated, type of materials used in construction and renovation, heating system, etc. Also, don’t forget about the property and the size of the yard as well as any other structures on it. Bring in an actual expert to do a proper replacement cost appraisal.
The coverage limit for the dwelling itself should be equal to the replacement cost in the event that is destroyed or deemed unlivable for any reason. If you just bought a home and are not aware of all of its construction and renovation history, it might be worthwhile to bring in a contractor who will take a look at everything and give you an estimate on how much it would cost to replace it all.
Home Insurance Online for Personal Belongings
Don’t just assume that all of your personal belongings will be included with the dwelling coverage when looking for home insurance online. There are certain things that might not be, and most standard policies will place a limit on how much it will pay out for some types of valuables like electronics, art, jewelry, and various other collectables. Consider itemizing those kinds of belongings as an add-on to your policy. Ideally, try to add replacement costs for those items to get fully reimbursed should something happen to them.
Homeowners sometimes forget about loss of use coverage. They get so caught up in making sure that everything will be repaired or replaced that they forget about the fact that they won’t be able to live there while reconstruction or renovation are taking place – unless the damage isn’t too bad. If you don’t have close family in the area you would feel comfortable staying with, then you might want to get loss of use coverage. This is typically around 20% of the dwelling coverage limit. It will help you pay for your hotel and some other living expenses your family will need.
When it comes to home insurance online, look into a company like Lemonade Insurance. You don’t have to just stick with one of the big name insurers. Lemonade offers homeowners insurance as well as co-op, condo, and renters insurance.