Choosing Homeowners Insurance: Tips for Buying Homeowners Insurance | Petruzelo Insurance

Tips on Choosing Homeowners Insurance

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Choosing Homeowners Insurance

Buying a home is one of the most important financial decisions a person or family will make. Once you've found the right home it is important to protect it with a homeowner's insurance policy that covers what matters most and fits your budget. At Petruzelo Insurance we want you to be fully prepared when it comes to deciding on coverage for your home and here we offer some tips on how to choose the right homeowner's insurance.

The Basics

When you have located a house you want to buy it is imperative that you get as much information about the home as possible. The materials used to build the house, how old the electrical and plumbing systems are and the condition of the roof will all play a role in determining your insurance premiums. It's also wise to be aware of where the home is in regards to potential hazards such as flood zones and areas that are prone to severe weather and natural disasters such as hurricanes and the proximity to the coastline since this will also affect the insurance premiums that you pay.

Replacement Value vs. Market Value

Recent studies suggest that 60% of homeowners in the United States are underinsured because they don't insure their homes to 'replacement value'. Replacement value and market value are two different things and when an insurance agent talks about replacement value what they are referring to is the cost of rebuilding your home from the foundation up. Market value is what a buyer is willing to pay for the home. If you've remodeled or renovated your home in any way chances are you've increased the value and your coverage should be updated to reflect the home's likely increase in replacement cost.

Special Coverage

Basic homeowner's insurance will cover the dwelling but there are limits on personal property. This means if a fire destroys your home you are covered for the replacement cost of the home but not personal belongings that may be lost including jewelry, antiques and fine art. Before deciding on homeowner's insurance be sure to discuss personal property coverage with your agent so you protect what matters most.


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