Are you looking for home insurance? Don’t settle on a policy until you’ve done some home insurance comparison shopping.
It can be hard to know whether you’re getting the best deal. If you only look at one option, no matter how good it is, you can’t be sure that it’s the best. That’s why it pays to have someone to shop around for you.
Comparison shopping is especially important when it comes to homeowners insurance. Policies can vary in big ways. You might not think the technical differences matter much – until you have to file a claim. Then you’ll realize how much it matters.
Your homeowners insurance policy protects the most important asset you have: your home. Make sure you have the best homeowners insurance policy possible by engaging in some home insurance comparison shopping.
Illinois Homeowners Insurance Policy Differences
If you don’t know much about homeowners insurance – and let’s face it, most people don’t – you might assume that one policy is just as good as another. As long as you have coverage, you’re good. Right?
The differences in home insurance policies are significant, and the small print can have a big impact. Many people make the mistake of just looking at the costs – specifically, the premium and maybe the deductible. Whiles these costs are important, they’re not all that matters. If you ever need to file a claim, you may end up learning this the hard way.
Here are four areas to focus on when comparing home insurance quotes:
- Coverage: A standard Illinois homeowners insurance policy will typically provide coverage for the home structure, as well as personal belongings, personal liability and additional living expenses. Despite these similarities, there are differences.
First of all, not all perils, or loss causes, are covered. Some policies use a named peril system, meaning that only the perils listed in the policy are covered, while others use an all-peril system, meaning that all perils not listed as excluded are covered. There can also be variations in terms of coverage for other structures on your property, like sheds. Most policies will cover sheds and other structures, but don’t just assume you have coverage.
- Limits: If your home is ever destroyed, you’ll need your insurance payout to rebuild, so securing an adequate limit is essential. But there’s more to insurance limits than this. In addition to the main limit that covers your house, you also need to think about the limits for other types of coverage under your policy.
For example, you’ll want to consider what your limits are for things like outdoor structures and personal belongings. There are also separate limits for personal liability, and these limits may be important if you’re ever sued.
For additional living expenses coverage, it’s also important to consider time limits. If your home is damaged or you are forced to evacuate, extended hotel stays can become a major expense, so this coverage is important.
- Territory: Homeowners insurance protection can extend beyond your property lines. For example, personal liability coverage may apply to certain events that occur outside of your home. However, there can be limits regarding where you’re covered, so it’s important to know the territory definitions of your home insurance policy. Also, in some cases, belongings might be covered when outside of the home. For example, if your son’s laptop is stolen while he’s living in the dorm, are you covered? Find out before you have to file a claim.
- Endorsements: Will your policy cover you if a sewer backup floods your home? What about if your appliances are damaged by a power surge? Will your coverage apply to losses in your home office? Homeowners insurance endorsements can provide the additional coverage you need. There are many different endorsements to choose from and selecting the right ones can make the difference between ho-hum coverage and coverage that really has your back when you need it.
You don’t want to have to worry about these things when you’re dealing with the aftermath of a fire, storm or theft. Make sure you have the right coverage BEFORE you have to file a claim.
To do this, you need to compare options from the best home insurance companies.
Unfortunately, home insurance comparison shopping isn’t always easy …
The Challenges of Finding the Best Homeowners Insurance
You want the best homeowners insurance from the best homeowners insurance companies. Unfortunately, finding the best home insurance isn’t always straightforward. That’s because the best home insurance company for you might not be the best home insurance company for someone else.
Maybe you need endorsements to cover your Illinois home business, or maybe you have expensive art or jewelry and need higher limits on personal belongings. Maybe you have valuable structures other than your house on your property, or maybe you’re worried about having enough personal liability coverage.
Everyone has different insurance needs. This means no one can point to a specific insurance policy and say it’s the best home insurance for everyone.
Another problem arises when insurance companies handle things differently. One insurance carrier may offer home insurance endorsements a la cart, for example, while another may bundle them. These differences can make comparing homeowners insurance options difficult.
How to Get and Compare Home Insurance Quotes
Insurance is a complicated issue, and when it comes to home insurance, the stakes are high. This is not something you want to mess up. That’s why you need expert help.
A lot goes into finding the right home insurance coverage for your needs. You need to consider your options carefully, but getting and comparing homeowners insurance quotes can require time and expertise you don’t have.
An independent agent can get quotes from multiple homeowners insurance companies. This means you don’t have to do the legwork of completing multiple applications with multiple carriers. By working with a single insurance professional, you can get quotes from the best home insurance companies all at once.
An independent agent can also provide invaluable insight and advice, which is important. When it comes to home insurance, there’s a lot that the average person doesn’t know. Something as simple as not realizing you need a specific endorsement could end up costing you thousands out of pocket in the long run.
As independent insurance agents, we understand the ins and outs of home insurance and can help you find the best coverage for your unique situation. Ready to start comparison shopping? We’re ready to help! Contact us today.