Even though you might not legally be required to have homeowner’s insurance (depending on your state), you will still need it. If you’re a new homeowner, your mortgage lender will most likely require coverage in order to get your loan. If you have already paid the home off, it’s still a good idea to search for best homeowners insurance rates so that you can get coverage to protect you in any event that you either lose your home or are about to lose your home, for any number of reasons (a lawsuit, fire, flood, etc.)
How do you get the best rates? By shopping around. Take a minute to search a reliable site for quotes and compare those quotes to learn about the different companies, coverage options, and policy details. Read over each offer carefully, including the fine print. Know exactly what the coverage costs, which should ideally be the home, property, and contents. Some companies may require you to purchase home contents insurance separately.
Do not confuse the amount you paid for the house with the costs of rebuilding it. Construction prices only ever go up, not down. The value of a house only goes down after time, unless you make significant upgrades. If your house has “disaster-resistant” features or security equipment and technology, insurance companies will likely offer a nice discount. You can do things like reinforce your roof, modernizing your electrical systems, getting an alarm system installed, etc.
Try your best to maintain a good credit score. If your credit is bad, it’s going to be more difficult to get the best homeowners insurance rates. Try your best to catch up with your bills and increase your credit score as quickly as you can. Prove to potential insurers that you are successfully improving your personal credit.
How to Get the Best Homeowners Insurance Rates
Try to obtain any discount you can. Most insurance companies offer some type of discounts to entice new homeowners and to keep current customers loyal. The types of discounts available vary from one company to the next. As mentioned above, there ARE usually discounts for having a weather-proof and burglar-proof home. However, you might also get a discount for paying annually instead of monthly, or for being a non-smoker. Some insurance companies really do offer discounts if all the people living in the home are non-smokers.
Get all of the information regarding your house and its construction materials prepared, as you might be required to provide a lot of details during the application process. Do you have a garage connected to the home? What kinds of materials were used to construct the roof? Be sure and answer correctly so that you can get the right insurance for your needs.
Where should you begin your search for the best homeowners insurance rates? Lemonade has been featured in The Wall Street Journal, Forbes, Financial Times, TechCrunch, etc. The Lemonade Insurance Agency is known for charging a “flat fee” for everything and paying out claims super-fast.