This is a great question that I was just answering last night with another client. The first and foremost thing that you should look for is an agent. Even though much of the world buys insurance over the phone, a local agent can help you determine what types of coverage you want and need and is familiar with the local area. Being familiar helps in determining the reconstruction cost vs the selling price vs the tax value. All three numbers are usually different.
Most people do not want to be either under or over insured, and a local agent will help with that. The second thing to look for is the company writing the policy. You will never know how good your insurance is until you need it. When a minor claim happens typically every insurance company will be able and willing to pay the claim. It is when the catastrophic occurs that you really get what you pay for. Thousands of dollars and many hours can be wasted when your insurance company is unwilling to agree with you. This is also another reason to have local agent representation.
Third and finally is look at what other coverages are available and discuss whether or not you want to buy those coverages or self insure. Some of my favorite must haves are: replacement cost on contents, increased construction costs and replacement cost on the home itself, a deductible that you can afford to pay tomorrow if needed, sewer back up if you live downhill of anyone, A-rated carrier, and local claims personnel.
There are many more topics that need to be discussed and reviewed which is why my #1 recommendation on what to look for when buying home insurance is a great local agent.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
In the final analysis the most important component in setting up a homeowner’s insurance program is the selection of the agent. A good agent will listen to you, provide sound financial advice and communicate clearly with you and the insurance company. When things go wrong is when you will fully appreciate the agent’s valuable role.
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Most people do not want to be either under or over insured, and a local agent will help with that. The second thing to look for is the company writing the policy. You will never know how good your insurance is until you need it. When a minor claim happens typically every insurance company will be able and willing to pay the claim. It is when the catastrophic occurs that you really get what you pay for. Thousands of dollars and many hours can be wasted when your insurance company is unwilling to agree with you. This is also another reason to have local agent representation.
Third and finally is look at what other coverages are available and discuss whether or not you want to buy those coverages or self insure. Some of my favorite must haves are: replacement cost on contents, increased construction costs and replacement cost on the home itself, a deductible that you can afford to pay tomorrow if needed, sewer back up if you live downhill of anyone, A-rated carrier, and local claims personnel.
There are many more topics that need to be discussed and reviewed which is why my #1 recommendation on what to look for when buying home insurance is a great local agent.