Key Factors to Consider When Getting Homeowners Insurance
Purchasing homeowners’ insurance is a crucial step in protecting your property and finances. Griggs Ficklen Insurance provides homeowners insurance in Monroe, GA, Loganville, Elberton, Commerce, GA, Athens, GA, Jefferson, GA, and surrounding areas.
These are the most important factors to check before making a decision:
- Coverage Types and Limits
Ensure the policy covers your home’s structure (dwelling coverage), personal belongings, and liability. Check the dwelling coverage limit, which should be enough to rebuild your home in case of a total loss.
- Personal Property Coverage
This protects items like furniture, electronics, and clothing. Some policies cover actual cash value (depreciated value), while others offer replacement cost coverage, which reimburses you for a new item of similar kind and quality.
- Liability Protection
Liability coverage protects you if someone gets injured on your property and sues you. A standard policy typically includes at least $100,000 in liability coverage, but increasing this limit is advisable.
- Additional Living Expenses (ALE)
If your home becomes uninhabitable due to a covered event, ALE coverage helps pay for hotel stays, food, and other temporary expenses.
- Exclusions and Limitations
Understand what your policy does not cover. Common exclusions include floods, earthquakes, and wear and tear. You may need separate policies for these risks.
- Deductibles
A deductible is the amount you pay out of pocket before insurance kicks in. A higher deductible lowers your premium but increases your financial responsibility in case of a claim.
- Premium Costs
Compare quotes from multiple providers. Factors affecting premiums include home location, construction type, security systems, and claim history.
- Discounts
Ask about discounts for bundling with auto insurance, installing security systems, or being claim-free.
- Reputation and Customer Service
Check customer reviews, claim handling reputation, and financial strength of the insurer through agencies like AM Best and J.D. Power.
Review these factors carefully to find the best homeowners insurance policy for your needs. If you need assistance, contact us or give us a call — we’re just a phone call away.