Aug 25 2010

How to find the “Right Insurance”?

A new home is the most exciting thing that can happen to anyone. We all dream of owning our little nest and would go to any extent to accomplish getting one for ourselves and our loved ones. However everything comes with a price and though a new home brings with it a promise to a great life ahead, there are things you need to know about the responsibility that is also a part of it.

If you are a conscientious homeowner, you know that getting a home insurance is the top most priority that you need to give your home. Yet with home insurances there are a lot of hassles that crop up here and there which can hinder the process of you getting the home insurance process done smooth. A few things which most homeowners face are the mounting premiums for home insurance and its expected escalation over the years to come. Apart from this there are other issues like limited coverage and few rules which insurers impose which can give many homeowners’ sleepless nights.

Here are a few inputs for you to follow before you decide to purchase a home insurance:

  1. A Home Disclosure Report is a must! If you are thinking of purchasing a new home you would need to get a home disclosure report from either your agent or the property seller’s agent. This report will help you understand the history behind the property and in case there were any problems with the property in the past or current. Defects and problems like structural defects or water damage could make it impracticable for you to get any coverage.
  2. A Good Credit is required: Ensure that you carry a good credit rating since this would assist you in getting coverage at a price which you can manage and afford. A lot of insurers place their importance on credit reports to indicate upcoming possible losses.
  3. Take Your Pick: When you have made the decision to buy a home, choose the right insurance company from the list found in Consumer Reports.
  4. Know the Right Time to Claim: Insurers maintain a track record on the number of times you file hence it is wise to understand the right time to claim since regular claims could lead to now-renewal factors.
  5. Find A CLUE: It is imperative that you be able to check your CLUE report since Insurance Companies track the claims with the addresses and any errors from your part could affect your insurance abilities.

If you still are not sure about a Home Insurance and want to get to know more, there are always several sites available which can help you through.