If you are in the process of purchasing a home, you are going to want to get all of your information together before you call up and get quotes for insurance. Here are three things you need to know about your insurance and personal property before you start shopping around for car insurance.
#1 Value of Your Home
To start with, you need to know the value of your home. You need to know not just the price that your home would get on the market, but the amount that it would cost to rebuild your home from the ground-up if it were complete destroyed. This is the replacement cost of your home.
In many areas where home values have been depressed, there is a good chance that it could cost more to rebuild your home than it is worth on the open market. That is why it is essential that you have an accurate estimate of the worth of your home and the replacement value before you start calling insurance companies. This information will help you make sure that you put the right amount of insurance on your home.
#2 Discount Features
Second, you need to know what features of your home can help you secure discounts on your overall premium. That way, you can be sure to mention these features to the insurance agents that you speak to when you shop around for home insurance prices. Knowing what can get you a discount on your homeowner's insurance can also help you make informed decisions about which home improvements to invest in and that will really pay off.
Many features can help you get discounts on your home, such as having a working fire alarm system and sprinkles, carbon monoxide monitors and a home alarm system to protect against intruders. Other things such as newer heating and wiring can lower your overall risk facts.
#3 Worth of Your Personal Possessions
Finally, you need to know the worth of your personal possessions. Just like with your house, you need to know not only what price you could get for your possessions should you choose to sell them, but also what it would cost for you to replace all of your possessions. For example, if you own 10 pairs of tennis shoes, you may only be able to sell them for $100, but to replace all of those shoes with new shoes would cost you around $1,000 dollars.
It is important to relieve there is a different between actual cost and replacement cost; make sure that you know the value of your possessions and make sure that your insurance provides you with enough coverage.
Make sure you know the true value of your home as well as relevant safety features that insurance companies look for, along with the true value of your possessions, before you start looking at insurance premiums. This will help you get a more accurate home owner's quote.
To learn more, be sure to contact companies like McHugh Insurance.