4 THINGS YOU NEED TO KNOW WHEN PURCHASING HOMEOWNER INSURANCE
Choosing the right homeowners insurance is one of the most important things a homeowner will do. But it’s often a confusing and rushed experience. Naturally, modern insurance marketing tends to focus on the price of a policy rather than the components and considerations when selecting the policy. What questions should you be asking? What questions should the selling agent be asking you? What should be considered when purchasing a policy? What are the differences among policies? Throughout this series of blogs, we aim to help you make informed decisions when protecting your most valuable asset.
The first step to purchasing homeowner insurance is to select the appropriate insurance company who is making a PROMISE TO PAY in the event of a covered loss. A few things to consider when looking at different companies
Company Financial Ratings: You are purchasing a PROMISE TO PAY so it makes sense to check out the financial stability of the entity that is making the PROMISE. A few of the well-known ones are AM BEST, Moody’s, and Fitch. Check the financial size, effective rating date, and initial rating date. Company history is important!
Company Reviews: Insuring you greatest asset should not be taken lightly if the unfortunate happens and you need to collect on that PROMISE take into consideration the experiences of others.
Company Appetite: Not all companies want the same type of business. For example coastal properties, older properties, and high value properties, coverage and pricing will be dependent on the company’s willingness or tolerance for these exposures. Consult with a qualified agent to learn more about a companies appetite.
Company Programs: Some companies offer special programs for certain occupation, affintiy groups or organizations such as banks/ credit unions. Typically these programs may offer additional coverage, value added services, and proprietary pricing.
If you are purchasing a new home, or thinking about refinancing your current home, then contact the insurance agents at Crawford Yingling to discuss your options. Protect your biggest asset by choosing Carroll County’s premier insurance agency to help you select an appropriate policy. Call 410-848-7464, or contact us here !