Considerations for Purchasing Homeowners Insurance

Property owners in Lombard, IL may be confused when it comes to knowing how much homeowners insurance to purchase. Without the right coverage, you could be placing yourself at unnecessary risk should you experience a loss. Your insurance agent can properly advise you on the right amount of homeowners insurance to purchase to make sure you are protected in the event of a loss.

 

You need homeowners insurance that is both affordable and adequate to meet your needs. A home is a huge investment and you don’t want to leave something as important as insuring your home to chance. You need a professional Lombard, IL homeowners insurance agent to explain all of your options including ways you can save money on your homeowners insurance.

 

There are a number of money-saving steps that you can take to get the best price possible for your homeowner’s coverage. Some of these include:

 

1. Purchasing multiple lines of insurance from the same company. Some insurance companies offer discounts to the customers who purchase multiple policies, such as homeowners and auto insurance.

 

2. Make sure you have installed adequate safety and security devices in your home including security and alarm systems and fire detection devices. This could save you as much as 15% on your homeowners policy.

 

3. Update and refurbish any systems that are outdated or not functioning properly such as plumbing or electrical systems. Installing deadbolt locks on your doors can also provide you a discount on some homeowner’s insurance policies.

 

While it is important to save as much money as possible on your homeowners insurance, you also do not want to be under-insured. This is important in the event of a total loss where you would have to replace your dwelling structure as well as the contents inside. Your Lombard, IL homeowner’s insurance agent can help you determine the right amount of coverage based upon the value of your home as well as your belongings.

 

One thing the agent will want you to consider is the replacement value of your home. This, in most cases, will not be the same as the purchase price. The replacement value is how much it would cost you to totally rebuild your home in the event of a total loss and replace all of the contents inside. You need to consider in that replacement value any additions or improvements you have made to your home such as fireplaces, ceramic floors, or any other amenities you have added that will increase the value of your home.

 

Another thing you should consider when buying insurance for your home and property is that most homeowner’s insurance policies only cover a portion of the contents. You can purchase a separate policy for your contents to make sure you are adequately covered in the event of a loss. Your insurance agent can explain more about contents coverage and other optional property coverage to you.

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