What You Need to Know About Your Homeowners Insurance

When the worst-case scenario happens to your home, you want to know that you are covered. Here at Thompson Insurance Group, we value our customers and understand that we’re all on a budget. We work hard to offer premium coverage at a reasonable rate. While we hope you never experience a loss, if you do, we’ve got you covered.

The best way to ensure that you have the best coverage is to educate yourself on the facts. Consumer Reports has outlined some things to keep in mind when you are looking for adequate protection at a reasonable price:

• You May Be Paying Too Much – Homeowners insurance isn’t as price-competitive as auto insurance, however, you can still save hundreds to thousands of dollars by shopping around.
• You May Not Be Covered Enough – Based on a survey conducted by Consumer Reports, about 60% of all U.S. homes are underinsured because some homeowners do not realize that a standard policy does not cover everything.
• Don’t Worry About The Small Claim – The same survey found that 57% of people who filed claims of less than $5,000 saw no premium increase.
• Animal Damage May Not Be Covered – The larger and more unexpected the animal, the more likely that the damage will be covered. However, your own pets are generally excluded. It’s important to keep this in mind when you are choosing a plan that fits your lifestyle.
• Your Credit History Will Affect Your Rates – For over 25 years, insurers in 47 states use a credit-based insurance score to help determine homeowner’s insurance premiums. Make sure that you’re getting all the information about your premium price and cross-checking the price offered with other insurance companies to make sure you have the best deal possible.
• The Things Most Important To You May Not Be Covered – Anything abnormally pricey, including fine jewelry, art, computers, deluxe digital cameras, etc. will most likely exceed the limits of a standard homeowners insurance policy. For luxury items like these you may want to invest in a separate policy with zero deductible that covers accidental loss.
• The Hail Loophole – Hail can cause a substantial amount of damage to homes and property, including shattering windows and leaving holes in your home. The standard homeowner’s policy does cover hail. However, any substantial cosmetic damage, such as dented aluminum or awnings, may be excluded.
• Even If You Rent, You’re Not Off The Hook – Renters still need insurance. Statistically, only 41% of renters buy insurance. Investing in insurance is necessary to protect yourself and your belongings.

We hope that these tips offer you some insight into the important facts about homeowners’ insurance. If you would like more information about the logistics of our homeowner’s insurance policies, please give us a call at 401.434.7203.