inding the best homeowners insurance in North Carolina might seem like a daunting task and to be quite honest, it is. Big marketing dollars have commoditized the homeowners’ insurance industry. In other words, you think they’re all the same, you think every policy the same, and so I just need to check the box get homeowners insurance and I’m on my way. I’m here to tell you that just not correct. There’s a lot of factors to go into finding the perfect homeowners policy for you. But I’m gonna give you three big ideas that you can keep in mind when you’re searching companies and coverages for your next homeowners insurance policy.
Do you Have Replacement Cost?
Number one the best homeowners insurance policies include, replacement cost. So if I’ve seen this once I’ve seen it a hundred times someone comes into my office or gives me a call and says, “I need you to look at my current homeowner’s insurance coverage and tell me what you think”. I take one look at the first page of the policy and I see Actual Cash Value. The value of your personal stuff and the home that you’re in, if it’s actual cash value that takes into effect things like depreciation, when you bought it, how much it’s worth as it sits today? You’re probably under the assumption that whatever you own is going to be replaced, with what today’s value would be?
Let me tell you something, if your policy says actual cash value, you’ve got a real problem. Replacement cost is a big deal. When there’s a loss on your property you want it replaced with like kind and quality at today’s value. If your home burns down, you want to replace hardwoods for hardwoods, granite for granite. So, just to recap number one big idea, you need replacement cost on your homeowner’s insurance policy. For both the dwelling your home and your personal stuff.
Have Simple Clear Deductibles
Do you know what your insurance deductible is on your homeowners insurance policy? A lot of people don’t. When they go through the process of starting to purchase a new policy or buy a new home, deductibles can make a big difference when it comes to the actual premium or price that you pay for the homeowners insurance policy. One of the troubling things that I see when it comes to choosing deductibles, is oftentimes insurance companies and agents will offer you a lower priced homeowners insurance policy because they have split the deductibles amongst the different things that can happen to your home. A prime example of this in North Carolina especially, we often see split deductibles for wind and hail losses. What that means is, if you had a loss on your property, due to high winds or hail damage on your roof. You’re going to be responsible for a greater amount, then if someone came in and stole some items out of your home or if your home, unfortunately, had a fire in it. You will often see wind and hail losses and deductible set to something like 1% or 2%. If you had a $300,000 home and your deductible was set at 1% for wind and hail insurance nc losses, you’re responsible for the first $3,000. So all that being said, my recommendation is, you should have a simple clear deductible on your homeowners insurance policy.
Number three bundling it might be the most overused term in our industry but it really makes a difference when it comes to finding the best homeowners insurance, and here’s why? Bundling is not exactly what you think it might be. It’s not one policy that covers both a home and an automobile. It really just unlocks a multi-policy discount that will give you the best pricing on both home and auto policies. I’ve seen upwards of a 20% discount on home insurance just because that same company also writes the auto insurance. That’s a big deal and you should take advantage of that opportunity. So again, really quick, really simple, the best homeowners insurance will have a multi-policy discount.
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So those are three big ideas for the next homeowners insurance policy that you alone. Number one, do I have replacement cost coverage on my personal stuff in my home. Number two is my deductible clear easy to understand and is there one or multiple deductibles that I need to be worried about. Number three, have I taken advantage of all the multi-policy discounts that are out there? by having one company to look at my home insurance, auto insurance, life insurance, any other insurance needs that I might have. So here’s the thing, to get all this done, you need to work with an independent insurance agent.