- You Need Home Insurance
Homeowners need to purchase home insurance to protect their homes and personal property. Those who rent need insurance to protect their furniture and other personal property. Everyone needs protection against liability for accidents that injure other people or damage their property. - Decide How Much Coverage You Need
The better your coverage, the less you will have to pay out of your own pocket if disaster strikes. In some cases, your lender decides how much coverage you need and may require you to buy a policy that covers at least the amount of the mortgage. It is important to note that the amount of coverage you buy for your house, contents and personal property will affect the price you pay. - Compare Deductibles
The deductible is the amount you have to pay out of pocket on each claim and applies only to coverage on your house and personal property. Make sure when choosing a policy that you are comfortable paying the deductible if you make a claim. Remember, a policy with a $100 deductible will cost more than one with a $250 deductible. Higher deductibles may be available at a reduced price. - Replacement Cost or Actual Cash Value?
You have the option to choose to insure your home and belongings for either replacement cost or actual cash value. Replacement cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation. It is important to insure your home for at least 80 percent of its replacement value. Actual cash value is the amount it would take to repair or replace damage to your home after depreciation. - Shop Around Before You Buy
You are not required to purchase insurance from the company your lender recommends. There are a number of unbiased sources available to find out what different insurers charge for identical products and services, including your state insurance department, consumer publications and your public library. - Ask Your Agent About Discounts
In some states, insurers offer lower prices for such things as insuring your home and car with the same company, installing deadbolt locks or alarm systems or replacing the roof. - Basic Coverages Available
Whether you own or rent, there are different packages of home insurance offered to protect your home and belongings. Each package protects against a specified number of events that cause damage to property. Three examples are fire, windstorm and theft. In addition, each package policy usually contains four additional types of coverage: property damage, additional living expenses, personal liability and medical payments. - Where to Shop
Check the newspaper and yellow pages of the telephone directory for companies and agents in your area. In addition, ask your neighbors, relatives and friends for recommendations on insurance companies and agents. Remember to shop around to get the best price and service. - Read Your Policy Carefully
You should be aware that a home insurance policy is a legal contract. It is written so that your rights and responsibilities as well as those of the insurance company are clearly stated. When you purchase home insurance, you will receive a policy. You should read that policy and make certain you understand its contents. Keep your policy in a safe place and know the name of your insurer. - Review Your Home Insurance Needs Every Year
Check with your insurance agent at least once a year to make sure your policy provides adequate coverage. The addition of a room, new insulation or remodeling add value to your home and therefore may increase replacement cost.
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10 Things You Should Know About Purchasing Home Insurance
Written by Barry Evans on . Posted in Finances, First-Time Home Buyers, Home Buying, Insurance, Mortgage, Real Estate
Tags: ChattanoogaHomes, first time homebuyers, home buying, Insurance, real estate, The Evans Group
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Testimonials
We saw our agent listed somewhere and thought she seemed nice. She was very responsive, so we went with her. This was our first home buying experience and despite our lack of knowledge, each step went smoothly and our agent was helpful. The e-sign capability was a smooth and handy process since we were buying from a couple states away.
Brian & Victoria
Barry Evans was very knowledgeable and helpful during our purchase process. There wasn’t a lot on the market and he helped us see things “outside of our box” and we ended up falling in love with a house we would have initially not given a second thought to.
Kelly and Candace
Diane was super-easy to work with. She gave me great advice about showing my house. She was always available for my calls or texts. Great experience.
Vicki
We selected Barry & Diane Evans because of professionalism and honesty, no pressure selling, and extensive knowledge and ease of working with us.
Joe & Joan
We had a great experience. Our realtor, Diane Evans, was very patient with us while we were looking. She was always available and eager to help us find just the right home.
Karen
Barry is the best realtor I have ever worked with. He is very knowledgeable of the Chattanooga Valley and the surrounding areas. Barry was more concerned with what I could afford, wanted, and needed, more than he was concerned with the commission he’d make off the sale. This wasn’t just a transaction to him, but building a relationship with his client.
Nick
My wife & I were so very pleased with the overall professional work and expertise of agents on Barry and Diane’s Team, plus the financial team that moved us through a very “less than normal” deal. We would recommend Keller Williams Realty, to any family looking to purchase in the southeastern parts of Tennessee.
Franklin & Deborah
Diane Evans was on the ball with her services. Diane was very effective with great advice, right time and right place. Diane was working all hours and always available. She was knowledgeable, honest and straightforward, the kind of professionals I enjoy working with.
Julia
I can’t say enough good things about Diane. Attentive, proactive, asked questions to understand our needs/wants. She always made time for us, she was patient when we were picky. We never felt pressured and always felts like she had our best interests in mind. There were many times that my husband and I wondered about how she could be so generous with her time and so accessible. She was always professional and organized and knew exactly what features we were looking for. Thank you, thank you, t…
James and Miriam
Barry & Diane Evans were on top of things and helped us find a house we loved very quickly. They called us right away and got busy looking for a house for us. We were very impressed with them and would highly recommend them to a friend.
Shane & Khristy
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