Owning a home comes with so many benefits. I remember being so excited to not have to worry about listening to loud music, other people’s crying babies, or thermostat control. With the purchase of a home there are things that every homeowner should know about home insurance because knowledge will save you a lot of heartache in the future. Here are some of the basic questions you will want to ask yourself as you go through the process of acquiring your insurance.
What it Covers.
It seems like an obvious first step, but it may surprise you that not all insurance policies are created equal. This is a time that you really will want to invest in reading the fine print to make sure your needs are met. Most home insurance policies will cover for damage to your home caused by fire, theft, vandalism, or storms. Policies may also cover the cost of someone getting injured while at your home. If you are displaced from your home after an event that is covered by insurance, like a house fire, your insurance will also cover to have you set up at a hotel while your home is in repair.
What it doesn’t Cover.
Typically, standard policies have exclusions like earthquakes, power outages, defective maintenance, among others. If flooding is a concern in the area that you live you may want to pay extra attention to this aspect. Typically flooding and water damage are only covered in certain conditions. For example, water from a pipe bursting may be covered, but water from a backed-up sewer may not be.
Keep a Record. When disaster strikes make sure you are taking note of everything. Take footage of every aspect involved in your case. Pictures are worth 100 words, take a lot of them from every angle. Keep in mind that you will want to make a record of what you did to reduce damages as well. Keep track of receipts, appraisals, notes of who you talked to and when. These are little details that add up and you will want to make sure you’ve covered your bases.
The process of choosing your insurance company can be overwhelming, but it is certainly time well spent. If you were to endure any of these hardships, you would want to make sure you are with a reputable company and know that they would have your back. Talk to your neighbors, friends, and family to get suggestions or advice on who they’ve worked with and had a good experience. I have seen both sides of this coin where family and friends have either been thrilled with the care they received or frustrated and upset because they have been left wanting for help and reassurance from their insurance agency.
Your concerns should be addressed and handled with care.
Ask a lot of questions as you are going through the process of choosing your insurance company through the agent. Pay attention to how well they address your concerns, answer your questions, and respond when you need help! This is a good indicator of what you could expect in the future, and getting advice from others who have worked with an agent during a disaster is really the best way to know. Once the sale in done and it is time to get down to business. Nationwide offers Member Connection meetings for its members.
These meetings offer a unique opportunity for members to come together and voice their feedback directly with Nationwide. These meetings are intimate, usually with 25 to 50 people attending and there are generally 10-15 meetings a year. You can attend a meeting yourself by finding a Nationwide Member Connections meeting near you today. You can voice your own thoughts, concerns, experiences, or questions. That is a pretty powerful place to be right in the ear of your insurance company.
Don’t wait to file a claim.
Report your claims as soon as you possibly can. Some claims are particularly time sensitive like water damage that may cause mold growth and additional repairs. If disaster strikes you want to have assistance immediately.
How to Lower your rate. This is a key factor that can often be overlooked but save you a lot of money. Having working smoke detectors and a security system, can save you money on your policy. Any type of insurance always assesses the companies risk when taking you on as their client. Consider grouping your home/auto/life insurance to get a lower rate. Your concerns should be addressed in a way that you feel comfortable and cared for. Insurance can bring peace of mind to know that when disaster strikes, you know someone is there to have your back.
This is a sponsored post written by me on behalf of Nationwide Mutual Insurance Company.