HOW TO CHOOSE THE RIGHT HOMEOWNERS INSURANCE POLICY

1. When it comes to buying insurance, you may not know as much as you think! You hear a catchy slogan on the radio, or see a mascot on TV and think, “oh, they must be good, I’ll go with them." Are you really getting the best deal? We spoke with Al Robinson from Lapointe Insurance about how to choose the right homeowners insurance policy. AL'S TIPS GO THROUGH AN INDEPENDENT AGENT When you use an independent agent, they go through the shopping around process for you and it’s free. No agency fees or commission fees, just someone dedicated to helping you find the best coverage for the best rate. AL ROBINSON LAPOINTE INSURANCE You can even take a quote you already got, bring it to your independent agent, and they’ll compare pricing and coverage with other companies just so you have peace of mind that your policy is solid and a good price. Or they’ll get you even more quotes to try and get you better coverage and spend less money! BUNDLING ISN’T AS GREAT AS IT SEEMS The bigger picture here is that if you bundle, how substantial are the savings? By not bundling, you could save $500/year on home insurance vs bundling and saving $10/month on your auto insurance. It all comes down to how much money do you actually want to save? YOU DON’T KNOW WHAT YOU DON’T KNOW You sign up with an insurance company and months or years later you have property damage. You go to file an insurance claim and realize you don’t have enough coverage to be fully compensated by your insurance company. Remember that cheap insurance is just what it is…cheap. So, think about that when you buy your first or next house or want to redo your policy and search on Google for cheap home insurance. WHAT SHOULD HOMEOWNERS LOOK OUT FOR WHEN BUYING A NEW POLICY? I always tell my clients to look for two things on their policy before they buy it. Thankfully you can add or increase once you buy your policy but the sooner you have them, the better off you are in case of an insurance claim. REPLACEMENT COST ON PERSONAL PROPERTY COVERAGE I always preach adding replacement cost value coverage on your personal property when choosing the right homeowners insurance policy. This gives homeowners the ability to go out and buy all new things if they were damaged in a fire, water damage loss, or any other covered peril. GET MORE LIABILITY COVERAGE THAN YOU THINK Most policies are $500k in liability coverage so if legal actions were pursued after an incident at your property, your insurance would only cover that amount. I always recommend bumping that up to $1,000,000. It’s not a ton more money when it comes to paying yearly or monthly, but you’ll get double the coverage in the end! 1 2 Performance Adjusting, Public Insurance Adjusters Licensed in Rhode Island, Massachusetts, Connecticut, Pennsylvania, North Carolina, South Carolina, Florida 401-724-9111 • performanceadjusting.com • info@performanceadjusting.com