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BeamaLife compares top 100 US life insurance company to find best, cheap and most affordable term, whole and universal life insurance quotes and rates. http://www.beamalife.com

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Presentation Transcript
slide1

Comparing Homeowners Policies

www.BeamaLife.com | 1-866-972-3262

slide2

Comparing Homeowners Policies

  • Comparing Homeowners Policies
  • Many people think homeowners insurance is pretty simple. The truth is, understanding the ins and outs of a policy and other issues can be a challenge. To choose a good policy that's within your means, you need to know what to look for.

www.BeamaLife.com | 1-866-972-3262

slide3

Comparing Homeowners Policies

  • Compare apples to apples
  • To effectively compare homeowners policies, you need to compare policies that are alike. Before you can do that, though, you have to make some decisions about the coverage you're looking for. Several standard homeowners forms or policies are available to you, so start by choosing the one that best suits you.

www.BeamaLife.com | 1-866-972-3262

slide4

Comparing Homeowners Policies

  • If you're like most homeowners, you'll find that the HO-3 form provides the most attractive package of coverage. There are a number of basic questions you should consider, such as:
  • How much coverage do you need for personal liability and medical payments? Your coverage in these areas should be sufficient to protect your assets if someone files a claim or lawsuit against you.

www.BeamaLife.com | 1-866-972-3262

slide5

Comparing Homeowners Policies

  • How much coverage do you need for your home itself? Your mortgage lender and even your insurer may require a minimum amount of coverage, but that may not be enough to replace your home if disaster strikes.
  • How much coverage do you need for the personal belongings in your home? That depends on the types of property you own and the value of your items, so one of your first steps should be to do a complete household inventory.

www.BeamaLife.com | 1-866-972-3262

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Comparing Homeowners Policies

  • What special coverages do you want that aren't part of the standard package? Adequate coverage may require endorsements (attachments) to your policy or even separate insurance policies. For example, if you have a valuable coin collection or a fur coat, you may need to amend the basic policy to cover them fully.

www.BeamaLife.com | 1-866-972-3262

slide7

Comparing Homeowners Policies

  • What out-of-pocket deductibles are you comfortable with? Deductibles typically apply only to the coverage on your home and personal property, not to your personal liability.
  • It's probably best to have a qualified insurance agent or broker help you sort out these and other coverage questions. The answers you come up with will give you a framework for comparing policies and allow you to eliminate ones that don't meet your needs. That will make the rest of your job a lot easier.

www.BeamaLife.com | 1-866-972-3262

slide8

Comparing Homeowners Policies

  • Compare premiums
  • The premium is obviously important when you're comparing policies. After all, your main goal is to get the coverage you need at the lowest possible price. This is especially true when you're on a tight budget, though no one wants to pay more for coverage than necessary. You should get premium quotes from at least three reputable insurers and compare the results.

www.BeamaLife.com | 1-866-972-3262

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Comparing Homeowners Policies

  • Before giving you a quote, a company representative will ask you a series of questions about the coverage you're seeking and other matters. If you're working with an agent or broker, he or she will select the insurance companies and provide them with your information. Another option is to use an independent on-line quote service.

www.BeamaLife.com | 1-866-972-3262

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Comparing Homeowners Policies

  • The quotes you receive will depend on the specifics of the coverage you're seeking. Many other factors will also affect the cost of your insurance, such as the location of your home, the age of your home, the type of construction, the distance to your local fire department, the amount of your deductibles, and any discounts you may qualify for.

www.BeamaLife.com | 1-866-972-3262

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Comparing Homeowners Policies

  • But even though most companies use the same variables to arrive at their quotes, don't expect the quotes to be the same or even similar. Annual premiums for comparable coverage can vary by hundreds of dollars among companies. Each company's rates are based on its own areas of specialization, customers, and claims-paying history.

www.BeamaLife.com | 1-866-972-3262

slide12

Comparing Homeowners Policies

  • Compare coverage and service
  • Comparing policies requires that you look at the whole package. If the quotes you get are for policies that provide comparable coverage, the lowest-priced policy may offer the best overall value. However, that's often not the case. Sometimes a more expensive policy may actually be a better deal when you consider issues other than cost.

www.BeamaLife.com | 1-866-972-3262

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Comparing Homeowners Policies

  • Though homeowners policies are standardized to some extent, it's important to look closely at each policy because the details of coverage may vary. You should also compare the insurance companies behind the policies. Here are some key issues to explore with the help of an insurance agent or broker:

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slide14

Comparing Homeowners Policies

  • How long has the company been selling homeowners insurance?
  • How do private rating firms rate the company based on financial stability and other factors?
  • What level of customer service can you expect from the company? For example, does the company have a reputation for paying claims in a timely manner?
  • How long do you have to file a claim after a fire, theft, or other loss?

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Comparing Homeowners Policies

  • Will the company cancel your policy if you miss a premium payment, or will it just send you a late notice?
  • Will the company deny coverage or cancel your policy after a certain number of claims? For example, will the company cover you only once for liability claims that result from your dog biting someone?

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Comparing Homeowners Policies

  • Are you covered only up to a certain limit for your home itself, or will the company cover the full cost to replace your home? Is it guaranteed replacement cost coverage, even if the price of labor and building materials has gone up (sometimes this requires an endorsement)?

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Comparing Homeowners Policies

  • What about damage to your home that results in a partial loss (e.g., one room burns)? Do you need a certain amount of coverage on your home to be fully covered for these partial losses? Ask about coinsurance requirements, too.

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Comparing Homeowners Policies

  • How much coverage does the policy provide for your personal property (there is usually a total coverage limit, as well as separate limits for furniture, jewelry, and other types of property)? How much will it cost you to raise these limits and/or add coverage for other items?

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Comparing Homeowners Policies

  • Is coverage for your personal property based on replacement cost value or actual cash value (depreciated value)? It's usually actual cash value, so how much extra will it cost if you want replacement cost coverage?
  • Can you raise your coverage for personal liability, medical payments, and additional living expenses above the standard limits? How will doing so affect your premium?

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Comparing Homeowners Policies

  • How do different deductibles for dwelling and property coverage affect your premium?
  • What perils does the policy exclude from coverage (covered perils are pretty standard on the HO-3 form, but sometimes you'll find variations)? For example, does the company exclude windstorm damage because you live in a high-risk part of the country?

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Comparing Homeowners Policies

  • Does the company offer all of the optional endorsements you're looking for, and at what extra cost (e.g., an inflation guard endorsement, earthquake insurance, watercraft coverage)?
  • How do the company's discounts stack up against its competitors (e.g., discounts for installing a security system or insuring your home and car with the same company)?

www.BeamaLife.com | 1-866-972-3262

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Comparing Homeowners Policies

www.BeamaLife.com | 1-866-972-3262