How Much Time Should I Spend Reading Over Quotes?

When it comes to understanding homeowners insurance quotes, you don't want to take any risks. You also don't want to spend more than you need to. Homeowners across the nation will spend as little as $300 per year to as much as $2000 per year on their house insurance coverage depending on a number of things. It is important that you do take the time to read over quotes and read the fine print on each policy. Finding out what is included and what is not included can save you a lot of heartache down the road.

There is no specific time you should spend reading over quotes. Performing an online search and comparison of house insurance can take all of five minutes with our online resources but you may wish to actually spend some time reading through each quote before simply picking the first (and cheapest) one that comes through. You can save time by browsing through each policy and looking for the key exclusions and inclusions. This will definitely save you some time.

Reading the Fine Print

The reason you want to spend some time looking over quotes and reading the fine print is because often a cheaper policy will not include the coverage that you need. For example, basic policies will only include protection from 11 different perils while more comprehensive policies will offer coverage from 17 different perils. However, neither of these plans includes flood and earthquake protection. This is one of the biggest exclusions to look for when reading quotes. If you are in an area where floods and earthquakes are common, such as by the coast, then make sure you add this critical coverage onto your policy.

Another thing to check over when you are reading the fine print on your homeowner's insurance quotes is the price of your deductible. Again, a cheaper policy often comes with a pretty hefty deductible, such as $3000. This may be more than you can afford. You are able to lower the deductible amount or increase it as most providers will give you this flexibility. Don't agree to any quote without first checking what the deductible amount is at.

When reading over your quotes, also make sure you check to see what the limits are in each category. Contents protection, for example, will normally come with a certain limit of, let's say, $50,000, which will seem quite high. However, under this $50,000 there are often limits of each category. For example, you may only be able to claim $5,000 on jewelry, $5,000 on clothes, $5,000 of electronics and so forth. If you have a really expensive necklace, then you may need to add additional coverage to it if it goes over the limit.

Insurance Inclusions and Exclusions

Finding out after the fact that you are not covered for as much as you thought you were can be devastating. This is why it is so important to read the fine print and take your time when comparing quotes. It can be so easy to just buy the first policy that comes up as it will be the cheapest but you need to actually know what you are buying.

In general, give yourself around an hour of uninterrupted time to spend reading over quotes. This will allow you to look over 5 or 10 different policies and do a little extra research about the different providers and what they represent. Send the kids outside, make a cup of coffee and sit down and relax. Buying house insurance shouldn't be stressful and comparing quotes shouldn't take you all day.

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