Last year, one of Gerri Willis’ Five Tips was focused around homeowners insurance. At the time, she was focusing on the fact that insurers were dropping homes like it was going out of style and so the tips had that flavor. That being said, these tips are still valuable for anyone looking for homeowners insurance.
- You have options. There are plenty of insurers out there, even if you were recently dropped by one, so keep on looking and you’ll find one that fits your budget and your needs. If you’re in a particularly badly hit area, you may find that your state has started some insurance program.
- Get the blueprint. There are three ways to get coverage: go with a big company (State Farm, Nationwide, All-State), go with a broker that will find the best option for you, or call up a direct agent like someone AIG Direct or Geico.
- Meet your needs. Make sure you know how much you’ll need, “Estimate how much it would cost to replace your home by calculating how many square feet you have and multiply that number by the local construction cost per square foot for homes in your neighborhood.”
- Shop around. This is good advice no matter what, shopping around is the best way to find the best price for what you need.
- Get flood insurance. Flood insurance isn’t standard, so make sure you get some.
Source: CNN Money
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