Are you about to become a first time homeowner? Has it been a while since you checked the details of your current homeowner’s policy? If you answered yes to either question, you could be missing out on the best premium available. Read on to learn what questions to ask to ensure you have the right coverage at the right price!

Starting Out

If you’ve never purchased home insurance before, it’s perfectly normal to feel a little overwhelmed when looking at different options. Your home is so much more than just a dwelling, and that’s why it is important to have the right coverage. Even those who have been homeowners for decades can fall behind on updating their policies, or find themselves confused as to what’s covered and what’s not. To help eliminate any nerves and make sure you start off on the right foot, below is a short list of questions that can help you guide your conversation with one of our brokers:

  • What kind of policy do I have; What kind of policy do I need for my dwelling?
  • How do I know if my or my family’s specific needs are met by this policy?
  • What is NOT covered (excluded) in my policy?
  • What is my deductible in the event of a claim?
  • How easy is it to adjust my policy as needed?
  • What safety features or add-ons could I install within my home to lower my premiums (if applicable)?

Ravenhill Quick Tip: A deductible is the amount you pay upfront in the event of a claim. For example, a homeowner with a deductible of $1000 and a claim totalling $5000 would receive coverage for the remaining $4000. Higher deductibles may mean a lower premium, but should be weighed against the risk of incurring financial hardship upfront in the event of a major loss.

Protecting Your Assets

As we mentioned above, your home is more than just a building. While your policy should aim to protect your dwelling, oftentimes the sentimental value of the items within are just as, if not more, important than the structure itself. To ensure that both your contents and structure are properly covered, you’ll want to look at details like:

  • Do you have or have you recently acquired any high value items such as jewelry, paintings, furs, coins, or items worth more than $6-10,000? If so, you’ll likely need a special endorsement to cover these objects specifically.
  • What perils are you insured against or better yet, not insured for?
  • Do you have sewer backup coverage?

How Often Should You Update Your Policy?

While there’s no designated timeline for how often you should check-in with your insurer, you should always make them immediately aware of any significant changes that could affect your coverage. New additions, purchasing or inheriting high priced items, moving (always update your address and details promptly!), and more can easily be forgotten about in the hustle and bustle of everyday life. To ensure you have adequate coverage at all times, you must inform your insurer of any changes. This not only protects you when it counts, but can often help you save money by opening up different options for your current premium. The general rule of thumb is…if you’re not sure, ask! We’re always happy to help.

Protection Should Be Easy!

At Ravenhill, we understand the value of reliable coverage. Our team treats our clients like family, and takes pride in providing the best solutions for each customer, offering discounts for those who bundle policies, meet certain age requirements, have a long history of previously being insured, and more! Request a quote or learn more by contacting us today!

Looking to make an home related claim? Visit our claims portal for more information.