Shopping for Memphis home insurance can be a simple task if you do your homework ahead of time. Really the hardest thing is just knowing what you’re looking for and the right questions to ask, then it’s only a matter of you finding an agent you can trust. Here is our ten step checklist of things you should start thinking about before you begin shopping for your next homeowner’s policy.
1. Gather all necessary information & specifics about your house.
It’s a good idea to know things like your total square footage, age of the house, materials used for the roof, walls, & etc., and the general overall condition of your structures beforehand to make you process go a lot smoother.
2. Take a detailed home inventory of your property.
This can include anything from your coin collection to even big-ticket items like jewelry or art. This will allow you to get a good idea of the total value of your property & possessions. If your most expensive possessions put you outside the limits of your desired policy, then it will probably be best for you to consider getting endorsements to boost your coverage for these items.
3. If you are buying a policy for a new home you expect to buy then have a professional inspector check out the house before you commit.
An inspection can save you a few gray hairs by uncovering potential problems & can even stop you from making the wrong decision on a house. It’s a good idea to not decide on a house until you are certain it passes inspection & also to keep an additional copy of the report for your insurer.
4. Obtain a claims history of your home if you are not the first owner.
Be proactive by finding out what incidents have happened in your house, such as sewage issues or hail/flood damage. These past occurrences can tell you a lot about what features of your home might need extended coverage.
5. Figure out how much coverage you need.
It’s best to have at least enough coverage to cover your entire home if it is ever destroyed because today you never know when the next natural disaster will hit close to home. Before you speak with a Memphis home insurance provider try to calculate a rough estimate of your personal belongings & property value to give you a good idea of the amount of coverage you will need.
6. Decide what coverages you need.
Homeowner’s insurance policies can be extremely broad so it pays to be specific with your insurance provider when going over what your policy covers. For instance, water damage caused by a flood is not considered water damage under a policy. Therefore, if you only have water damage coverage then in this case your house would not be covered.
7. Know your credit score.
Your credit score plays a part in how insurers decide whether you qualify to be insured by their company and what price you will be quoted so it’s good to know beforehand where you stand.
8. Give honest answers on your application.
Providing inaccurate information when filling out your application can result in an incorrect rate quote or the denial/cancellation of a policy. This is an unnecessary hassle so your best bet is to just be honest and up front initially.
9. Ask about how you can save with discounts.
It’s always nice to be able to save a few bucks if you can & most insurers do offer discounts if you take the right steps to reduce your chances of a loss. Some of these steps such as installing security systems, having an impact-resistant roof, or even as simple as paying your premium on time can qualify you for offered discounts.
10. See what customers are saying about your potential insurer.
Probably one of the most important steps you’ll want to take is to make sure your potential insurance company is dependable. During your search for Memphis homeowner’s insurance you’ll come across several companies offering low rates, but a low rate does not necessarily mean they are a reliable company that you can trust. Also make sure that you give each company’s customer reviews & Facebook page a look to get a clear picture of how they really operate.
Do your homework and stay ahead of the game by following this checklist to make your homeowner’s insurance search a breeze.