What are some important characteristics of a good home insurance policy?

There are many details that go into a home insurance policy. All the details make it hard to figure out what you need when shopping for the right policy to keep your home financially secure.

Future policyholders should be aware of the following four characteristics of a good insurance policy:

  1. It comes with appropriate coverage limits- Your coverage limits on your home insurance policy should be neither too low NOR too high. If your coverage limit is much higher than your home is worth, you’ll probably be paying out too much in premiums. 
  2. It comes along with outstanding customer service- Good customer service will prove very important when it comes time to file a claim. You can find out how good your potential provider’s customer service is by doing some research online. Look for reviews of the insurance provider to see what past and current customers think of the company and the customer service it offers. Also, call the company and ask questions over the phone to see how the representatives communicate with clients. 
  3. It includes a guaranteed replacement cost provision- A guaranteed replacement cost provision is a provision that makes it so that you will be able to rebuild your home regardless of how much it costs. Such a provision will mean that the insurance provider will pay to have your home rebuilt even if the cost exceeds your coverage limits. 
  4. It includes the option to sign up for an inflation provision- An inflation provision will adjust your coverage on an annual basis depending on inflation or changes in construction costs in your area. 

Are you ready to shop for the right insurance policy that includes these important characteristics? Contact Mid Atlantic Insurance Financial to discuss your options.